Agenda

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County Administrator's Report 16. 16.

BCC Regular Meeting

Technical/Public Service Consent

Meeting Date:	12/11/2014
Issue: Roth 457 Option through the County's 457 Plan Providers
From:	Thomas Turner
Department:	Human Resources
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Roth 457 Option through the County's 457 Plan Providers - Thomas G. "Tom" Turner - Human Resources Department Director

That the Board take the following action concerning deferred compensation plans for County employees:

A. Authorize ICMA, Nationwide, VALIC, and InterSecurities, Inc., to offer employees a Roth 457 Program; and

B. Authorize the County Administrator to sign any documentation required to implement the Roth 457 Option, upon Legal review.

BACKGROUND:

The Roth 457 program works similar to a Roth IRA. After tax dollars are deposited into the employee's Roth 457 and earnings accumulate and subsequent distributions are not subject to federal income taxes, according to current laws. We have had employees inquire about this program as it provides both a pre-tax option (traditional 457 plans) and post tax option (Roth 457 plans) for saving for retirement which the employee may elect based upon which option fits their financial needs.

BUDGETARY IMPACT:

There is no budgetary impact to the County.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

Upon Board approval, the Human Resources Department will coordinate with the 457 vendors and payroll to implement the program.

The Human Resources Department will advise payroll of the approval and contact the 457 vendors to obtain the documentation necessary to incorporate the program.

Attachments
No file(s) attached.