On May 23rd, the Board of County Commissioners voted on a proposed ordinance detailing the reestablishment of a deferred compensation program. By Florida Statute 112.215 an ordinance is required to adopt a government employees deferred compensation program, but government entities have the option of offering such plans or not.
Deputy County Attorney Jon Jouben pointed out that following an audit performed by the clerk’s office, it was “discovered that […] deferred compensation plans have to be adopted by ordinance.” The current ‘Comp Program’ was passed only by a resolution in 1981.
It was clarified by Jouben that any previous employee compensations would still be “ratified” with this new ordinance.
As a matter of “purely, technical housekeeping,” and following a motion made by Commissioner Mitten, the proposed ordinance passed unanimously. Deputy Clerk of Court Don Barbee made it aware to the Board that whatever “work is left for the Comp Plan” will be done through policies in order to avoid having the Board have to interfere every time.
The deferred compensation program will be an option for constitutional officers and their staff including the Clerk of the Circuit Court and County Comptroller, the Property Appraiser, the Sheriff, the Supervisor of Elections, and the Tax Collector.
Statute 112.215, states in part, “In accordance with a plan of deferred compensation which has been approved as herein provided, the state or any state agency, county, municipality, other political subdivision, or constitutional county officer may, by contract or a collective bargaining agreement, agree with any employee to defer all or any portion of that employee’s otherwise payable compensation and, pursuant to the terms of such approved plan and in such proportions as may be designated or directed under that plan, place such deferred compensation in savings accounts or use the same to purchase fixed or variable life insurance or annuity contracts, securities, evidence of indebtedness, or such other investment products as may have been approved for the purposes of carrying out the objectives of such plan. Such insurance, annuity, savings, or investment products shall be underwritten and offered in compliance with the applicable federal and state laws and regulations by persons who are duly authorized by applicable state and federal authorities.”
Julie B. Maglio contributed to this report.