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Commissioner Tippin agreed that if more funding became <br />available they should readdress the requests, but he strongly <br />recommended that the Board go along with the TDC recommendation. <br />THE CHAIRMAN CALLED THE QUESTION and the <br />motion carried unanimously. <br />DEFERRED COMPENSATION PLAN <br />The Board reviewed a Memorandum of May 9, 1995: <br />To: Board of County Commissioners <br />Thru: James Chandler, County Administrator <br />From: Jack Price, Personnel 9° <br />Sub: Deferred Compensation Plan <br />Date: May 9, 1995 <br />The National Association of Counties (NACO) established a Deferred <br />Compensation Program and selected the Public Employee Services <br />Corporation (PEBSCO) as plan administrator. PEBSCO has asked that <br />Indian River County employees be able to participate, if they wish. <br />The plan is similar to the International City Management <br />Association (ICMA) Deferred Compensation program now available to <br />Indian River County employees. Both ICMA.and NACO plans are well <br />managed and offer a variety of investment options. <br />The appeal of deferred compensation programs is that they allow <br />employees to save money toward retirement while sheltering its <br />investments from current federal withholding taxes, thereby <br />reducing reportable W-2 wages while working. An employee's <br />deferral may be from $20.00 per month to as much as, 25% of a <br />taxable county salary, not to exceed $7,500 annually. The plans <br />are administered in compliance with IRS Section 457. <br />Consideration may be given to offering the NACO plan in addition to <br />the ICMA plan, thus providing employees with a choice. No matter <br />which plan is selected, participants are subject to the rules <br />listed in the previous paragraph. <br />33 <br />May 16, 1995 <br />BOOK 95 F,F 5 <br />