|New to the Plan||Actively Participating||Nearing Retirement||Enjoying Retirement||Archives|
The Nevada Public Employees’ Deferred Compensation Program (NDC) welcomes the summer with a bunch of exciting tasks at hand, and new educational opportunities to assist participants and employees with their Journey to and through retirement.
Retiree Financial Wellness Fair
The NDC Program held its fourth Annual Retiree Financial Education and Wellness Fair June 11, 13 and 14, 2018 in Las Vegas, Carson City and Reno in cooperation with our contracted recordkeeper, Voya Financial®, NVPERS, Social Security and Nevada Public Employees’ Benefits Program. If you were unable to attend the fair’s live workshops or view them online, check out the NDC website to access valuable information or contact the NDC Administrative Office for assistance.
Request for Proposal of NDC recordkeeping contract
Per NRS 287.330(3)(c), the Nevada Deferred Compensation Committee is required to solicit proposals from qualified record keepers at least every five years. The NDC Committee, Administrative Staff, Nevada State Purchasing and the NDC-contracted Investment Consultant will work together throughout the remainder of the year to frame the Request for Proposal (RFP) for the Program’s recordkeeping contract.
In an effort to achieve the most efficient, cost-effective contract we can negotiate, we will evaluate all aspects of plan design, costs structure, service and interest rate guarantees. We will strive for a contract that provides Program participants with the best value in services and costs plus opportunities to improve participant financial wellness into and through retirement.
The NDC Committee and Executive Officer welcome feedback from participants and employees who are eligible to participate in the NDC Program. All suggestions will be reviewed by the NDC Committee members and Administration Staff as we develop our RFP and renegotiate this crucial contract. Please send your ideas in an email to Rob Boehmer, NDC Executive Officer.
Mark your calendars now…
To promote and participate in National Retirement Security Week, NDC will host the 12th Annual Financial Education Days during the weeks of October 15-25, 2018. Be sure to mark your calendars and plan to attend one of the many workshop sessions that will be held throughout the State of Nevada. More details will be sent to employees in the months to come and will run in our third quarter newsletter.
If you would like to discuss anything about the NDC Program with the Executive Officer,
In closing, all of us here at NDC wish you and your family a safe and enjoyable summer.
|NEW TO THE PLAN||^ top of page|
The benefits of an emergency fund
Sudden setbacks happen to everyone, sooner or later. Your car breaks down. Your refrigerator dies. Your best defense against an unexpected expense may be to start and maintain an emergency fund now.
Your emergency fund is money that you keep in a separate account where you can access it easily without a penalty. The cash helps you avoid dipping into the other accounts you’ve worked hard to build — and save for retirement and other priorities without interruption.
How much do you need in your emergency fund? For starters, consider setting aside at least enough for common emergencies, such as a car or home repair.
But experts suggest keeping an amount equal to three to six months of your living expenses in an emergency fund1. Realistically, you might rely on those funds to stay afloat after a serious financial jolt, such as a job loss, accident or divorce. If you and your spouse work, you might want to keep double that amount in the fund.
Sound overwhelming? You can build up savings in small amounts over time. A fund with as little as $500 or $1,000 could help you avoid taking on more debt or drawing from your retirement savings in a crisis.
Here are some tips to help start and feed your emergency fund.
1 ”Special Report: The case for an emergency fund,” Voya Services Company, 2017
|ACTIVELY PARTICIPATING IN THE PLAN||^ top of page|
Online tools to help you stay on track with your goals
Whenever you log into your NDC account, you have access to resources to help you take a approach toward planning for your future.
See your savings as future income
You can see how your NDC account translates into estimated monthly income in retirement when you engage with myOrangeMoney® every time you log in.
myOrangeMoney is designed to help you picture when you’ll have enough to retire. A dollar bill graphic represents the estimated retirement income you’ll need each month. It shows the progress you’ve made toward your income goal so far, based on how you’re saving and investing in your account now.
Check your progress regularly. If you’re falling short of your retirement income goal, you can use myOrangeMoney to try out different saving and retirement age scenarios. You’ll discover the impact on your estimated future income instantly before you make a decision. To change your contribution level, complete and return the Payroll Deduction Form available on the Plan website under Resource Center.
Organize all your finances
Saving for retirement is an important financial goal. But other financial priorities often compete for a piece of your paycheck, too: getting rid of debt, saving for college or buying a home. How do you create and stick to a plan to juggle it all? Your Personal Financial Dashboard can help.
To use your Personal Financial Dashboard, log into your account, select Organize your $$$ and follow the easy steps. Enter as many accounts as you like: checking, saving, credit cards, mortgage, insurance, retirement and so on.
This is your own private financial space: your employer and Voya® cannot see it. There are no intrusive ads or emails. The tool encrypts your information using advanced security features.
You can see all of your accounts on one screen and all your priorities in one place. The tool can update your information automatically, so you always have a current view of your complete financial picture.
IMPORTANT: The illustrations or other information generated by the calculators are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This information does not serve, either directly or indirectly, as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions related to your individual tax situation. Consult your own legal and tax advisors regarding your situation.
|^ top of page|
A service to help make your financial life simpler
Earlier in your career, you may have changed jobs a few times, and have money in your former employers’ retirement plans. Since you no longer work for those employers, you can’t contribute to those plans anymore. But you do need to keep track of the investments in those accounts.
Now that your retirement is approaching, it might be easier to organize everything in one place, especially if you like the investments and other features of your NDC account.
The NDC Program welcomes rollovers. You’re allowed to roll over balances from eligible employer sponsored 401(a), 401(k), 403(b) and governmental 457(b) plans and traditional Individual Retirement Accounts into your NDC account. A rollover moves a distribution from one retirement plan account to another, in accordance with IRS rules.
You might consolidate your retirement savings if you want:
Is a rollover into your NDC account right for you? Find out by using the complimentary service the NDC Program makes available to you.
Call the Account Consolidation Team* toll free 866-865-2660 or send an email to ACT@voya.com. They can walk you through your choices. The team will work with you from the moment you pick up the phone until the process is done. If you decide to go ahead with the rollover, the team will contact your former employer or other retirement account provider and streamline the paperwork. There’s no cost, no pressure and no obligation for this service.
Carefully consider the potential differences and/or similarities between the various qualified retirement accounts before making investment related decisions. Also, please consider the investment objectives, risks, charges and expenses of the investment options carefully before investing.
* Registered representatives of Voya Financial Advisors, Inc., (member SIPC)
|ENJOYING RETIREMENT||^ top of page|
Tips for keeping your NDC account secure
Protecting your personal information can reduce your risk of identity theft. Here are precautions you can take to help keep your online NDC account safe.
|^ top of page|
|• 1st Quarter 18||• 4th Quarter 16
• 3rd Quarter 16
• 2nd Quarter 16
• 1st Quarter 16
|• 4th Quarter 15
• 3rd Quarter 15
• 2nd Quarter 15
• 1st Quarter 15
|• 4th Quarter 14
• Summer 14
• Spring 14
• Winter 14
|• Fall 13
• Summer 13
• Winter 13
|• Fall 12
• Spring 12
|• Fall 11
• Summer 11
• Spring 11
• Winter 11