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Board of County Commissioners <br />Meeting Minutes - Draft June 6, 2017 <br />Attachments: Staff Report <br />Attachment A - Eligibility Status <br />Attachment B - HMGP Application and Checklist <br />Approved staffs recommendation <br />9. CONSTITUTIONAL OFFICERS and GOVERNMENTAL AGENCIES <br />9.A. 17-0590 Jeffrey R. Smith, Indian River County Clerk of the Circuit Court and <br />Comptroller: Continuation of May 9th Board Agenda, Consolidation of <br />Deferred Compensation Plans <br />Recommended Action: Staff Recommends: 1) Awarding the deferred compensation contract to Nationwide <br />with a term of five years with two optional 2 -year extensions, guaranteeing the <br />fixed account at 3.5% for 60 months and charging a recordkeeping fee of 0.25%, <br />and 2) Approval to revise Section 104.5 Deferred Compensation of the Indian River <br />County Code of Ordinances. <br />Attachments: Finance Department Staff Report <br />Prior Finance Department Staff Report Agenda of 050917 <br />Clerk of Circuit Court and Comptroller Jeffrey R. Smith (the Clerk) stated that he <br />was returning to the Board for further discussion on the consolidation of Deferred <br />Compensation Plans, after fulfilling the Board's directives from the May 9, 2017 <br />Board of County Commission meeting to provide supplementary information and <br />hold additional employee meetings. <br />Jacob Peacock, Director of Retirement Solutions with AndCo Consulting (formerly <br />The Bogdahn Group), provided background on the County's current 457 Plan, <br />which consists of three providers - ICMA-RC, Nationwide, and Florida League of <br />Cities. He stated that the Clerk, in an effort to fulfill his fiduciary duty, had hired <br />AndCo, to review plans and make recommendations, and that AndCo had <br />recommended consolidating to one deferred compensation provider. A Deferred <br />Compensation Plan Oversight Committee (the Committee) was formed containing <br />representatives from the Board and the Constitutional Officers (with the exception <br />of the Sheriff), which issued a Request for Proposal (RFP). After reviewing nine <br />responses and interviewing five potential providers, the Committee asked AndCo to <br />negotiate with Nationwide to be the sole source deferred compensation provider for <br />the County. <br />Indian River County Florida <br />Page 7 <br />