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Nationwide Service Administration Contract Page 2 In addition to approving the administrative services contract, we are also requesting a change to our ordinance. Our current ordinance reads: Section 104.05. - Deferred compensation. Deferred compensation plans are available through ICMA Retirement Corporation, Nationwide Retirement Solutions, Inc., Mass Mutual, Hartford Life Insurance Companies, and John Hancock Financial Services on an optional basis to employees. This program is supplemental to a retirement income and it provides for a tax deferral on income contributed to the plan. For those employees working under the direction of the Board of County Commissioners, the director or manager of human resources shall approve and administer these plans and make determinations required by Section 112.215(6)(b), Florida Statutes. For those employees working under the direction of a constitutional officer, each constitutional officer shall designate an individual responsible for making determinations as required by the aforesaid statute. Our suggestion to the ordinance is: Section 104.05. - Deferred compensation. A deferred compensation plan is offered on an optional basis to employees. The primary purpose of the deferred compensation plan is to provide employees the opportunity to defer and invest a portion of their compensation to the plan, helping to supplement retirement income. It also provides for a tax deferral on income contributed to the plan. For those employees working under the direction of the Board of County Commissioners, the Director or Manager of Human Resources shall approve and administer the plan and make determinations required by Section 112.215(6)(b), Florida Statutes. For those employees working under the direction of a constitutional officer, each constitutional officer shall designate an individual responsible for making determinations as required by the aforesaid statute. Each constitutional officer may elect to participate in the deferred compensation plan established by the Board of County Commissioners, participate in a separate plan, or elect not to offer a plan to their employees. The designated representatives from the Board of County Commissioners and the constitutional officers electing to participate in a common plan will comprise a committee and will meet as necessary to approve and administer the plan and make determinations required by Section 112.215(6)(b), Florida Statutes. RECOMMENDATION Staff recommends: 1. Approve the Nationwide Services Agreement with a term of five years with two optional 2 -year extensions. 2. Give approval to the attorney's office to schedule a public hearing revising Section 104.05 Deferred Compensation of the Indian River County Code of Ordinances.