(Red Oak) The Montgomery County Board of Supervisors dissolved antiquated payroll deductions for non-county-approved benefit programs.
Marcus Taylor of Milestone Financial Group says the goal is to stop salary deferrals for most non-county-approved policies. He says in addition to IPERS. Years ago, Montgomery County established a deferred compensation plan. Virtually all the employees who participated in the plan no longer work for the county. He says it is antiquated and not beneficial for employees.
Taylor says terminating the plan is simple. Participants can continue to enroll in these individual plans; it cannot be deducted from payroll.
Jill Ozuna, Montgomery County Auditor, says that for liability’s sake, they technically do not have an administrator and are unsure if they follow the correct IRS rules.
The supervisors also held a public hearing on vacating part of an alley in the town of Stennett. There were no written or oral comments for or against. The supervisors approved the measure 5-0.
The next regular scheduled meeting is May 14, at 8:30 a.m.