New to the Plan | Actively Participating | Nearing Retirement | Enjoying Retirement | Archives |
What's New? As we welcome the winter season and the New Year begins, the Nevada Public Employees’ Deferred Compensation Program (NDC) prepares to implement some exciting new enhancements and benefits to participants to assist employees with their Financial Wellness Journey to and through retirement. IMPORTANT Plan News: Our General/Fixed Account Crediting Rate Continues throughout 2022 NDC is pleased to announce that the crediting rate of the Stable Value/General Account investment option, the Voya Fixed Account- 457/401 II, continues at 3.00% through 2024.* Get Ready To Receive and Review Your Customized Financial Wellness Retirement Evaluation** NDC participants with accounts that have a $5,000.00 balance or greater will receive a customized and personally tailored Retirement Evaluation designed to help them get on track for retirement and learn simple actions they can do now and throughout their careers to stay on track. In the first half of 2022, participants will again receive a series of NDC authorized and created communications to help them understand where their retirement situation currently stands. Participants are able to customize and better evaluate their financial wellness by providing data from other retirement plans they may have outside the NDC Plan such as NVPERS, Social Security benefits, IRA, 401(k), 403(b), or other 457(b) accounts. As a reminder, the more information you provide to the myOrangeMoney experience on your NDC account homepage, the more complete your retirement evaluation will be from the Plan. 2022 New Deferral Limits We communicated the increase to the IRS annual contribution limits in mid-November. See further details in the Nearing Retirement section of this quarter’s Deferred Word. Purchasing Service Credit through NVPERS Many NDC participants may qualify to purchase service credit through NVPERS. Participants who qualify should always evaluate whether the benefit increase is going to be more beneficial than keeping their assets in the NDC Plan, given our low cost pricing structure and guaranteed interest rate. Many times, it’s more fiscally beneficial to continue managing your money in the NDC Program, but everybody’s situation is different so evaluating is essential. Here are some things to remember if you go forward with a purchase:
In closing, we wish you and your family a Happy New Year from all of us at the Nevada Public Employees’ Deferred Compensation Program (NDC).
* The Voya Fixed Account is available through an annuity contract issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The Voya Fixed Account is an obligation of VRIAC’s general account which supports all of the company's insurance and annuity commitments. The interest rate guarantees under the contract are subject to VRIAC’s claims-paying ability. ** 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.
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NEW TO THE PLAN | ^ top of page | |||||||||||||||
Make this year your best yet. Whether you are just starting out or rounding out your career — with every new year, there is a chance to begin again. Life has a way of changing and our financial priorities are always shifting. Now is a good time to reflect on how far you’ve come and where you want to go. |
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Make 2022 the year you revise your financial goals, get on track for retirement, realign your contributions to help meet your savings goals or consider consolidating all of your retirement assets in one place. Finding new ways to get and stay financially healthy is a great resolution for us all.
Pay attention to where you are in life.
This year, take advantage of every available retirement benefit and resource to put time on your side so you can retire well. Retirement will come faster than you think, so what are you waiting for?
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ACTIVELY PARTICIPATING IN THE PLAN | ^ top of page | |||||||||||||||
Getting on track with personal finance by making a life, not just a living. If the last two years have taught us anything, it’s that the future can be unpredictable. One way to prepare for certainty is to be sure you save for the life you envision without letting the inevitable bumps along the way take you off track. |
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Saving regularly and consistently is one way to make a life — not just a living. You can help achieve this by organizing your money and refocusing on what matters most, then reprioritize your money and reset your goals so the money you’ve worked hard for can work harder for you. Think about where your money goes. If you don’t have a budget, build one. The NDC’s contracted recordkeeper, Voya Financial®, has an online budgeting calculator available at voya.com/page/tools that can help you get started. Having a plan to reduce debt and save for an emergency is also a good idea. Here are some simple steps to get you started:
Learn more about spending and saving, managing debt, and your journey to financial wellness with live and on-demand education at Voya Learn. Then start focusing on your finances to achieve tomorrow’s goals. |
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NEARING RETIREMENT |
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Invest in yourself and your future. Every year, the IRS announces the annual contribution limits for retirement savings accounts like the Nevada Deferred Compensation Program. For 2022, some limits have changed, while others remain the same. How much are you contributing to the NDC for your financial future? Remember, your retirement needs you. |
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To calculate your total annual retirement savings, multiply what you are currently saving per pay period by your number of pay periods for the year. For example, saving $200 per pay period for 24 pay periods will total $4,800 for the year. If the total is less than the annual limit, you can increase the amount you save to the NDC at anytime during the year to get closer to or reach the annual contribution limit. Annual Deferral and Catch-up Contribution Limits
Carefully consider your personal situation before making investment related decisions. Visit voya.com/irslimits for the latest contribution limits for all tax-deferred accounts and income thresholds for 2022. For more information about the annual contribution limits and your NDC account, you can also call the NDC Plan Information Line at (855) GO-RET-NV (467-3868). * Age 50 and older before year-end. The Age 50+ Catch-up is only available for plans sponsored by a governmental employer.
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ENJOYING RETIREMENT | ^ top of page | |||||||||||||||
What housing needs will you have in retirement? Even as you enjoy retirement, you may still be thinking about managing your income and the type of lifestyle you want to maintain. Have you considered where you’re living or calculated how much you’re paying for housing expenses? |
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Housing is a frequently overlooked expense when planning for retirement costs, but it’s a significant component of your expenses and often presents unexpected challenges. Paying for housing in retirement can be challenging, but taking the time to think it through can help you enjoy a smooth, fulfilling retirement. Develop a Plan for Retirement Housing Start by evaluating your current housing and expectations for the rest of your retirement. For most people, the crucial decision to make is whether you’ll stay where you are or relocate. As you develop your plan, consider things such as your finances, family situation and responsibilities, your lifestyle in retirement, and the mortgage or rental status of your current or future residence. Once you assess these considerations for your personal situation, you’ll have a great starting point for your retirement housing plan. Consider Potential Disruptors The best-laid plans can go awry, and potential disruptors may affect your plans for housing in retirement. For example, having an adult child returning to live with you would definitely impact your housing plan. Many retirees may feel a responsibility to care for their aging parents or help care for their children or grandchildren—responsibilities would affect your overall housing needs and affordability. Additionally, financial concerns can play an essential role in housing plans—considerations could include expensive home repairs or unexpected healthcare costs. To learn more and live better in retirement, visit nevada.beready2retire.com to log in to your NDC account and access the Financial Wellness Resource Center for additional tips and tools.
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Nevada Public Employees’ Deferred Compensation Program (NDC) 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. CN1856999_0923
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NEWSLETTER ARCHIVE |
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2021 | 2020 | 2019 | ||||||
1st Quarter 21 2nd Quarter 21 3rd Quarter 21 |
1st Quarter 20 2nd Quarter 20 3rd Quarter 20 4th Quarter 20 |
1st Quarter 19 2nd Quarter 19 3rd Quarter 19 4th Quarter 19 |
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