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 assist employees on their financial wellness journey to and through retirement.

NDC’s Administrative Office has Moved

At the start of 2024, the NDC’s Administrative Office relocated. We are still located in the State of Nevada Library & Archives Building but have moved from the entry level (mezzanine level) Suite 100 to the upper floor in Suite 210. Our contact information remains unchanged.

Start 2024 with a Check Up

NDC participants are encouraged to start the new year out with a financial wellness check up. If you are an NDC Participant and have not registered your NDC account via our secure login portal, please visit nevada.beready2retire.com to implement enhanced security features for your account. We encourage all participants to log into your account this quarter to experience the new tools on your account dashboard. Now is also a great time to review your beneficiary designations in your NDC account, life insurance policies, NVPERS account, and your State or agency personal profile. Finally, January is a good time to evaluate your tax planning needs for the upcoming year and review or create your will or living trust for your family. Feel free to contact our office for guidance or reach out to your agency’s Employee Assistance Program.

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 the assets in their NDC account, given our competitive pricing structure and guaranteed interest rate. It may be more fiscally beneficial to continue managing your money in the NDC Program, but evaluating all options is essential because everybody’s situation is different. Here are some things to remember if you go forward with a service credit purchase:

• Contact NVPER to obtain a contract. It should include the following:
  ✓ Amount of time being purchased
  ✓ Due date for the purchase (contract termination date)
  ✓ Tax Deferred Administrator Certification Form
• Contact the NDC Administrative office to request, complete, and submit the required Service Credit Purchase Withdrawal Form.
  
• Complete Section 2 of the Tax Deferred Administrator Certification Form and return that along with the Service Credit Purchase Withdrawal Form by email or fax. Once received in good order, NDC will submit the required paperwork for processing.

Remember, paperwork must be received in good order at least 14 business days prior to the Termination date indicated on your NVPERS contract.

Governor Lombardo Appoints New Member to NDC Committee

We are pleased to announce that Governor Lombardo has appointed Robin Hager, Budget Director for the Nevada System of High Education (NSHE), to the NDC Committee. Robin brings a wealth of legislative, fiscal, and budget management knowledge and experience to the Committee and NDC participants. Welcome to the team!

In closing, we wish you and your family a very happy New Year from all of us here at the NDC Program.

Experience your new NDC account

When was the last time you visited nevada.beready2retire.com and logged into your account? If you’ve logged in recently, you may have noticed some changes. If you haven’t logged in recently, the NDC’s contracted recordkeeper, Voya Financial^®, has upgraded your account experience with new features and a splash of delight. You can now bring your whole financial life together online. Here’s what you can expect:

It's comprehensive and cybersafe. You can securely connect your NDC account with external accounts like checking, credit cards, and personal savings in a private environment to get a full view of your net worth. You’ll receive personalized insights designed to help you improve your finances, all in one cybersafe place.

It’s all-inclusive and insightful. You will have quick access to educational resources and interactive tools that can help you set goals, track your progress, and get real-time insights on your money habits. The experience will also adjust as your needs change to help you understand where you stand financially and how to manage your money with confidence.

It’s an evolved account experience. Whether you want to check your balances, save more for your future, update your investments or even track the progress of your non-retirement goals, you’ll enjoy an effortless account experience.

Prepared to be wowed. Your online NDC account will provide you a simpler way to manage your money. Ready to get started? Visit nevada.beready2retire.com to log in. If you’ve never accessed your NDC account online, there’s never been a better time to start. Click the Register Now button on the homepage, create a username and password, and follow the prompts to get registered and into your account. If you need help registering your account, call the Plan Information Line at (855) GO-RET-NV (467-3868).

Save more in 2024

Every year, the IRS announces the latest contribution limits for retirement savings accounts like the NDC Program. The limits for 2024 have increased, giving you the opportunity to save even more today to help achieve your future goals. Visit voya.com/irslimits to also learn how much you can save this year in other vehicles such as Health Account Solutions and IRAs.

* Age 50 and older before year-end. The Age 50+ Catch-up is only available for plans sponsored by a governmental employer.

