| | | | | | | | | ITEM 22. Human Resources - Consent |
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| | | | | | | | DATE: | June 18, 2019
| DEPARTMENT: | Human Resources
| REQUESTER: | Erin Hailstone
| TITLE: | Approve and Execute Revisions to the Alternate Social Security Plan |
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| | | | | | | | I. | MOTION REQUESTED | | Approve and execute amendment to the American United Life Insurance contract as an investment provider of MidAmerica. |
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| | | | | | | | II. | ITEM SUMMARY | | Approve and execute contract amendment to provide participating employees with a minimum interest rate guarantee on contributions to not be less than 1.8% for years 2019, 2020 & 2021.
The Alternate Social Security plan was adopted in 1998 with contract revisions in 2013. It provides temporary and seasonal employees who are not otherwise eligible to participate in the Florida Retirement System with an alternate method to participate in a deferred compensation plan. This plan replaces traditional social security contributions and participation is mandatory. The plan has no cost to the County. American United Life Insurance is the investment provider for MidAmerica offering a 1.8 percent minimum interest rate guarantee until 2021. The current minimum rate is 1%. As of the expiration date 12/31/2021, the guarantee minimum interest rate will automatically drop to 1%. |
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| | | | | | | | III. | BACKGROUND AND IMPLICATIONS OF ACTION |
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| | | | | | | | | A) | Board Action and Other History | | | The Alternate Social Security plan was adopted in 1998 with contract revisions in 2013. It provides temporary and seasonal employees who are not otherwise eligible to participate in the Florida Retirement System with an alternate method to participate in a deferred compensation plan. This plan replaces traditional social security contributions and participation is mandatory. The plan has no cost to the County. American United Life Insurance is the investment provider for MidAmerica offering a 1.8 percent minimum interest rate guarantee until 2021. The current minimum rate is 1%. As of the expiration date 12/31/2021, the guarantee minimum interest rate will automatically drop to 1%.
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| | | | | | | | | A) | Current year dollar amount of item:
| | | B) | Is this item approved in the current budget? | N/A | | C) | Is this a revenue or expense item? | N/A | | D) | Is this Discretionary or Mandatory? | Mandatory Internal Revenue Code Section 3121(b)(7) and Florida Statute 110.1315 | | E) | Will this item impact future budgets?
If yes, please include reasons in III(D) above.
| No | | F) | Fund:
Program:
Project:
Account Strings: | | G) | Fund Type? | | | H) | Comments: |
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| | | | | | | | VI. | TIMING/IMPLEMENTATION | | Amendment effective XX/XX/XXXX |
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REVIEWERS: | Department | Reviewer | Action | Date | Human Resources | Hailstone, Erin | Approved | 5/31/2019 - 4:55 PM | Budget Services | Henkel, Anne | Approved | 6/3/2019 - 8:31 AM | Budget Services | Winton, Peter | Approved | 6/3/2019 - 8:40 AM | County Attorney | Fraser, Andrea | Approved | 6/3/2019 - 2:17 PM | County Manager | Brady, Christine | Approved | 6/6/2019 - 3:45 PM |
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