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.

NDC’s Administrative Office offers support and education for participants and employees

.NDC participants and eligible non-participating employees are welcome to schedule an appointment with the NDC staff or the financial professionals assigned to us by our contracted recordkeeper, Voya. Call (775) 684-3398 or visit nvdeferredcomp.timetap.com for more information.

Start 2025 with a check-up

NDC participants, all government employees, and their families are encouraged to start the new year with a financial wellness check-up. If you are an NDC participant and have not registered your account through our secure participant login portal, please make it a resolution to get registered and online. Go to the defcomp.nv.gov homepage, click the green LOGIN TO VOYA button, and then click Register Now to register your account username and password. Registering your account online helps to stay on track for retirement and implements enhanced security features to keep your information safe.

Now is also a great time to review the beneficiary elections associated with your NDC account. Checking your beneficiary information at least annually is also important for other accounts like your life insurance policy, NV PERS account, and your State or agency personal profile. With April around the corner, now is also the time to begin your tax planning and create or update wills or trusts for you and your family. Feel free to contact the NDC Administrative Office or your agency’s Employee Assistance Program for more information.

NDC’s new recordkeeping contract with Voya includes an increased fixed account rate

The NDC Committee, Administration, and State Purchasing Division successfully negotiated a new contract for recordkeeping services, retaining Voya for at least another five years. The negotiated contract includes cost savings for NDC participants and an increase of the guaranteed minimum interest rate associated with the Voya Fixed Account 457/401. The new guaranteed minimum interest rate for this stability of principal option is now 3.60% per annum as of January 1, 2025. Look for more information in the coming months about additional savings as a result of our new contract with Voya.

Governor Lombardo appoints new member to NDC Committee

We are pleased to announce that Governor Lombardo has appointed Kaela Neff, Operations Accounting Manager for the City of Sparks. Kaela brings a plethora of experience and knowledge of payroll, HR, and fiscal management to the Committee. She will also add a younger generational perspective to the governance of the NDC Program. We welcome her as a member of the team.

The Social Security Fairness Act may benefit many government employees and retirees

The Social Security Fairness Act, signed into law on January 5, ends the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). The WEP and GPO reduced or eliminated benefits of over 3 million people who received a pension based on work that did not pay into Social Security. The Act now potentially increases Social Security benefits for those type of workers, particularly in the government sector.

If you never applied for retirement, spouse’s, or surviving spouse’s benefits because of WEP or GPO, you may need to complete an application. The date of your application may affect your benefit amount and when benefits begin. All other Social Security laws and policies such as benefit reductions for claiming benefits before the full retirement age and the retirement earnings test still apply. Learn more by visiting ssa.gov/benefits/retirement/social-security-fairness-act.html.

If you are a retiree, stay on alert for possible scams. The Social Security Administration will most likely not call you directly and will NEVER ask you to pay for their assistance or to have your benefits start, increased, or paid retroactively. If you receive a call offering to increase or expedite your benefits, hang up immediately and do not engage with the caller in any way. You can learn more about Social Security-related scams, and how to report them to the Office of the Inspector General, by visiting ssa.gov/scams.

In closing, we wish you and your family a very Happy New Yew from all of us here at the Nevada Public Employees’ Deferred Compensation Program (NDC).

How much can you afford to save each paycheck for retirement?

Planning for retirement can seem daunting at times, but breaking it down into manageable steps can make the process much more approachable. A new year is a good time to check the status of your progress and determine if you’re saving as much as you can for retirement each paycheck. Here are some key considerations to help you make this decision.

Assess your retirement goals

How do you want to live in retirement? Consider the lifestyle you want to maintain in retirement, including your living expenses, travel plans and any other activities you wish to pursue. That will determine if you’re saving enough and encourage you to find additional ways to save if you’re not.

