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Board of County Commissioners <br />Meeting Minutes - Final May 9, 2017 <br />Mr. Smith, with the assistance of Diane Bernardo and Mr. Kay, assured the Board <br />that they would reach out to Nationwide for clarifications on the concerns that were <br />expressed and would provide an update at the May 16th meeting. <br />Donald Hart, Indian River County Sheriff (Ret.), shared his concerns about his <br />current investments with Mass Mutual and the Nationwide Fixed Account, as he <br />had rolled his funds from the Florida Retirement System (FRS) into those accounts <br />because of the 3.5% guaranteed rate of return. <br />Mr. Smith addressed Mr. Hart's concerns, and clarified that since the Indian River <br />County Sheriffs Office opted out of the process, it would not affect his investment. <br />He referred him to the advisor or consultant that the Sheriffs Office uses for further <br />questions. <br />Lisa Patton, Utilities Services, asked if she could keep what she currently had <br />invested in Florida League of Cities and not consolidate her investments into <br />Nationwide. She felt as though her money was being moved into another account <br />without her permission. <br />Mr. Kay provided information on the self-directed brokerage option in an effort to <br />solve Ms. Patton's issue, but could not guarantee that the low record keeping fee <br />that Nationwide was offering would apply. <br />Cindy Corrente, Utility Finance Manager, in representation of employees that were <br />in the Teamsters Union, as well as non -bargaining employees, expressed concerns <br />about Nationwide. She noted that 48% of the employees who had invested funds, <br />had invested elsewhere, and was unsure of the ability to have all concerns <br />addressed before the next meeting. <br />Commissioner Solari suggested a review of the 119 funds, and the creation of a <br />spreadsheet from the accumulated data to help employees understand the process <br />and to clarify the available options. <br />David Nolte, Property Appraiser, felt that the cause of the problem was a <br />comprehension issue, and expressed appreciation to Mr. Smith and staff for their <br />hard work in attempting to save employees money. He suggested that the Board <br />support the consolidation of the plans. <br />Mr. Smith expressed sincere thanks for the contributions made by staff of each <br />constitutional officer who participated in the Request for Proposal (RFP) <br />Committee, including Management and Budget Director Mike Smykowsi, <br />Purchasing Manager Jennifer Hyde, Human Resource Director Suzanne Boyll, and <br />the Firefighters Union. <br />Indian River County Florida Page 11 <br />