Agenda - 05-18-1999 - 9e - Laserfiche WebLink

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Orange County Board of Commissioners Action Agenda Item No. t~- e Action Agenda Item Abstract Meeting Date: May 18, 1999 Subject: Employee Pay and Benefits -Follow Up Report on 401(k) Plan Department: Personnel Public Hearing: (Y/1~ No Attachment(s): 1 - "Pay Proposal" from October 13, 1998 Employee Compensation Work Session 2 -Approved Minutes from October 13, 1998 Work Session 3 - 401(k) Plan Information Updated from October 1998 Pay and Benefits Report 4 - State 401(k) Plan letter confirming options 5 - 401(k) Plan Options and Cost Estimates Information Contact: Elaine Holmes, Personnel Director Telephone Numbers: - - ezt. 2550 Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 227-2031 Purpose: To consider the 401(k) plan follow up information received in the May 11, 1999 Boazd of Commissioners' work session and provide direction to staff on the type of plan option the Board wishes to consider for 1999-00. Background: On Apri121, 1999 the Board held a work session on employee compensation for 1999-00. In that work session, the Boazd reviewed the planned pay and benefits components for 1999-00 from its October 13, 1998 work session, including the plan to implement a County 401(k) Plan contribution effective July 1, 1999. In the April 21 work session, the Board reaffirmed its desire to implement a 401(k) contribution but wished to revisit the: ^ Previous Boazd discussion related to the type of contribution and contribution amount, and ^ 401(k) Plan information generally, including types of contribution options available to the County. At the May 11, 1999 Boazd work session, the Boazd received the updated, comprehensive report on the State 401(k) plan and County contribution options for 1999-00 that it had requested in the April 21 employee pay and benefits work session. That information also is provided here as attachments to this abstract.