city of morgantown a program sponsored by the office of state treasurer john d. perdue

City of Morgantown

A Program Sponsored by the Office of State Treasurer

John D. Perdue

WV Retirement Plus Summary Supplemental retirement plan for public

employees

Similar to a 401(k) plan in structure

ING services the Plan

Administered by State Treasurer’s Office

West Virginia Retirement Plus Plan2


WV Retirement Plus Mission

Provide our Participants with a deferred compensation plan that offers attractive, high performing, low cost investment options coupled with comprehensive financial education programs needed to help them gain financial security at retirement.


Plan Statistics*

Total participants – 12,500+

Total assets - $120 Million+

Investments – 25 Fund Choices

* All Plan statistics provided by ING Financial Services as of 2/28/12


Overall Objectives

Increasing participation and contribution rates

Striving for ongoing improvements

Opening the Plan to other entities


Areas of Opportunity

Many public employees have no retirement savings

Few young workers are preparing for retirement

Workforce with minimal financial education

Sources of Retirement Income

7

20 %

Source: Social Security Administration, AARP Data Digest, November 2004 Persons 65+, income $50,000 to $75,000.

20 %

60 %

20 %Social Security

Personal Savings

Pension payments


Benefits for City and Town Employees

Supplement public pension & Social Security

Pre-tax investment return compounding

Financial education and retirement planning


Benefits Continued….

Federal tax credits

Lowers taxable income

WV reps to service participants


Advantages For Cities and Towns

Treasurer’s Office administers Plan at no cost

Easy to join by completing adoption forms

Employer has access to quality investment menu

Opportunity to attract and retain good employees


What makes our 457 Plan Different?

Economies of scale allows for:

Quality investments with competitive fees

Quarterly investment consultant review

Lessens administrative burden on city

Assistance implementing employer matching plan

Success at the County Level



County Members Berkeley Boone Braxton Brooke Cabell Calhoun Clay Doddridge Fayette Gilmer Grant Greenbrier Hampshire Hancock Hardy Harrison

Jackson Jefferson Kanawha Lewis Lincoln Logan Marion Marshall Mason McDowell Mercer Mingo Monroe Morgan Nicholas Pendleton

Pocahontas Preston Raleigh Randolph Ritchie Roane Summers Tucker Tyler Upshur Wayne Webster Wetzel Wood Wyoming

Success in Cities and Towns


West Virginia Retirement Plus Plan

15

Municipality Members Ansted Barboursville Beckley Benwood Berkeley Springs Bridgeport Chapmanville Charles Town Chesapeake Danville Dunbar Eleanor Elkins Fayetteville Fort Gay Franklin Glasgow Hinton Huntington Hurricane Kenova Keyser Lewisburg

Logan Mason Mitchell Heights Montgomery Moorefield Moundsville New Haven New Martinsville Nitro Oak Hill Parsons Point Pleasant Ridgeley Ripley Romney South Charleston Sylvester St. Albans St. Mary’s Wardensville Wayne Weirton White Hall


Other Participating Entities Benedum Airport Authority Berkeley County Board of Ed. Boone County Board of Ed. Brooke County BOH Cabell-Huntington Health Dept. Central WV Regional Airport Clay County Board of Education Greenbrier County PSD Green Valley-Glenwood PSD Hancock Health Department Hardy County PSD Hatfield McCoy Rec. Authority Jefferson County PSD Jefferson County Board of Ed. Kan. Charleston Health Dept. Kanawha County 911 Kan. County Ambulance Auth. Lubeck PSD Marion County Health Dept.

Mercer County BOE Mercer County 911 Mid-Ohio Valley BOH Mineral Wells PSD Morgantown

Economic Partnership Putnam County EDA Raleigh County BOE Randolph-Elkins

Health Dept. Region VII Planning

Comm. Salt Rock PSD South Charleston

Sanitary Bd. Summit Park PSD Tri-State Airport

Authority Warm Springs PSD WV Housing Dev. Fund

Wyoming County Board of Education


Future Success = PartnershipsTreasurer’s Office must partner with City Officials:

Mayors and Council Members

City Managers and Recorders

Human Resource & Payroll Coordinators


For More Information Visit

www.WV457.com Plan History Investment Information Local Government Section

Questions???

John Fisher, Deputy TreasurerOffice of the State TreasurerWV Retirement Plus

Phone: 304-558-5000Email: [email protected]


city of morgantown a program sponsored by the office of state treasurer john d. perdue

Documents

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plan statistics

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deferred compensation

financial security

ing financial services