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County Administrator's Report 10. 29.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	10/05/2017
Issue: Approval to Sign as Trustee for the ECAT/ATU 457 Plan
From:	Amy Lovoy
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Authorization for the County Administrator to Sign the Adoption Agreement for the Amalgamated Transit Union (ATU) Section 457 Deferred Compensation Plan - Amy Lovoy, Assistant County Administrator

That the Board authorize the County Administrator to sign the Adoption Agreement for the Amalgamated Transit Union (ATU) Section 457 Deferred Compensation Plan, allowing all bargaining unit members of the ATU 1395 to participate in a 457 Plan.

BACKGROUND:

The ATU 1395 collective bargaining unit agreement mandates a 401(k) plan with dollar-for-dollar employer matching of an employee's contributions up to 6% of the employee's pay. In addition if the employee chooses not to contribute to the 401(k), the agreement mandates that the employer contribute 3% of an employee's pay based on actual working hours of the employee from the prior year.

Since the unionized ECAT employees are transferring temporarily to County employee, the 401(k) plan must be transferred to a comparable 457 plan.

BUDGETARY IMPACT:

The anticipated annual cost for the unioninzed workforce is between $150,000 and $175,000.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Escambia County 457 plan
ATU 457 plan