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Supervisors Let Firms Handle Workers' Fund

September 11, 1996|SHELBY GRAD

The Board of Supervisors on Tuesday approved a proposal that transfers control of county employees' deferred compensation accounts from the treasurer's office to private firms.

The plan placed the National Assn. of Counties and two other firms in charge of investing the $83 million that some employees have set aside for retirement.

The county will initially deposit only $75 million of that with the association. It could keep a portion of the $8-million difference.

Some officials, including Treasurer-Tax Collector John M.W. Moorlach, have raised concerns that employees might earn lower-than-normal yields with the association.

But other officials said the association already handles deferred compensation accounts satisfactorily for hundreds of other counties.

In other action, the board agreed to spend $256,000 to purchase a new airplane for the Sheriff's Department. The plane will be used in undercover operations handled by the Regional Narcotics Suppression Program.

The board was scheduled Tuesday to award a contract for airport taxicab service but put off a decision. The contract has been the subject of a bitter bidding war between two firms, A-AAA Yellow Taxi Cab and Orange County Airport Yellow Cab.

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