JCBOCC Approves Resolution for New Deferred Compensation Plans

The Jackson County Board of County Commissioners unanimously approved a resolution Tuesday to implement both a 401(a) and a 457(b) deferred compensation plan through the Florida League of Cities under their Florida Municipal Insurance Trust.

The resolution designates the League of Cities as the county’s preferred provider for these plans. According to county staff, the League’s fee structure is lower than other providers currently in use, with the savings being passed directly on to participating employees.

County Administrator Jim Dean clarified that the resolution does not require any employees with existing 457 plans to transfer their accounts. The new plans will apply only to staff participation going forward.

Commission Chairman Jamey Westbrook asked the Board for its recommendation. Commissioner Paul Donofro noted the county could potentially save between $75,000 and $100,000 annually with the change. Dean confirmed those estimates and added that he had met individually with all impacted staff to review the proposal.

Commissioner Edward Crutchfield made the motion to approve the resolution, with Donofro providing the second. The motion carried unanimously.