Trustee Corinne Ferguson recommended to the Paonia Town Council on Sept. 25 to appoint Dollie Shaub of New England Financial as the new broker of record for the town's employee retirement accounts.
Shaub would help guide the town on its retirement plans by gathering information and bringing the town options.
The town council would have final approval of the plan. Shaub would then work with Cindy Jones, Paonia finance officer, and with town employees so they will understand their investments. Shaub's commission is already built into the cost of the accounts.
Ferguson stated currently no one is guiding the employees and warned the town may not be in compliance with IRS guidelines as a result.
The employee retirement accounts were with Founders which was purchased by Dreyfuss 10 years ago. There has been a lack of communication to the town, Ferguson stated.
Ferguson recommended Shaub in part because she is on the Western Slope and can come to Paonia. Ferguson said some paperwork regarding the retirement accounts has not been done since 2009.
Ferguson moved to approve Shaub as broker of record. Trustee Brian Ayers said he didn't feel the council had done due diligence in researching other possible candidates. Ferguson disputed that, stating she had done the research and was presenting her findings to the council. Trustee Ross King also was opposed to taking action at this time. However, the council by a four to two vote approved Ferguson's motion. Those in favor were Ferguson, Eric Goold, Amber Kleinman and Larry Wissbeck.
Both Shaub and Cindy Jones were present for the council meeting.blog comments powered by Disqus