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• <br />TO: The Board of County Commissioners <br />FROM:;,,(,- William G. Collins II - Deputy County Attorney <br />DATE: September 29, 1999 <br />SUBJECT: Amending Section 104.05 of the County Code, to Add Mass <br />Mutual to Available Deferred Compensation Plans and to <br />Provide Benefits to Employees of Constitutional Officers <br />Florida Statute 112.215, the Governmental Employees Deferred Compensation <br />Plan Act, allows any county by ordinance to adopt and establish for itself and its <br />employees a deferred compensation program. The ordinance must designate <br />appropriate officials of the county to approve and administer the plan, and <br />designate a public official to make the determination that the deferred <br />compensation plan will not be included in the employees' taxable income under <br />federal and state law until actually received, but will nonetheless be deemed <br />compensation at time of deferral for purposes of Social Security coverage, the <br />retirement system or other benefit programs. <br />On September 28, 1999, the Clerk of Court, Jeffrey K. Barton, appeared on <br />behalf of the other constitutional officers to request that the deferred <br />compensation plan of Mass Mutual be added to the available deferred <br />compensation plans under County Code Section 104.05. The Board granted his <br />request and directed that the necessary ordinance be prepared and brought to <br />public hearing for consideration and adoption. <br />The amendment would bring to three the number of deferred compensation <br />plans available to County Commission employees and now to employees of the <br />constitutional officers. Available plans are the International City Managers <br />Association Retirement Corporation, Nationwide Retirement Solutions, Inc. <br />(formerly PEBSCO), and Mass Mutual. <br />Each constitutional officer would be responsible for obtaining an opinion from the <br />IRS that taxation on compensation will be deferred under the applicable plan. <br />Each constitutional may also designate someone within his organization to <br />obtain such an opinion or may designate the Indian River County Personnel <br />Director to make such determinations. <br />RECOMMENDATION: <br />After public hearing input, adopt the ordinance as presented with any <br />modifications deemed necessary after public hearing. <br />WGC/nhm <br />Attachment: Ordinance <br />October 12, 1999 <br />33 <br />• <br />J <br />