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8. CLERK OF CIRCUIT COURT - MASSACHUSETTS MUTUAL <br />AS DEFERRED COMPENSATION PLAN PROVIDER <br />The Board reviewed a Memorandum of September 17, 1999: <br />TO: Board of County Commissioners September 17,1999 <br />SUBJECT: Deferred Compensation Plan Provider <br />FROM: Jeffrey K Barton, Clerk of the Circuit Court <br />Background Information <br />In 1988, the Board of County Commissioners approved the establishment of a deferred compensation <br />plan, known as a "457 Plan", through the International City Management Association Retirement <br />Corporation (ICMA). In May, 1995, the Board of County Commissioners approved the National <br />Association of Counties as an additional plan provider for deferred compensation. Their plan is <br />administered by the Public Employee Services Corporation (PEBSCO). <br />The deferred compensation plans provide employees the option to defer from $20 to as much as 25% <br />of their taxable county salary, not to exceed $8,000 annually. The employee has the ability to select <br />any plan provider approved by the Board of County Commissioners. The plans are funded by the <br />employee's contributions and require no funds from the Board and do not impose any liability on <br />the Board. <br />Currently, the County Constitutional Officers are allowing their employees to also use Mass Mutual <br />as a deferred compensation Plan Provider. The County's auditors, Harris, Cotherman & Associates, <br />questioned if the officers had the authority to use a deferred compensation plan provider that had <br />not been approved by the Board of County Commissioners. <br />Rnested Action <br />To eliminate any doubt as to the use of Mass Mutual as a deferred compensation plan provider, I am <br />requesting the Board of County Commissioners approve Mass Mutual as an additional plan provider. <br />Approval of Mass Mutual as an additional plan provider will not impose any costs on the Board. <br />ON MOTION by Commissioner Adams, <br />SECONDED by Commissioner Ginn, the Board <br />unanimously approved Mass Mutual as an additional <br />deferred compensation plan provider, as requested, <br />and directed staff to prepare an ordinance for public <br />hearing on October 12, 1999. <br />SEPTEMBER 28, 1999 <br />a- ,,> .=l <br />-29- o u <br />