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Agenda - 09-21-2010 - 7c
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Agenda - 09-21-2010 - 7c
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9/20/2010 8:59:11 AM
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9/20/2010 8:59:08 AM
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BOCC
Date
9/21/2010
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
7c
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Minutes 09-21-2010
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2010
ORD-2010-086 Amendment to the Orange County Personnel Ordinance Article IV, Section 9.4
(Linked From)
Path:
\Board of County Commissioners\Ordinances\Ordinance 2010-2019\2010
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2 <br />Due to recently implemented cost reduction measures, additional funds have become available <br />which make it possible to re-instate the Employer Contribution of $27.50/pay period ($715/year <br />per employee to the traditional (pre-tax) 401(k) Supplemental Retirement Plan for all eligible <br />employees effective January 1, 2011. <br />Staff recommends that the County reinstate the $27.50 per pay period ($715 per year) <br />contribution for general employees. The Orange County contribution of 5% of salary for Law <br />Enforcement Officers is not affected. <br />FINANCIAL IMPACT: The cost of reinstating the $27.50 per pay period Employer contribution <br />to the 401(k) plan is estimated to be $270,000 for 760 general full time equivalents (FTEs) for <br />the remainder of FY 2010-11 (January-June 2011). The annual cost is estimated to be <br />$543,000. <br />RECOMMENDATION(S): The Manager recommends the Board amend the Orange County <br />Personnel Ordinance Article IV, Section 9.4 as provided in Attachment 1, which reinstates the <br />County contribution to employee 401(k) accounts effective January 1, 2011. <br />
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