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Board of County Commissioners <br />Meeting Minutes - Final May 9, 2017 <br />Attachments: Finance Staff Report <br />Vice Chairman O'Bryan mentioned that he had heard from employees who had <br />wished to have additional time for consideration of the Combined Deferred <br />Compensation Plan and the opportunity to have questions answered. He made the <br />request to allow the Clerk of Circuit Court and Comptroller to make his full <br />presentation, but to postpone the vote until the meeting of May 16, 2017. He asked <br />the County's Human Resources Department to provide an additional question and <br />answer session to allow the employees ample opportunity to voice their concerns <br />and to have their questions answered. <br />A short discussion ensued amongst the Board about the discussions held last week <br />with employees regarding the consolidation of the plans, and the consensus of the <br />Board was that the employees should be allowed the time they need to ensure that <br />all of their questions were addressed. Commissioner Zorc also requested to provide <br />additional time at the May 16, 2017 meeting for any other questions, if necessary. <br />Clerk of Circuit Court and Comptroller Jeffrey R. Smith provided details about the <br />hiring of a consultant, AndCo Consulting, LLC (formerly known as The Bogdahn <br />Group), to review the deferred compensation plans to determine what was in the <br />best interest of the plan participants. He informed the Board that it was suggested <br />by the consultant to consolidate all the plans into one deferred compensation <br />provider to reduce record keeping fees; utilize best practices for transparency; and <br />to simplify the investment lineup using open architecture. He described the Request <br />for Proposal (RFP) process, and that out of the nine qualified responses received, <br />Mass Mutual and Nationwide were the only providers that could provide a fund <br />with a guaranteed rate of return. Mr. Smith noted that the main objective was to <br />ensure that employees who chose to participate in the plan, would have the best <br />service for the best rate, and have access to the best funds available to invest in. <br />Mr. Smith, with the assistance of Tony Kay, Consultant, AndCo Consulting, LLC, <br />answered questions from the Board and provided a PowerPoint Presentation on the <br />purposes of the consolidation, the record keeping fees involved, and the anticipated <br />savings the plan offers. <br />Additional information was sought and received between the Board, Mr. Smith, <br />Finance Director Diane Bernardo, and Mr. Kay about the selection of available <br />funds in the new plan with Nationwide; the open process which the Board would <br />use to consider which funds to choose for the new plan; the savings in record <br />keeping fees that the new plan would provide; and whether the employees would <br />have the ability to transfer their current investments into the same fund in the new <br />plan. <br />Vice Chairman O'Bryan asked if it was possible to obtain a report that had the total <br />dollar amounts in each fund in each plan, and asked if a Roth IRA would be <br />offered. He also expressed concerns about the current employees who were <br />invested solely with the Nationwide Fixed Account who had a guaranteed 3.5% <br />annual rate of return for as long as their funds were invested and he wished to have <br />the proposal clarified. <br />Indian River County Florida Page 10 <br />