10/19/1983 - Laserfiche WebLink

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0 TO: The Honorable Members of DATE: October 18, 1983 FILE: the Board of County Commissioners SUBJECT: Building Department Retirement Program Conversion Rights FROM: Jeffrey K. Barton, Dir. REFERENCES: Office of :Management and Budget The employees who transferred with the Building Department have been joint city -county employees for many years. They have been on the city retirement plan during that time. For the 30 days after their change, they have the option to transfer to the State Retirement System. The City of Vero Beach has agreed to release the funds currently in the City Retirement Plan (Individual contributions, City con- tributions & Interest) for the purpose of funding the necessary payments to the State Retirement System. There is an under funding of approximately $30,000 to buy in the State System. My recommendation is for the Board of County Commissioners to approve the conversion from the City Plan to the State Retirement System and the under funded amount be paid from the fund balance in the joint enterprise operation of the Building Department. This process is also acceptable to the City. Administrator Wright recommended that should the Building Department employees elect to join the State Retirement System, the County fund the $30,000 needed to enter the State System from the Building Dept. enterprise fund. Chairman Bird asked what would happen if we did not add the $30,000 and Tom Nason said they would have the option to either continue with the City plan or, through their own resources, of making up the difference of buying into the plan at the level of years of service. There are ten employees involved plus one person who does not want to enter the State Retirement System as he is nearing retirement age. That can be worked out with the City. 33 L __.QCT 19 1983._ 6 55 roc