The Keith County Board of Commissioners meeting on November 20, 2024, focused on the ongoing discussions regarding the deferred compensation plan for county employees. Concerns were raised by board members about the lack of finalization on the plan, which has left some employees frustrated as they are unable to allocate their vacation buyouts into the deferred compensation account.

The deferred compensation plan, initially proposed by a board member about a year ago, allows employees to contribute up to $12,000, with increased limits for those over a certain age. This plan is intended to provide an additional retirement savings option, separate from the county's existing retirement plan. However, it appears that the necessary steps to implement this plan have not yet been completed, leading to dissatisfaction among employees who were hoping to utilize this benefit.

Board members discussed the specifics of the plan, noting that it operates differently from the county's current retirement offerings. The deferred compensation plan does not include guaranteed returns like the existing retirement plan and requires employees to make specific investment choices. The conversation highlighted the potential for employees to use their sick and vacation time payouts as pre-tax investments, which could enhance their retirement savings.

Despite the interest from employees, the board acknowledged that there are limitations on contributions beyond the established percentages due to state regulations governing the plan. The meeting concluded with a call for further action to finalize the deferred compensation plan, ensuring that employees can take advantage of this opportunity for enhanced retirement savings.