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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.

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City of Morgantown A Program Sponsored by the Office of State Treasurer John D. Perdue

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  1. City of Morgantown A Program Sponsored by the Office of State Treasurer John D. Perdue

  2. 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 Plan

  3. 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. West Virginia Retirement Plus Plan

  4. 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 West Virginia Retirement Plus Plan

  5. Overall Objectives • Increasing participation and contribution rates • Striving for ongoing improvements • Opening the Plan to other entities West Virginia Retirement Plus Plan

  6. Areas of Opportunity • Many public employees have no retirement savings • Few young workers are preparing for retirement • Workforce with minimal financial education West Virginia Retirement Plus Plan

  7. Social Security Personal Savings Pension payments Sources of Retirement Income 20 % 20 % 60 % 20 % Source: Social Security Administration, AARP Data Digest, November 2004 Persons 65+, income $50,000 to $75,000.

  8. Benefits for City and Town Employees • Supplement public pension & Social Security • Pre-tax investment return compounding • Financial education and retirement planning West Virginia Retirement Plus Plan

  9. Benefits Continued…. • Federal tax credits • Lowers taxable income • WV reps to service participants West Virginia Retirement Plus Plan

  10. 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 West Virginia Retirement Plus Plan

  11. 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 West Virginia Retirement Plus Plan

  12. Success at the County Level West Virginia Retirement Plus Plan

  13. 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 County Members • Pocahontas • Preston • Raleigh • Randolph • Ritchie • Roane • Summers • Tucker • Tyler • Upshur • Wayne • Webster • Wetzel • Wood • Wyoming West Virginia Retirement Plus Plan

  14. Success in Cities and Towns West Virginia Retirement Plus Plan

  15. 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 Municipality Members West Virginia Retirement Plus Plan

  16. 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. LubeckPSD 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 Other Participating Entities • Wyoming County Board of Education West Virginia Retirement Plus Plan

  17. Future Success = Partnerships Treasurer’s Office must partner with City Officials: • Mayors and Council Members • City Managers and Recorders • Human Resource & Payroll Coordinators West Virginia Retirement Plus Plan

  18. For More Information Visit • www.WV457.com • Plan History • Investment Information • Local Government Section West Virginia Retirement Plus Plan

  19. Questions??? John Fisher, Deputy Treasurer Office of the State Treasurer WV Retirement Plus Phone: 304-558-5000 Email: john.fisher@wvsto.com West Virginia Retirement Plus Plan

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