May 2014 DC Update
Are you taking the challenge?
Win Prizes, Free T-Shirt with the 4-Week Savings Spree Challenge
Saving extra money for retirement is no small feat, yet each month almost 33,000 state employees make contributions to the deferred compensation plan. In honor of that dedication to saving and your continued service to the state of Missouri, the Plan is expanding its employee appreciation festivities to span the entire month of May. We're calling it the 4-Week Savings Spree Challenge. With the challenge, we're also expanding our employee appreciation prize drawing to include ALL of Missouri's state employees, meaning you do NOT need to attend the employee appreciation event in Jefferson City to be qualified. To be entered in the random prize drawing, simply connect with the deferred compensation plan by "liking", "following" or "subscribing to" one of our social media pages on Facebook, Twitter, LinkedIn or YouTube. If you're already connected to the Plan online, simply "like", "share" or "retweet" one of the many "Savings Spree Tips" that we'll post on social media each week throughout the month. Prizes include restaurant gift cards and one of the Plan's Goal-Specific Financial Plans (a $175 value).
A free T-shirt will be awarded to employees who share their own savings tip or story by posting a comment or picture to one of our social media channels. Be sure to download the "Savings Sheet" and use the official "Savings Spree" hashtags - #MOSavingsSpree and/or #MO4WSS - when posting your story or tip.
The mission of the 4-Week Savings Spree Challenge is to not only demonstrate practical ways you could improve your financial situation, but to encourage our diverse group of participants to inspire others with their savings story. A number of participants have already won T-shirts and even more are entered in the random prize drawing, so don't miss your chance to participate in this unique event.
Prizes and T-shirts will be distributed following State Employee Appreciation Day on May 29, 2014. Read the complete Rules and Regulations for more information.
New Education Specialist Joins Team
Please help us welcome David Gibson to the deferred compensation plan team. Serving as an education specialist in the northwest portion of the state (see Education Specialist Territory Map), David replaces Dan Wagner, who retired in August 2013. Mr. Gibson has more than 20 years of experience in retirement planning and investing. He has been awarded the Chartered Retirement Planning Counselor designation, granted from the College for Financial Planning, and holds both insurance and securities licenses. Contact David directly at 800-392-0925 Opt. 3, Ext. 6 or by email at DGibson@icmarc.org.
Now That’s a Great Question
Each month we like to highlight popular participant questions in a segment we call “Now That’s a Great Question”. This month’s question is: “When can I enroll in the deferred compensation plan?”
Unlike many other employee benefit programs, there are no open enrollment periods or deadlines for joining the deferred compensation plan. You can enroll at any time throughout the year by visiting modeferredcomp.org and clicking on the Enrollment button. Online enrollment takes minutes to complete and, best of all, your future contributions will occur automatically with each pay check. Once you enroll, your first contribution to the deferred compensation plan will occur on the first paycheck in the month following your month of enrollment. For instance, if you enroll in May, your first contribution to the savings plan will occur in June.
For more answers to popular questions, be sure to visit the FAQ section of our website. If you can’t find what you’re looking for there, give one of our friendly participant service representatives a call at 800-392-0925.
Auto Enrollment Reminder and Report
This DC Update contains cumulative auto enrollment statistics by department as of April1, 2014.
Please note: Detailed data for agencies with 10 or fewer hires is omitted in this report.
| Department |
Total AE
|
Opt out
|
Net AE
|
Automatic Enrollment Success Rate
|
| State Auditor |
14
|
0
|
14
|
100.0%
|
| Office of Administration |
139
|
9
|
130
|
93.5%
|
| Dept of Corrections |
1686
|
140
|
1546
|
91.7%
|
| Dept of Revenue |
214
|
18
|
196
|
91.6%
|
| Dept of Elem & Sec Ed |
174
|
18
|
156
|
89.7%
|
| Dept of Social Services |
1223
|
127
|
1096
|
89.6%
|
| Dept of Health & Senior Services |
226
|
25
|
201
|
88.9%
|
| Dept of Ins, Fin Inst, Prof Reg |
44
|
5
|
39
|
88.6%
|
| Dept of Transportation |
490
|
60
|
430
|
87.8%
|
| Dept of Labor & Industrial Relations |
52
|
7
|
45
|
86.5%
|
| Dept of Agriculture |
29
|
4
|
25
|
86.2%
|
| Public Safety |
749
|
106
|
643
|
85.8%
|
| Dept of Conservation |
55
|
8
|
47
|
85.5%
|
| Judiciary |
452
|
68
|
384
|
85.0%
|
| Dept of Natural Resources |
121
|
19
|
102
|
84.3%
|
| Dept of Mental Health |
1444
|
236
|
1208
|
83.7%
|
| Secretary of State |
33
|
6
|
27
|
81.8%
|
| State Public Defender |
110
|
23
|
87
|
79.1%
|
| Attorney General |
70
|
15
|
55
|
78.6%
|
| Dept of Econ Development |
41
|
11
|
30
|
73.2%
|
| Legislature |
111
|
31
|
80
|
72.1%
|
| Dept of Higher Education |
-
|
-
|
-
|
-
|
| Governor's Office |
-
|
-
|
-
|
-
|
| Highway & Highway Patrol |
-
|
-
|
-
|
-
|
| Lt. Governor |
-
|
-
|
-
|
-
|
| MOSERS |
-
|
-
|
-
|
-
|
| Missouri Consolidated Healthcare |
-
|
-
|
-
|
-
|
| State Treasurer |
-
|
-
|
-
|
-
|
| Housing Development Commission |
-
|
-
|
-
|
-
|
| Totals |
7507
|
942
|
6565
|
87.5%
|
Stay Connected with the Plan on Facebook, Twitter, LinkedIn and YouTube
Thanks for tuning into the May 2014 video edition of the DC Update. Remember to connect with the Plan on Facebook, Twitter, LinkedIn or YouTube to participate in our 4-Week Savings Spree Challenge. In addition to this month’s event, our social media channels are one of the best ways to receive timely plan news and helpful savings tips. Until next time, this has been Casey Fick for the deferred compensation plan.