With 2025 off and running, and the first quarter of the year experiencing some market volatility, most Nevadans are excited for the fun of the spring and summer months after an average winter. With that, the Nevada Public Employees’ Deferred Compensation Program (NDC) continues working hard to bring the most value to participants and assist them with their financial wellness journey to and through retirement.

Stay the course

It’s been quite the start to 2025. Political changes. Policy changes. Price changes. Global changes. Inflation. Tariffs. These factors have created uncertainty and volatility for the markets, but history has shown that this will pass and can lead to potentially greater growth opportunities. If you’re saving for retirement as an NDC participant, that means you’re a long-term investor. For long-term investors, short-term volatility can create buying opportunities because you’re able to purchase more shares of an investment when the price is lower. If you’re nearing or in retirement and more concerned with preservation than accumulation, volatile markets can be concerning. We at NDC want to remind participants to STAY THE COURSE! As part of its responsibilities, the NDC Committee and Administration closely monitors the investments available to you in the NDC’s fund lineup. This includes removing and replacing underperforming investments as needed. To discuss market volatility as it relates to your investments and ability to create the monthly income you’ll need in retirement, we encourage you to schedule an appointment with one of the three Voya representatives who are dedicated to the NDC Program. This can help you avoid making emotionally driven investment decisions and keep you on track for long-term investing. So, stay the course. Ensure your beneficiary designations are current. Regularly review and evaluate your risk tolerance. Stay cyber secure by registering your NDC account online and logging in regularly. Make informed decisions about investment-related matters and try to ignore short-term uncertainty. Your NDC account balance will thank you for it.

Announcing the new NDC Committee Chairs

At January’s annual strategic planning meeting, the NDC Committee named their Chairs for 2025. We are pleased to announce that Debbie Bowman, SOS was elected Chair and Samantha Jayme, DHHS was elected Vice Chair in recognition of their Committee service and commitment to the State of Nevada. Together with the rest of the NDC Committee, the new Chairs will continue to provide oversight of the NDC Program and lead it into the future as the State’s preferred voluntary retirement savings vehicle for public employees. Though he remains a member on the Committee, we would also like to recognize and thank Retiree Representative Jeff Ferguson for serving and leading the Committee as as Chair for the last two years. The NDC Program is fortunate to continue being led by Committee members with such a passion for service and helping all public employees achieve their retirement goals.

Get online and stay cybersafe

The NDC Administration continues to communicate that all participants must utilize the NDC’s proprietary website, defcomp.nv.gov, when logging into their account online. The Login to Voya button will take you directly to the participant website to log in or register your account. Registering your NDC account online is critical for your participation. If you need assistance with registration, call the Plan Information Line at (855) GO-RET-NV (467-3868) or the NDC Administrative Office at (775) 684-3398.

Reminder – Schedule an appointment to meet with Voya at the NDC Administrative Office

Any employee can schedule a one-on-one appointment with Voya at the Nevada State Library, Archives & Public Records building at 100 N. Stewart Street, Suite 210. For Southern Nevada employees, Eric Wyer from Voya is available to meet at various locations within the McCarran Center. Meetings can also be held by phone or online. Visit nvdeferredcomp.timetap.com to schedule an appointment at a date and location that’s convenient for you.

In closing, all of us here at NDC wish you and your family a safe and enjoyable spring season.

Celebrate “Future You” during America Saves Week

America Saves Week is April 7 – 11. It’s an annual celebration and call to action for everyday Americans to commit to saving successfully. This year, celebrate “Future You” by giving them the gift of a possible secure financial future.

Taking just one small step can help give “Future You” financial confidence to and through retirement. For example:

• Move a little more into savings. Whether it’s $2 per day, $15 per week, or $60 per month, find an amount and frequency that works for you and commit to saving it consistently. You may be happy with the results over time.
  
  
• Track your monthly spending and saving. You probably know how much you make each month, but have you connected your earnings with your spending? Voya’s Budget Calculator can help balance your income with your spending and saving needs.
  