** This special election catch-up applies to employees participating in an eligible governmental 457(b) deferred compensation that have elected the special catch-up available in the three years prior to the year of normal retirement age. If you are eligible for both the Age 50 and older catch-up and the special election catch-up under your 457(b) plan, IRS rules do not allow you to use both in the same calendar year. IRS rules permit you to use the catch-up that lets you contribute the greater amount.

If you are 50 years of age or older, you have the option to save even more with catch-up contributions. This can help you maximize the saving potential of your remaining working years to reach your retirement goals. Local financial professionals from Voya^® can confirm your limit this year based on your unique situation. They can also review and discuss your retirement saving strategy to help identify ways you can save more in 2024. Visit nvdeferredcomp.timetap.com to schedule a no-cost appointment at a date and time that’s convenient for you.

Make saving more for retirement a priority in 2024

When was the last time you increased your NDC contribution? If you normally increase it each year and haven’t yet, or if it’s been a few years since you’ve increased your savings, don’t wait any longer. Start the new year by vising defcomp.nv.gov to download and complete the Payroll Contribution Form.

This material is provided by Voya for general and educational purposes only; it is not intended to provide legal, tax, or investment advice. All investments are subject to risk. Please consult an independent tax, legal, or financial professional for specific advice about your individual situation

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Cheers to the new year!

No matter where you are in your retirement journey, a new year is a good time to reflect on your financial goals and think about your future. Make a resolution in 2024 to get and stay financially healthy by focusing on your spending and saving habits.

• Know where you stand — visit nevada.beready2retire.com to log into your NDC account and click Financial Wellness at the top of the page to take or retake your financial wellness assessment.
• Create a budget — visit voya.com/tool/budget-calculator to help maximize your monthly income by balancing saving with your spending needs and wants.
• Use myOrangeMoney^® — log in to your NDC account to estimate how much income you may need for retirement.*
• Review your investment allocations — align your investments with your risk tolerance and time horizon for investing.
• Know your annual IRS contribution limit — if you can, get closer to or contribute the maximum for the year.
• Review your estate plan — keep your will, health care proxy, and power of attorney updated.
• Designate your beneficiaries — name, review, and manage beneficiaries for all your financial accounts to help ensure your assets are distributed as you intended.
• Make a plan for Social Security and Medicare — know when applying for both is best for you.
• Don’t do it alone — consult with a local Voya financial professional to review and discuss your saving and retirement planning strategies.

Consider taking advantage of every available retirement benefit and planning resource. Log into your NDC account, schedule an appointment with a local Voya representative, or visit voya.com/voyalearnfor more ways to put time on your side so you can retire well.

*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.

Addressing financial stress

If financial demands are a significant source of stress for you and taking a toll on your mental health, you’re not alone. If you’re anxious about your finances, here are some things you can do to help manage financial stress.

Focus on learning
Improving your money management skills and using them to make positive and proactive decisions with your finances can help reduce stress. Think of something financial that brings you stress. It could be increased costs due to inflation, paying your bills each month, carrying credit card debt, or finding ways to make the money you’ve saved last throughout retirement. Visit blog.voya.com and
voya.com/voyalearn for short articles and videos about various financial concepts and get tips to address the things that are stressful to you.

Plan for the unexpected
We’ve all experienced financial emergencies. No matter how big or small, these unplanned expenses often feel like they happen at the worst times. Knowing you have a dedicated savings account earmarked for emergencies can help protect yourself from life’s little surprises and give you some peace of mind when the going gets rough. Hold money in reserve to help avoid taking on debt or having to withdraw more from your retirement savings.

Stick to a budget
With rising prices due to inflation, creating and managing a budget can be very useful. Understanding where your money goes, and creating healthy habits to prevent overspending, can help reduce anxiety and stress. If you have never created a budget before, now may be a good time to focus on how you spend your monthly income. Visit voya.com/tool/budget-calculator to get started.*

These are only a few ways to help manage financial stress. No matter what you do, taking any kind of action to address what concerns you financially is an important first step on the road to overall financial wellness. But don’t stop there. Visit voya.com/page/steps-enjoy-yourself-retirement for more things to consider as you manage financial stress and enjoy yourself in retirement.

*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.

THE DEFERRED WORD   |  Fourth Quarter 2023

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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