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WELCOME TO WEST VIRGINIA RETIREMENT PLUS
Administered by State Treasurer
John D. Perdue
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Building a Bridge to Your Future!!!
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Why should you consider participating in West Virginia Retirement Plus?
Here's some reasons to enroll:
- Contribution matching $$
- Supplements pension
- Lowers taxable income
- Federal tax credits
- Retirement planning
- Quality investments
If you haven't joined, enroll today!
To enroll or schedule a meeting to discuss your retirement strategy contact:
ING Financial Advisers
Steve Kerns
Phone: (800) 422-7498 or
Email: Steve Kerns
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Overview
West Virginia Retirement Plus is a supplemental retirement plan designed to provide an extra savings alternative for all state, county, city and other political subdivision employees. This retirement program is similar to a 401(k) plan in structure except that it is designed to supplement a participant's primary retirement plan. Employee contributions to the Plan are managed via convenient payroll deductions. Learn more here: Plan Summary.
Participants can choose from a variety of quality investment options including one stable value fund and twenty five mutual funds representing various asset classes. As of March 2008, twenty of the Plan mutual funds were rated by Morningstar. Of those Morningstar rated funds, fifteen were rated 4 stars or higher. Select this link to see the most recent quarterly investment returns: Quarterly Investment Summary.
Additionally, State Government employees are eligible for a limited contribution matching program. The deadline for new enrollees is June 19th, 2008. Contact Steve Kerns above or click on the matching and auto enrollment link for more information.
Present
The Treasurer's Office continues to partner with ING Financial Services, our third party administrator, to transform West Virginia Retirement Plus into one of the premier 457 Plans in the Nation.
As of March 2008, the Plan has grown to 7,000+ total participants with more than $80 million in assets. This participant base consists mainly of employees from various State government agencies and many other cities, counties and other entities that have also joined West Virginia Retirement Plus. The Plan's growth is a direct result of broadening our efforts to help all public employees prepare for retirement.
In July 2007, the Treasurer's Office works with a national consulting firm Segal Advisors and ING to implement a number of improvements to WV Retirement Plus. Click here to learn more: Good News!!!.
These improvements included: an improved investment menu with a higher return history, participant fee reductions of over 30% and more local ING reps to improve customer service. For complete info regarding these changes click here: WV Retirement+ Summary.
These and other Plan improvements have greatly benefited West Virginia Retirement Plus participants. In the future, the Treasurer's Office will continue to strive to better serve the retirement needs of public employees.
History
In 1982, West Virginia Code 5-10B-1 et seq. (the “Act”), authorized the creation and operation of voluntary government employees deferred compensation plans.
In 1992, the West Virginia Consolidated Public Retirement Board (CPRB) offered West Virginia’s State Agency employees a Deferred Compensation Plan to supplement their pensions under the Public Employees Retirement System.
On July 1, 2006, passage of Senate Bill 538 transferred the administrative responsibilities of the Plan from the CPRB to the West Virginia State Treasurer's Office. Additionally, this legislation opened up the Plan to all public employees including cities, counties and other political subdivisions.
In January 2007, the Treasurer's Office retains the services of nationally recognized 457 consultant Segal Advisors to conduct a detailed analysis of all aspects of West Virginia Retirement Plus and recommend areas of improvement.
In March 2007, the Treasurer's Office passed legislation to institute two important changes designed to increase participation among state employees:
1) Auto-enrollment for new hires and
2) Creation of a contribution matching program for 457 participants
These legislative changes became effective on July 1, 2007. See the "Recent Legislation" link for more information.
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