Agenda - 12-07-2009 - 4g - Laserfiche WebLink

Browse Search

ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 7, 2009 Action Agenda Item No. ~- - C.~ SUBJECT: Resolution Providing for Voluntary Participation in ICMA-Retirement Corporation Supplemental Retirement Benefits for County Mana er and Other Employees DEPARTMENT: Human Resources PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: 1. Resolution Michael McGinnis, Human Resources 2. Administrative Services Agreement Director, 245-2552 (contract) Annette Moore, Staff Attorney, 245-2317 PURPOSE: To consider approving a resolution authorizing a deferred compensation plan administered by ICMA-Retirement Corporation (ICMA-RC) as provided in the employment agreement (Agreement) between County Manager Frank Clifton and the County. BACKGROUND: On October 6, 2009, the Board of County Commissioners approved the terms of an Employment Agreement with the County Manager, Frank W. Clifton, Jr., which was then signed and executed by both parties. Section 10 of that Agreement acknowledges that Mr. Clifton currently maintains a 401 k/457 supplemental retirement program with ICMA-RC and requires the County "to authorize and participate in the [ICMA-RC] plan to the employee's benefit at the same rate and under the same conditions as the County currently or in the future may participate on the behalf of other county employees." The County does not currently contribute to a supplemental retirement plan for any employee, but employees are able to make contributions to a 401 k administered by Prudential and/or a 457 plan administered by Nationwide. The County does not currently have any agreement with ICMA-RC that would allow the County Manager or other employees to make a contribution. This Resolution would authorize the County to participate in and allow employees to contribute to the ICMA-RC Plan. The Board's approval of the resolution will allow the County to establish a deferred compensation plan with ICMA-RC so that the County Manager and other employees in their discretion can contribute to the Plan and allow the County to make a contribution to the Plan in the future. FINANCIAL IMPACT: There is no financial impact to the County. Employees will be subject to the Plan Administration fee based on the amount of Plan assets which will range from .55% per annum to .7% per annum. RECOMMENDATION(S): The Manager recommends that the Board approve the resolution to establish a deferred compensation plan with ICMA-RC available to all Orange County employees and authorize the Chair to sign the resolution.