What's New?

As the Nevada Summer comes to a close and the Autumn/Fall Season begins, the Nevada Public Employees’ Deferred Compensation Program (NDC) prepares for exciting changes and new educational opportunities to assist participants and employees as you NV Your Retirement.

NDC Core Investments: Our Selection and Oversight Process

NDC Participants often wonder how the NDC Administration selects the investment options in our core investment lineup. We have a very rigorous and sound process that begins with the adoption of our Investment Policy. This policy guides the NDC Committee, with the assistance and guidance of our contracted investment consultant, to assist in selecting the best-in-class and cost-effective investment option in a particular investment category or class. Our Investment Consultant conducts research and provides data to the NDC Committee and Administration. That data is then reviewed, discussed, and evaluated by the NDC Committee in an open public meeting. The NDC Committee decides what changes would be the most cost-effective and beneficial option for the Plan’s participants. On a regular basis, the NDC Investment Consultant and Executive Officer evaluate how the core investment options are performing. In our Investment Policy we have adopted various benchmarking criteria that we use to evaluate the performance and management of each investment option. If an investment falls short of our established evaluation criteria, the investment is place under more extensive review, may be formally placed on our Watch List, and may be eventually replaced with a more suitable investment option. Additionally, The NDC Committee and Administration is constantly reviewing and monitoring investments in an effort to keep costs as low as possible. The NDC Executive Officer works with our Investment Consultant throughout the year to identify different investment classes that may present more affordability and passes the savings to our participants. With all of this in-depth oversight, we strive to provide participants with the best-in-class investment options, at the lowest cost available, with the overall hopes to provide participants with the best interest earning potential.

Nevada SAVES Month in October

Each fall, the NDC Program organizes and hosts workshops in preparation for National Retirement Security Month (NRSM). This year, we invite all government employees and their families to participate in a multitude of financial wellness activities we have planned during the State of Nevada’s virtual Nevada SAVES Month live on TEAMS. Through various email communications, we also hope to assist participants and their families with improving their overall financial security now and into retirement. Expect communications and webinars involving

• Conducting a Financial Wellness Assessment
• Developing & Maintaining a Suitable Emergency Fund
• Gain Insight with the 50/30/20 Saving & Spending Strategy Using a FREE Online Budget Calculator
• The Basics of Estate Planning: What you need to know
• The NDC Basics and Beyond webinar (for new and active employees)
• The NDC Retiring Minds Want to Know webinar (for those close to retirement)

Exciting News!!!

NDC’s Executive Officer, Rob Boehmer, has been elected the 2021-2022 Executive Board President of the National Association of Government Defined Contribution Administrators (NAGDCA), which is widely regarded as the voice for State and local government Defined Contribution Plan Sponsors and Administrators across the country. NAGDCA serves as a resource for Congressional retirement reform and for governing and assisting with achieving financial health and wellness for over 20 million government employees across the United States. Boehmer brings over 20 years of industry experience to the organization and at a national level.

In closing, all of us here at NDC wish you and your family a safe and enjoyable start to the Fall and Holiday Season.

How much income will you need in retirement?

The biggest question most people have when thinking about retirement is — how much is enough?

It is a good idea to consider what your life will be like in retirement. When do you want to retire? How much will you need to get there? It is essential to consider all aspects of what your life will be like and map out future retirement expenses such as bills, day-to-day living, protection insurance and healthcare costs. By estimating finances into the future, you could be prepared when it arrives.

Although different for everyone, the NDC Committee and Staff want to help all employees replace at least 70% of their current income annually in retirement. As you save for retirement in to the NDC Plan each paycheck, the myOrangeMoney^® interactive, online experience can show you how your current retirement assets may translate into future potential monthly income in retirement so you know when you can retire.

myOrangeMoney makes it easier for you to estimate income needed for retirement and make positive changes today so you will have enough for tomorrow.

Start by visiting nevada.beready2retire.com and log in to your account. Under the orange money dollar bill, go to the About Me section and provide some additional information to personalize and enhance the myOrangeMoney experience. Then gather information about all of your income sources and assets such as retirement plans through former employers, pensions, and other savings. Change the dropdown box above the orange money dollar bill to Let’s talk about your other retirement savings and income and add those additional income sources.

The more information you provide the myOrangeMoney experience about your retirement saving and income sources, the better you will be able to estimate your future monthly income and how it compares to what you’ll need to retire well. Are you on track? After using the myOrangeMoney experience, visit voya.com/voyalearn for webinars and videos to help you on your journey to the retirement you envision.

October is Nevada Saves Month – Plan for your future

October is Nevada Saves Month, which provides an opportunity for you to reflect on your personal retirement goals and determine if you are on target to reach those goals. We encourage you to take some time to prioritize your future self with the State of Nevada Public Employees’ Deferred Compensation Program. The NDC Plan has a variety of Nevada Saves Month events and resources to help you “NV your retirement.”

Life evolves and change comes in many forms along your journey to and through retirement. If you have had a recent life-changing event like getting married, having a little one or losing a family member, you may want to change your beneficiary or save a little more for your future. Checking in on your account and using all of the resources available to you will help on the road to retiring well.

Kickstart your savings

Consider saving more anytime you can. Do you know how much you’re currently contributing and how much income that will replace in retirement? You can check your balance and estimated monthly retirement income online in your NDC account. Then make the changes you need to your investments and contribution through payroll deduction to help reduce potential retirement income gaps.

