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06/06/2017
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06/06/2017
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7/12/2017 1:56:27 PM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Minutes
Meeting Date
06/06/2017
Meeting Body
Board of County Commissioners
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Board of County Commissioners <br />Meeting Minutes - Final June 6, 2017 <br />Aye: <br />Mr. Peacock recalled discussion at the May 9, 2017 meeting about the potential loss <br />of the 3.5% rate on Nationwide's fixed account (the NW Fixed Account), and <br />provided details on Nationwide's rate structure and recordkeeping fees. He <br />detailed Nationwide's current proposal to either: (1) retain the NW Fixed Account <br />with a guaranteed minimum crediting rate of 3.5% for 60 months and a 0.25% <br />recordkeeping fee on all plan assets; or (2) retain the NW Fixed Account with a rate <br />of 3.5% for 36 months; 2.5% for 24 months, with a 0.12% recordkeeping fee on <br />plan assets. After briefing the Board on the Committee's second choice provider, <br />Lincoln Financial Group, Mr. Peacock relayed that the Committee's <br />recommendation was to continue with Nationwide as its sole provider. Also present <br />was a representative from Nationwide. <br />Vice Chairman O'Bryan discussed his concerns about the employees who are <br />invested in the NW Fixed Account, and the higher recordkeeping fees that <br />accompany the option to retain the 3.5% rate for 60 months. He also sought further <br />details on Target Date funds, the Pension Protection Act, and how the fund <br />performance is monitored. <br />Mr. Peacock addressed the Commissioner's questions and comments. He also <br />disclosed that AndCo would be providing updates on a quarterly basis, and <br />Nationwide would be holding meetings for the employees prior to the consolidation <br />of the plans, as well as holding eight meetings annually. <br />Indian River County Human Resources Director Suzanne Boyll, with input from <br />County Administrator Jason Brown, discussed the educational meetings that had <br />been held for the employees, and stated that they would provide ongoing <br />educational outreach for the employees. <br />Linda Eromin, Human Resources Director, Clerk of Court & Comptroller, <br />expressed appreciation for the opportunity to invest in a safe retirement account, <br />and attested to the Clerk of Court and Comptroller's dedication to fulfilling his <br />fiduciary responsibility. <br />A motion was made by Vice Chairman O'Bryan, seconded by Chairman Flescher, by a <br />4-0 vote (Commissioner Solari absent), to approve staffs recommendation. The <br />motion carried by the following vote: <br />4 _ Chairman Flescher, Vice Chairman O'Bryan, Commissioner Adams, and <br />Commissioner Zorc <br />Absent: 1 - Commissioner Solari <br />Indian River County Florida <br />Page 8 <br />
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