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Florida Statute 112.215 provides that no deferred compensation plan of a county shall become effective until the appropriate official (in this case the Personnel Director) has determined that the compensation deferred and investment products purchased pursuant to the plan will not be included in the employee's taxable income until it is actually received by the employee under the terms of the plan, and, that the compensation will nonetheless be deemed compensation at the time of deferral for purposes of Social Security coverage, retirement, pension, or other benefit program. The statute requires the Board to adopt by ordinance the deferred compensation plan; to designate the appropriate official to approve and administer the plan (i.e., the Personnel Director) and to designate the Personnel Director to make the determinations listed above. Toward that end, I would recommend that the Board of County Commissioners authorize the advertisement of a revision to Section 104.05, the deferred compensation section of Chapter 104 dealing with personnel matters in the Indian River County Code. The amendment would be as follows: "Section 104.05. Deferred compensation. A dDeferred compensation plans, are ft*f$Aj* available throus:h ICMA . Retirement Corporation or the National Association of Counties, 0 08WN on an optional basis to employees. This program is a supplement to a retirement income and it provides for a tax deferral on income contributed to the plan. The director of personnel shall approve and RECOMMENDATION: Authorize advertisement for amendment of the County's deferred compensation ordinance. ON MOTION by Commissioner Adams, SECONDED by Commissioner Bird, the Board unanimously authorized advertisement for amendment of the County's deferred compensation ordinance, as recommended by staff. JULY 259 1995 27 UR. 95 FAcr 800