Click and pick your educational resources

• Assess your money situation – Log into your NDC Plan account to get a holistic health check with the financial wellness assessment to see where you stand financially and what you can do about it.
• Orange you glad you’re here – While you’re logged in, use myOrangeMoney^®
  to see how much income you may need in retirement and whether you are on track.
• Paperless is more – Sign up for simple, safe e-delivery so you can help save the environment while you save more, securely.
• Play hard to get – By periodically logging into and reviewing your accounts, you are helping to keep your identity and assets safe. Learn more about cybersecurity at voya.com/page/cybersecurity.
• Knowledge is power – Check out a variety of retirement planning and financial education resources at voya.com/page/financial-wellness-library to help you budget, save and spend better.

Stick to your plan

Working with a local Voya professional can help you prepare for the range of important decisions you will make while planning for retirement. Don’t try to do it alone. Schedule a personal one-on-one appointment today to help create and stick to your plan on your way to reaching your retirement goals.

Are you within 10 years of retirement? It’s closer than you think.

You have worked hard throughout your lifetime. As you begin to think about retirement, we have a few ideas to make sure that what you’ve earned while working continues to work for you. Maximize your efforts now by focusing on the details that will help you ensure a more secure retirement. It may sound basic, but these ideas are key to the good life and a successful retirement.

Create a clearly defined financial plan

It’s never too late to prepare. Start by creating a financial plan that includes all of your future sources of income, including Social Security, and how you will maximize them in retirement. Be sure to consider life insurance, long-term care coverage and estate planning. It is also a good idea to update your will and healthcare proxies.

Max out your contributions

Get retirement ready by making the most out of what you can save with automatic contributions through payroll deduction. Increasing your contributions not reduces your taxable income but also takes advantage of increased contribution limits based on your age. Once you’re 50 or older, you can use these catch-up contribution options to boost your retirement savings.

Make the most of Social Security

Social Security benefits may be able to supplement anywhere from 20% to 40% of your retirement income. You can receive the maximum benefits if you delay until age 70, but there are many factors to consider and you may want to consult with a financial professional to understand your choices.

If you don’t have a financial plan, you are not alone. The local Voya team can help you review your options now to help prepare for the retirement you envision. Call (775) 886-2402 today to schedule an appointment to review you current retirement savings and the annual contribution limits. Retirement is just around the corner and we want you to be ready. So what are you waiting for?

This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/ insurance decision.

Don’t wait until the 9th inning to choose a legacy planning strategy

Do you have a plan in place for your loved ones? Thinking about the legacy you’d like to leave behind for your loved ones can be scary. For one, you might not be ready to face the idea of leaving your family one day. Or perhaps you’re afraid to face the reality that you’re not financially prepared. You might even feel like you have a lot of time left to plan, so you aren’t in a hurry to put a plan together.

A brief overview of legacy planning

Legacy planning is the process of arranging and transferring your assets in the event of your incapacitation or death. The term is becoming more popular because a detailed legacy plan may include elements outside your estate. A legacy plan may include family values that you want to preserve and pass to future generations or strategies for philanthropic initiatives. Your legacy plan will consist of all necessary information to honor your wishes after death. Not having a legacy plan in place may result in your property not being handled in the way you had hoped or imagined.

What can happen if you wait too long?

None of us plan to leave our loved ones sooner than we have to. However, not having a plan in place can make a difficult situation even worse. Waiting too long can affect your ability to set aside enough assets to fulfill your wishes. For example, if you dream of being able to pay for a child or grandchild’s college education and don’t sit down to calculate how much you need to set aside until the last few years of your career, you might realize you’ll come up short. The last thing you want is to work hard to make it to the finish line and then learn you were running in the wrong direction!

So how do I get started?

First, get organized. Start by collecting all of your important documents and contact information, including:
• Official certificates (birth, marriage, etc.)
• Life insurance details
• Property deeds
• Automotive titles
• Bank and investment account details
• Medical, legal, and other specialists’ contact information

You’ll also want to think deeply about your legacy goals and how you’d like to take care of your loved ones. Are there non-financial priorities that you’d like to communicate with your loved ones? Now is an excellent time to take a detailed inventory of your property and assets.

Next, figure out what you need to do to make sure your loved ones are taken care of. This includes preparing your will and naming beneficiaries for your investment, insurance and other asset accounts.

Seeking professional guidance

Meet with a qualified attorney or professional who can help you with the legal and technical details of your legacy plan. A professional can simplify the asset transfer process so you can avoid paying unnecessary taxes and ensure that you have all of the appropriate documentation needed.
Start to have conversations with your family and a trusted financial professional today to ensure that your loved ones are taken care of for generations to come. Visit voya.com/voyalearn to view live and on-demand videos that can help you achieve your financial wellness goals.

THE DEFERRED WORD   |  Third Quarter 2021

Nevada Public Employees’ Deferred Compensation Program (NDC)
Nevada State Library and Archives Building, 100 N. Stewart Street, Suite 100, Carson City, NV 89701

Phone 775-684-3397    |    Fax 775-684-3399    |    defcomp.nv.gov

Plan administrative services are provided by Voya Institutional Plan Services, LLC (VIPS). VIPS is a member of the Voya^® family of companies and is not affiliated with the State of Nevada Public Employees’ Deferred Compensation Program.

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