Understand your current financial situation

You can’t look to the future without also considering your current financial situation. That includes your current monthly income, regular expenses, existing debt, and any savings you’ve already accumulated. This will help you determine how much you can realistically set aside from each paycheck. It’s important to strike a balance between saving for retirement and meeting your current financial obligations. Visit voya.com/tool/budget-calculator for a tool that can help track your monthly spending and saving habits.

Save as much as you can

Do you update the retirement savings rate to your NDC account every time your salary increases? A long-term financial goal could be to save at least 15% of your income for retirement. This may vary depending on your individual circumstances and retirement goals, but you’re more likely to accomplish this by gradually increasing your savings over time. If you’re not sure how much you can afford to save for retirement from each paycheck, visit voya.com/tool/how-much-do-i-need-to-retire to use the My Retirement Overview Paycheck Calculator to illustrate how different savings rates can impact your take home pay today.

Your financial situation and retirement goals may change over time, so it’s important to review and adjust your savings plan regularly. Make it a goal this year to help improve your retirement readiness. Visit defcomp.nv.gov and click LOGIN TO VOYA to register for or log into your NDC account, review your retirement savings progress, and consider making changes as needed. Even if retirement seems far away today, someday you’ll be glad that you did.

The analysis provided by this tool is based solely on information provided by you. All examples, if any, are hypothetical and for illustrative purposes and do not represent current or future performance of any specific investment. No guarantees are made as to the accuracy of any illustration or calculation. 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 professional when making decisions relative to your individual tax situation. All investments carry a degree of risk, and past performance is not a guarantee of future results. Generally speaking, the greater the return, the greater the risk. This tool applies retirement plan contribution limits defined by the U.S. Internal Revenue Service. Products and services offered through the Voya® family of companies.

Prepare to thrive in 2025

Every year, the IRS announces the latest contribution limits for retirement savings accounts. Certain limits for 2025 have increased, giving you the opportunity to save even more today to help achieve your future goals.

* The special election catch-up applies to participants 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, as defined by the 457(b) plan. If you are eligible for either the Standard or Super Catch-up and the 457 Special Election Catch-up under your 457(b) plan in the sane tax year, IRS rules do not allow you to use the age-based catch-up and the 457 Special Election Catch-up in the same tax year. IRS rules permit you to use the catch-up that lets you contribute the greater amount.

Catch-up contribution provisions allow participants 50 years of age or older to save even more. If you’re eligible, the catch-up contribution options can help you maximize the saving potential of your remaining working years to reach your retirement goals.

How much do you want to save this year? Visit voya.com/irslimits for the latest contribution limits for all tax-deferred accounts in 2025. Consider your options and then visit defcomp.nv.gov to download and complete a Payroll Contribution Form when you’re ready to update your NDC savings rate.

The last 4 steps to take as you get closer to retirement

Part 3: Improving your situation
In the final part of our three-part series, learn how to get closer to retirement by saving more, owing less, reviewing your investment strategy and deciding if you need help.

1. Save more

• Know how much you can save each year to the NDC Program based on your age.
• In addition to the annual contribution limit for most participants, additional catch-up contribution options are available for those age 50 and older. Contact your local Voya financial professional or visit voya.com/irslimits to confirm your limit for the year.

2. Owe less

• Know what you owe to create a plan to pay it off before retirement.
• Review your credit card bills and consider if there’s a benefit to consolidating accounts to the one with the lowest interest rate. You can also consider negotiating the interest rate or fees with your current lender.

3. Review your investment strategy and consolidate accounts

• If you have retirement savings accounts from former employers, there could be benefits to consolidating them to your NDC account.
• Review the investment allocation of each account for consistency. You may also want to consider updating your allocation, as needed, to reduce some risk of losing a portion of your savings due to market fluctuations.

4. Get help along the way

• No matter where you are on your retirement journey, your local Voya financial professional can meet to review and discuss your retirement saving strategy. Call (775) 886-2402 or visit nvdeferredcomp.timetap.com today to schedule an appointment.
  

You’ve worked hard and saved regularly for retirement. Now is the time to focus on what else you need to do to achieve your goals. Visit voya.com/page/on-demand/nearing-retirement-series-improving-your-situation to learn more about each of these final steps and help make retirement happen for you.