  
• Manage your debt to help improve your financial outlook. Debt is more than just what you owe. You’re paying interest and fees, and carrying debt can impact your credit score. So even when you pay down debt, you’re still saving.
  
  
• Learn something new. Voya Learn offers live webinars and on-demand videos on a variety of financial and retirement planning topics. Visit voya.com/voyalearn to watch a video or register to attend an upcoming session.

Your online NDC account includes a participant dashboard that can help you see your whole financial picture and what steps you can take next. Visit defcomp.nv.gov and click Login to Voya to access your account and celebrate America Saves Week. “Future You” is going to love it.

Wish your parents taught you more about money?

April is also Financial Literacy Month. Financial literacy is important for not only you, but your whole family. No matter what your exposure to financial education was when you were younger, we encourage you to educate your kids to help them develop a healthy relationship with money and money management. One way to do that is by starting conversations about money at an early age.

Having conversations early about money will help set your kids up for success. When a young child asks for something, explain it costs money. Then, depending on their age, you can help them learn its value by offering chores for an allowance. Show them they can save what they earn for that special thing they want. If they are very young, start with a piggy bank. When they are older, take it to a local bank and open up an account for them with the savings they’ve accumulated.

Another way to help kids learn good money habits is by setting a good example for them. Kids often learn more by observing behavior than from what you tell them. If you need to get healthier financially, tell them. Involve them when you make big money decisions. Demonstrate how you research your purchases first, then show your decision-making process and how you intend to pay for it. Also tell them about how you’re saving for retirement so you can be the retirement role model for their working years. Don’t stop there, though. For more ways to help start the money conversation with your kids, visit voya.com/page/on-demand/talking-kids-about-money.

Save for retirement, save on taxes

Tax time can be stressful. Now that you’ve likely filed your 2024 taxes, what did you learn? And did you know that saving for retirement can help minimize your taxable impact while maximizing your retirement nest egg?

Did you know?

If you did, you overpaid on your taxes and gave the government an interest-free loan. The average income tax refund in 2024 was $3,138.¹ That’s a lot of money that could be working for you instead. Think about the best way to use this year’s tax refund before you spend it on something you may want but don’t need. Use the refund to help build up your emergency savings, pay down debt, or get you closer to achieving a personal savings goal. To help keep more of your money working for you throughout 2025 and beyond, consider increasing your contributions to the NDC Program.

How much more could increasing your contributions mean for you in retirement? Consider this. If you saved $100² more per month ($1,200 per year) for 20 years, you could have approximately $45,000 more at retirement. If you saved $1,200 more per year for 30 years instead, you’d have approximately $97,000 more. And if you saved $1,200 more per year for 40 years, your retirement savings could be increased by approximately $191,000! Think about all the ways that your retirement could benefit from having that much more saved.

Did you owe money this year?

You can help change that next year by reducing your taxable income. Saving to the NDC Program on a pre-tax basis can help you do that as well. With pre-tax saving, you put off paying income taxes on the money you contribute and may also save money on the taxes you will eventually pay.

Saving more to the NDC Program could be the tax saving strategy you’re looking for before filing next year. Consult your local Voya financial professional to discuss your options before making a change to your retirement savings rate. You can learn a lot from your taxes, so make this the year you take what you’ve learned to help improve your financial situation now and in the future.

1 IRS, 2024 Filing Season Statistics, December 2024.

2 This hypothetical illustration assumes a $100 contribution per month that earns 6% annual return, compounded monthly. This hypothetical example is not guaranteed and does not reflect any specific product. Investments are subject to investment risk including the possible loss of principal. The investment return and principal value of the security will fluctuate so that when redeemed, may be worth more of less than the original investment.

Do you have some “catching up” to do?

