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JEFFREY R. SMITH, CPA, CGFO, CGMA <br />Clerk of Circuit Court & Comptroller <br />Finance Department <br />1801 27'� Street <br />Vero Beach, FL 32960 <br />TO: Board of County Commissioners <br />FROM: Diane Bernardo, Soon to be Retired Finance Director <br />THROUGH: Jeffrey R. Smith, Clerk of Court & Comptroller <br />DATE: August 9, 2017 <br />SUBJECT: Nationwide Service Administration Contract <br />K <br />At the June 6, 2017 Board meeting, the County Commissioners agreed to proceed with negotiations with <br />Nationwide Retirement Solutions, Inc. (Nationwide). Attached please find a 5 -year contract (with two 2 - <br />year renewals) between Indian River County and Nationwide to include: BOCC, Clerk of Court and <br />Comptroller, Property Appraiser, Supervisor of Elections, and Tax Collector. The Sheriff elected to keep <br />his existing plans. <br />Of importance to note is: <br />0 Retention of 3.5% fixed income account <br />• Bookkeeping fee of .25% (25bps) <br />• Selection of best in class investment funds, selected by the 457 committee on June 9, 2017, <br />which will result in lower fund fees <br />• Notices to active participants about the consolidation of providers sent via email and in each <br />offices' newsletter <br />• Notices sent to home addresses to both active and retired participants of all three providers <br />(Florida League, ICMA, Nationwide) regarding the consolidation process <br />• Notices to ICMA Roth -IRA active participants sent to home addresses regarding a change in <br />making contributions <br />• Nationwide received participant files (names and addresses) from ICMA and Florida League and <br />will merge with Nationwide participant files for one database. From this database, Nationwide will <br />be sending another letter to all participants on or before August 18, 2017 explaining the fund <br />mapping and lineup, blackout dates for ICMA and Florida League participants, and a date to <br />access on-line Nationwide accounts. <br />• Weekly progress meeting by Nationwide's transition team and we are on target for a completion <br />date of November 10, 2017 <br />• An in-service employee meeting with Nationwide executive/staff targeting the importance of <br />saving for retirement has occurred with the Clerk, resulting in 19 new enrollees <br />• An in-service employee meeting with Nationwide and Tax Collector, Property Appraiser and <br />Supervisor of Elections will occur on October 9th <br />• Mark Schilling, our Nationwide representative, will be available for sign up and to answer <br />questions during open enrollment August 23-25 <br />