America Saves Week, which runs from February 24 – March 1, is an annual opportunity to assess your savings situation. While the deferred compensation plan is committed to helping employees reach their retirement savings goals, we recognize that saving for retirement is but one piece of a sound financial strategy. Improving your overall financial wellness will not only improve your ability to save extra money for retirement, but it will prepare you to achieve other life goals and navigate unexpected bumps in your journey. The following are five ways you can celebrate America Saves Week this year:
It's never too early to start thinking about where money will come from in retirement and how much to expect from those anticipated sources. This month's DC Update outlines ways to estimate retirement income and the role the deferred compensation plan plays in the process. Plus, details on Gov. Nixon's proposal to resume the state match program and a note about an often unknown tax break.
View the January 2014 DC Update
Governor Jay Nixon recently announced a proposal to resume funding of the employer incentive (match) associated with the State of Missouri Deferred Compensation Plan. If the budget recommendation passes, the funding would be part of the Fiscal Year 2015 budget beginning on July 1, 2014 and running through June 30, 2015.
At this time, the State of Missouri Deferred Compensation Plan has no further details regarding Gov. Nixon’s recommendations. While the employer incentive would add value to an already important employee benefit, the State of Missouri Deferred Compensation Plan plays no role in state budget requests or decisions. Before budget recommendations are implemented, the Missouri Legislature must first pass the state budget in May of this year and the final budget must be signed by the Governor.
More news will be posted to the Plan’s website and social media channels as it becomes available. You can connect with the Plan on Facebook, Twitter and YouTube.
The ING Stable Income Fund annualized credited rate effective first quarter 2014 (January 1 - March 31, 2014) is 2.00%.
This update highlights important tax and RMD information for participants receiving distributions from the plan.