If you can still contribute to the NDC Program and will be age 50 or older by the end of 2025, you can save even more this year on the journey to and through retirement. Here are the key details of the catch-up limits that may apply to you:

• Standard Catch-Up Contribution Limit: Participants aged 50-59 and 64+ by the end of 2025 can contribute up to $31,000 ($23,500 + $7,500).
  
  
• Super Catch-Up Contribution Limit: Participants aged 60-63 by the end of 2025 can contribute up to $34,750 ($23,500 + $11,250).
  
  
• 457 Special Election Catch-Up Contribution Limit: Participants who qualify for this provision with at least three years until their year of normal retirement age must complete a Special 457(b) Catch-up Worksheet to contribute up to $47,000 ($23,500 + $23,500) in 2025.³

The increased catch-up contribution limits are a great opportunity for you to maximize your NDC savings during your remaining working years. When you’re ready to update your contributions, please complete the Payroll Contribution Form and return it as directed. Call (775) 684-3398 for assistance with the form or visit nvdeferredcomp.timetap.com to schedule an appointment with your local Voya financial professional⁴ to review and discuss your annual contribution limits. We are here to help.

Does saving with Roth after-tax money
make sense for you?

As you save for retirement, remember that the NDC Program includes a Roth option that gives you more control over when your contributions and retirement income will be subject to federal income tax.

Answer the following questions. If you have more “Yes” than “No” answers, Roth after-tax contributions may make sense.

1. Do you plan to work at least five more years before you retire?
2. Do you think that your tax rate will be higher than it is now by the time you retire?
3. Are you willing to swap a current tax break for a longer-term tax benefit?
4. Are you focused on passing as much as possible on to your heirs?

To discuss if Roth savings is an appropriate part of your overall retirement planning strategy, call (775) 886-2402 or visit nvdeferredcomp.timetap.com to schedule an appointment with a local Voya financial professional.

3 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.

4 Information from registered Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local Plan Service Representatives are registered representatives of Voya Financial Advisors, Inc., member SIPC.

Ways to budget and manage your money this year

It’s important to us that you are enjoying your golden years. Managing your income and focusing your spending on your retirement needs, wants, and wishes is an important part of this stage in life. No matter what your retirement plans are this year, try these strategies to set yourself up for success.

1. Review your latest statements.

One of the best ways to get an understanding of your spending is to review where your money is going. Look back through the previous three months of credit card and bank statements. Take note of categories where you’re spending more than you expected.

2. Create or update your budget.

After reviewing your statements, create or update your budget to reflect your retirement income and spending plan.

3. Cut out unnecessary monthly charges.

Think about your subscriptions. Do you use them as often as you expected? While reviewing your statements, look for services and subscriptions you’re paying for but not utilizing.

4. Set personal financial goals.

Similar to how you saved for retirement to the NDC Program, set up automatic transfers to an interest-earning savings account earmarked for the special things planned this year. Taking a trip? Helping to pay for a wedding? Thinking about buying a classic car? Make it a goal you plan and save toward just like you did for retirement.

5. Use financial technology.

As a Nevada Deferred Compensation Program participant, you have access to a dashboard experience that offers a personalized, connected view of all financial accounts in one secure place. Visit defcomp.nv.gov and click Login to Voya to access your account and start adding information about outside accounts to see your full financial picture.

6. Consolidate your debt.

If you’re carrying debt at high interest rates, consider transferring the balances to an account with a 0% interest rate for a fixed period. Even if you can’t get your balance to zero within that time, you’ll make more headway without the interest slowing you down.

7. Shop around for insurance.

New quotes for your auto or home insurance may save you a lot. Be sure to ask about bundling auto, home and other insurance to save more.

With more conscious spending and smart money moves, you may be able to use your retirement income to help improve your retirement outcome. If you need additional support in developing and managing your retirement income strategy, schedule an appointment with your local Voya financial professional to help put a plan in motion.

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 Macie, a four year old Border Collie who loves taking selfies almost as much as she loves belly rubs and snuggles, submitted by Kathleen Heckman

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   |  First Quarter 2025

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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