The Jefferson County Commission’s discussion this week about the county’s 457 plan prompted Jimmie Stephens to recall a decision he made years ago about his own retirement financing.

“I chose not to take part in the retirement plan,” after being elected to the commission, the president said. “I said I don’t know whether I can do the 10 years that would be required to be vested. I chose to take the money that they were taking out (for) retirement and I put it in the 457 plan,” which is a type of retirement savings plan similar to a 401(k).

“Now, I’ve been here almost 16 years so that’s probably the worst financial move that I’ve made,” he said.  “I didn’t realize that I would be here and that this would turn into a career. It’s public service. That’s the way I looked at it. I still do. I still haven’t joined the retirement plan but I participate in the 457.”

Meeting at the Bessemer Justice Center on Thursday, the commission extended a professional services agreement with CapFinancial Partners LLC to advise the county on its 457 plan. Human Resources Director Caroline Brown discussed the extension following the commission committee meeting Tuesday. She said the county hired the company in 2023.

“Since that time, we have consolidated to one payroll deducted firm versus four. We have saved our employees in that span of time over $400,000 in fees that they would have paid under the other structure, as well as we gain $8 million in the account, which will help us negotiate better fees as the as the plan continues to grow.”

In another matter approved Thursday, the commission agreed to release its reversionary interest in the former Graymont School to allow for construction on a senior living and early-learning development.

Deputy County Attorney Shawnna Smith explained Tuesday that when the county transferred its interest in the property in 2021, it sold it for less than market value. The deal included a restrictive covenant that the property had to be used for a public purpose and owned by the city of Birmingham. Under that covenant, the city had to retain ownership for 10 years.

“The new developer that they have a contract with is desiring to have our restrictive covenant removed,” Smith said. “To do that, we would have to have fair market value for that property. What the city has come up with instead is, even though they intend to continue to own it, they have given an agreement that if they sell that property before the 10 years is over, they will pay us the equivalent of $800,000, which is our 50% interest in the property.”

City officials have said the Graymont School development will include 101 affordable housing units.