Four important questions for retirees in 2025

How has retirement been for you? We hope the experience has exceeded your expectations and rewarded you for years of hard work and saving. As the new year begins, we encourage you to take some time to review these questions and apply them to your situation to help ensure that you can continue to enjoy retirement as you envisioned it.

1. What income do you receive and when do you expect to receive it?

Your income may come from a variety of sources. Consider both the income that’s recurring and consistent, like Social Security and pension benefits, as well as the income that you can take as needed or required. The order in which you take income from voluntary retirement savings accounts like the NDC Program, for example, can have an impact on your taxes. Accounts with required minimum distributions may also let you take that income once at any time during the year or throughout the year in periodic payments. By understanding how much is coming in and when it will come, you can budget and plan for the year ahead.

2. Where are you invested?

Your retirement income sources may be in different savings vehicles with different investment options. When planning for predictable income to last throughout retirement, though, consistency is key. The new year is an opportunity to review how your savings are invested and make changes as needed to help ensure that your money is exposed to an appropriate amount of risk for your personal financial situation and income needs.

3. How secure are your accounts?

You are the first line of defense in safeguarding your accounts and personal information from the ongoing risk of fraud and cyber threats. Retirees are particularly vulnerable, especially if they don’t manage and track their activity online. Remember, financial accounts that are unregistered for online account access are more at risk than registered accounts. Create an online username and password for each financial account that has a balance, including bank accounts and retirement plans, and log into them regularly to review your transactions. Notify your financial institution immediately if you suspect identity theft or unauthorized activity. Also be suspicious of any email you receive that asks for personal or login information, and only open attachments from trusted sources.

4. Who is in your circle?

Finances and planning can be complicated, but you don’t have to do it alone. Based on your unique needs in retirement, you may need the support of a financial professional, tax advisor, estate planner, accountant, and more. Knowing whose help you need will depend on your goals both now and after you’re gone. Do you need to put a plan in place for care in your later years? Do you have assets that you want to pass on to family members, loved ones, or causes that you’re passionate about? Are your intentions and wishes clearly defined and detailed in writing? Start with the end in mind, then ask friends or the professionals you already work with for recommendations to professionals who can help fill the planning gaps.

Retirement is a journey, so staying proactive about your current and future well-being will help you make the most of this rewarding phase of life. The NDC Program and Voya are here to assist you at every step in the journey. Here’s to a fulfilling and worry-free retirement in 2025 and beyond.

This information is provided for your education only through the Voya® family of companies. This information 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.

Meet Wolfie, who is a Russian Blue kitten that we are smitten with, submitted by Heather Koehler.

Advisory Services provided by Voya Retirement Advisors, LLC (VRA). VRA is a member of the Voya Financial (Voya) family of companies. For more information, please read the Voya Retirement Advisors Disclosure Statement, Advisory Services Agreement and your plan’s Fact Sheet. These documents may be viewed online by accessing the advisory services link(s) through your plan’s website at [org_provider_url]. You may also request these from a VRA Investment Advisor Representative by calling your plan’s information line at [org_callcenter_phonenumber]. Financial Engines Advisors L.L.C. (FEA) acts as a sub advisor for Voya Reeditstirement Advisors, LLC. Financial Engines Advisors L.L.C. (FEA) is a federally registered investment advisor. Neither VRA nor FEA provides tax or legal advice. If you need tax advice, consult your accountanted or if you need legal advice consult your lawyer. Future results are not guaranteed by VRA, FEA or any other party and past performance is no guarantee of future results. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. All other marks are the exclusive property of their respective owners. FEA and Edelman Financial Engines, LLC are not members of the Voya family of companies. ©2024 Edelman Financial Engines, LLC. Used with permission.

This material is provided 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 legal or financial advisor for specific advice about your individual situation.

THE DEFERRED WORD   |  Fourth Quarter 2024

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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