West Virginia Retirement Plus
Plan Summary  

Preparing for retirement in today's changing environment can be very challenging due to inflation, longer life expectancies and concerns about the future of Social Security. 

In light of these trends, the West Virginia Retirement Plus Plan (“Plan”) allows participants to voluntarily defer a portion of their income to supplement retirement savings. Benefits of participation include contribution matching, lowering taxable income, federal tax credits and compounding of investment returns on pre-tax dollars.

Employees can begin contributing for as little as $10.00 per pay period. Participants may defer up to 100 % of net income, at a maximum of $15,500.00 in 2008. Participants age 50 or older may make additional deferrals up to $5,000 per year in 2008. Earnings on Plan contributions grow tax-deferred until withdrawn at retirement.

The Plan also allows for "catch up" provisions during the 3 consecutive years prior to normal retirement age. The "catch up" limit is double the base contribution limit, but does not include adjustments for those over age 50. [The catch up limit for 2008 is $31,000.00.] There are qualifications that must be met to utilize the "catch up" provision. Please contact ING Financial Services representative Steve Kerns at 800-422-7498 for additional information.

Additionally, employees may transfer assets from other retirement plans (401(a), 401(k), 403(b), or an IRA) into the West Virginia Deferred Compensation Plan.

ING Financial Services offers many investment options from various investment managers. Investment allocation changes and/or fund transfers can be managed online by accessing the ING website or by contacting ING National Customer Service at 800-584-6001.

For more complete information, including charges and expenses, please consult a fund prospectus. Fund prospectuses can be obtained by contacting ING National Customer Service at 800-584-6001. Please read prospectus carefully before investing.

The IRS imposes timing limits on the receipt of benefits under the Plan. You may withdraw funds from the Plan only upon the following:

• Severance from employment (including retirement or death) or
• Attainment of age 70 1/2 or
• A qualifying unforeseeable emergency (as defined by IRS Code Section 457) or
• Small balance distribution – A "onetime" election to receive an account balance distribution provided the account balance is less than $5,000.00 and there have been no deferrals for the past 2 years.

Once a participant has a severance of employment and attained age 70 ½, they are subject to the “required beginning date”. The Internal Revenue Code establishes the “required beginning date”, thus initiating participant payments. Participants are not allowed to delay distributions beyond the “required beginning date”.

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