Agenda - 10-04-1982 - Laserfiche WebLink

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� d�~ . . | � ' �~ � 10d0 ' - � ATTACHMENT 1 DEFERRED COMPENSATION t16, 1982 edition �� c�d� � mr��e � ��e "�� . _ The Counties The Best In Defferred Compensation." Provided below are exerts - from that ar ~' '~^- - tiul=xrittenuy Guy Millard, NACo Fiscal Officer. ' -- --NACo's oeforred' ~r �o~-Compensation Program is clearly an unparalleled success. �� - — its inception two years ago, more than 590 counties and county agencies in 35 These counties have 240,940 employees, states have adopted the NACo pcogr=m' h ll d��u oon dofncrud cnmp'n=atlon prngrm. and �vr� thon J4,165 uf them ar= enzo a in the toward their compensation - These employees have invested almost $47 million owor � r r ` NxCo'o [xucutive Committee and Board of Directors set minimal requirements for an effective deferred compensation program, and designed NxCp`a program to surpass them. - A program should comply with all federal and state regulations. The NACo program does, and prior to offering it to county governments and their employees, received a legal opinion from a Washington, D.C., law firm which specializes in deferred compensation. - A program should offer employees the best possible benefits and values. k The NACo program offers employees a package of nine investment options, so that the employee e con tailor his choices to personal philosophy. ny� Theoe n were selected after a competitive, national bid to review the mar�et' "p��~'' both the amount set aside as well as a guarantr interest rate. During the third quarter 1982, monies place. One option guarantees n rt�r pp 19Q� onic� in this option will �= credited at a net interest rate of 14.45 percen� rL' Other options include a money salary continuation option market fund, a bond fund and five common stock funds. A s" is also available. Under these nptinno� no sales charge is deducted from employees' deferrals; 100'p or— cent of an employee's money goes to work immediately. There is, however, a $12 annual administrative fee. - A program should be communicated to employees at all income levels. The h this through a field staff of 350 fully licensed, local NACo program accomplishes n representatives receive a'ntandezd commission which is not representatives. These �oPr�p�n Th f t dependent upon the investment pzu«uct^ ozo or»" there is no incentive for them i t r to encourage a particular product. This is a major factor in the NACo and p should not be taken lightly by anyone concerned with county employees' welfare. Nationwide Life Insurance Company, investment underwriter, indemnifies the county and its individual officials. A program should be administered efficiently with a minimum charge to partici- pants.- The significant financial and administrative expertise of Nationwide Life Insurance Company backs up PEBSCO's extensive experience in the governmental deferre compensation field.