Deferred Compensation Plan
In 1986, a group of sheriffs requested that Hunt Insurance Group, as administrators of the Florida Sheriffs Self Insurance Programs, research the creation of a deferred compensation program. There were various plans available, which were used by the county governments, but the sheriffs wanted a plan created specifically for their employees.
Today, the FSA Deferred Compensation Program gives Florida sheriffs the opportunity to participate in a retirement program that provides the best benefits with the lowest costs for sheriffs’ employees, benefitting agencies of all sizes by combining the total buying power and asset base into one Multiple Employers Plan. The FSA Deferred Compensation Program provides the following features:
A large number of investment choices to equal or exceed other plans in the market place. Participants even have the option of selecting a self-directed brokerage account.
Investment choices that include not only proprietary funds but also include major well-known mutual fund families.
Lower administrative fees achieved through the pooling of assets from multiple agencies.
Responsive, local Plan representatives throughout the State of Florida who offer workshops and will meet with participants.
With the FSA Deferred Compensation Program, Sheriffs benefit from having multiple teams work together for the benefit of their employees.
Florida Sheriffs Association serves as the program sponsor and has put a master agreement in place with Nationwide, the plan administrator. Sheriffs sign joinder agreements and become plan sponsors for their agency.
Hunt Insurance Group offers coordination and service support to the sheriffs’ offices, as well as advisory services to FSA.
Burgess Chambers & Associates provides investment advisory services, including investment selections, periodic reviews of investment performance, periodic benchmarking of the plan, and educational sessions for sheriffs’ offices participating in the plan.
Nationwide works out in the field with a service model built around serving plan participants. Representatives visit sheriffs offices to assist participants with signing up for the plan and educating them on what options are available to them.