Event part of National Retirement Security Week; plan improvements announced
In recognition of National Retirement Security Week (Oct. 20-26), West Virginia Retirement Plus will host an open house 11 a.m. to 2 p.m. Tuesday, Oct. 22 in the reception area of the State Treasurer’s Office, Room E-145 of the State Capitol Complex’s East Wing.
The open house will have Retirement Plus representatives available to speak with participants and provide information to those wanting to learn more about the program. West Virginia Retirement Plus is a 457 (b) governmental deferred compensation plan that provides most public employees in West Virginia an optional retirement savings vehicle with earnings potential.
“I encourage state employees to stop by and learn more about Retirement Plus. We will have several experts on-hand to discuss the retirement savings options available to individuals,” said State Treasurer John Perdue.
Retirement Plus Executive Director Jack Berry said the open house coincides with the announcement of several plan enhancements.
Empower Retirement, the contracted record keeper of the program, has removed administrative fees from the fixed account. The fixed account offers a lower return than market-sensitive investments, but is tailored for the conservative investor. Mutual fund investments will see a three basis points administrative fee reduction from 25 to 22.
Berry said the program’s automation project will gain full steam in early January. Each newly hired state employee will be automatically enrolled in Retirement Plus, unless he or she takes steps to opt out. Berry said that includes state college and university employees.
Retirement Plus is a program administered by West Virginia State Treasurer John Perdue’s office. It’s offered to all state employees and employees in more than 300 West Virginia counties, municipalities and political subdivisions. The plan has more than 18,800 participants. Earnings on contributions are tax deferred.
For more information on West Virginia Retirement Plus or the open house event, contact the West Virginia State Treasurer’s Office at 304.558.5000 or firstname.lastname@example.org.