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