8/19/1981 - Laserfiche WebLink

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THE BOARD OF COUNTY COMMISSIONERS RECESSED AT I2:25 O'CLOCK P.M FOR LUNCH AND RECONVENED AT 1:30 O'CLOCK P.M. WITH THE SAME MEMBERS PRESENT. DEPUTY CLERK VIRGINIA HARGREAVES TOOK OVER FROM DEPUTY CLERK JANICE CALDWELL FOR THE REMAINDER OF THE MEETING. CONTINUATION OF PUBLIC HEARING RE ORDINANCE ESTABLISHING A DEFERRED COMPENSATION PLAN FOR COUNTY EMPLOYEES AND OFFICERS THE BOARD DECIDED TO HEAR FURTHER PRESENTATIONS REGARDING DEFERRED COMPENSATION PLANS BEFORE REACHING A DECISION AS TO WHETHER TO NAME THE NACO PROGRAM SPECIFICALLY IN THE PROPOSED ORDINANCE OR HAVE A BROADER ORDINANCE. RICHARD LYNN CAME BEFORE THE BOARD REPRESENTING EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES TO PRESENT THE ADVANTAGE:: OF THEIR PACKAGE, EMPHASIZING THAT THEY HAVE TWO TYPES OF ACCOUNTS - FIXED AND VARIABLE, AND A_FLEXIBILITY THAT ALLOWS THE EMPLOYEES TO MOVE THEIR FUNDS BACK AND FORTH FROM ONE ACCOUNT TO THE OTHER, WHICH IS NOT PROVIDED BY THE NACO PROGRAM, HE SUGGESTED THAT RATHER THAN THE BOARD MAKING THE DECISION ABOUT WHICH PLAN THEIR EMPLOYEE SHOULD JOIN THAT THEY SET UP A COMMITTEE TO FORMULATE GUIDELINES AND PROVIDE THE EMPLOYEES A CHOICE; I.E., THE ORDINANCE WOULD SIMPLY ALLOW THE COUNTY TO HAVE A DEFERRED COMPENSATION PLAN AND THOSE EMPLOYEES WHO WISHED TO PARTICIPATE COULD MAKE THEIR OWN DECISION AS TO WHICH COMPANY THEY WANTED TO GO WITH. MR. LYNN DID NOT FEEL THIS WOULD COMPLICATE BOOKKEEPING PROCEDURES AND GAVE AS A EXAMPLE THE SCHOOL BOARD OF PALM BEACH COUNTY WHICH HAS SIX DIFFERENT COMPANIES PLANS FOR THEIR EMPLOYEES TO CHOOSE FROM. BETTY DEZZUTTI OF THE MOSQUITO CONTROL DISTRICT STATED THAT THEIR COMMITTEE MET AND STUDIED BOTH PLANS AND PREFERRED THE NACO PROGRAM OFFERED BY PEBSCO, PATRICK MURPHY OF EQUITABLE STATED THAT HE DID NOT KNOW OF ANY INFORMATION SUBMITTED BY THEIR COMPANY EXCEPT THAT PRESENTED BEFORE THE BOARD TODAY. HE CONTINUED TO EMPHASIZE THAT THE NACo PROGRAM LOCKS THE EMPLOYEE S FUNDS INTO A SPECIFIC ACCOUNT. MR. BONAFIDE OF PEBSCO OBJECTED AND STATED THAT EQUITABLE IS NOT APPROVED BY THE SECURITIES EXCHANGE COMMISSION AND NOT QUALIFIED TO TALK ON THIS SUBJECT. MR. MURPHY REFUTED.MR. BONAFIDES STATEMENT AND CONSIDERABLE ARGUMENT FOLLOWED. A U G 19 1981 8vor 47 FAc, 2-"2 29 ..