In order to meet IRS deadline the need to retain administration services is required for the School Board to be in compliance with the new IRS Regulations for the voluntary retirement program under Sections 403(b) and 457 of the Internal Revenue Code.

Approve five (5) year contract to implement an Agreement between the Clay County School Board and TSA Consulting Group, Inc.

Financial impact to the School Board for Comprehensive Program based on 1,000 employees is:

 Fiscal Year through 6/30/2008 $4.94 per employee

 Fiscal Year through 6/30/09                 $5.09 per employee

 Fiscal Year through 6/30/10                 $5.24 per employee

 Fiscal Year through 6/20/11                 $5.40 per employee

 Fiscal Year through 6/20/12                 $5.52 per employee

Financial impact to the School Board for Administrative Service is:

Fiscal Year through 6/30/09                  $1.53 per employee

Fiscal Year through 6/30/10                  $1.58 per employee

Fiscal Year through 6/30/11                  $1.62 per employee

Fiscal Year through 6/30/12                  $1.67 per employee

Rates include a 3% increase each year. Rates are based upon all eligible employees. Employee count is based upon the total employee count as of January 1 of the calendar year in which services are provided.

Dr. George F. Copeland, C.P.A., Assistant Superintendent for Business Affairs

Data Source:  Nancy Racine, Director of Purchasing, Accounts Payable and Materials Management