County Manager Cal Markert gave credit Tuesday to Jefferson County Commission President Jimmie Stephens in helping county employees get a better deal on investment funds.

“Employees have an option for what is called a 457 Plan, where they can put additional funds in an account that’s pre-taxed,” Markert said.

The county previously had as many as five companies that managed those funds. A fiduciary financial adviser was hired to analyze the management of those funds and recommend improvements.

The county manager said negotiations have reduced the companies managing the fund from four to one.

“We’re recommending only having Nationwide as the provider,” he said. “We feel like that’ll make us much more efficient. We were able to negotiate fees down almost 50%.”

Markert said Stephens was instrumental in the process.

“I’d also like to thank Commissioner Stephens, who has a master’s in finance,” Markert said. “He has been invaluable.”

Stephens said discussions on making changes to the management of the fund date back to before Markert was county manager.

“These negotiations began when Mr. (Tony) Petelos was still here,” Stephens said. “Most of the money was in the Nationwide fixed account. Back in 2018, maybe 2019, they wanted to change that and reduce the amount of guaranteed income that they gave you from the fixed account. It had been 3½% for years and years and years.

“That is a walled off percentage where, no matter what happens, you’re gonna get your 3½% when you get near retirement,” the commission president said. “That’s something that you depend on and that’s something that the management team – and me to a lesser extent – work to make sure you maintain that.”

Commissioners moved to the agenda of their meeting on Thursday a resolution that, if passed, would designate Nationwide Financial the sole provider of deferred compensation benefits for county employees.

Commissioners will also consider a request for a sales tax split with Red Mountain Retail, which does business as Ashley Furniture. Owner Woody Marks, whose grandfather founded the Marks Fitzgerald Furniture Store, is seeking a new location for a distribution center, replacing the current center in Bessemer.

The incentive plan calls for 40% of county taxes that the company pays be reimbursed as an inducement to keep the operation in Jefferson County.