The Department of Labor's recent update to the Fiduciary Rule is an attempt to improve workers' retirement and healthcare security by requiring plan sponsors and other fiduciaries to have the best interests of workers and retirees in mind. If you would like to learn more about the new Fiduciary Rule, NAGDCA has developed a helpful presentation and webinar that you can watch here.ore.
Fourth Quarter Focus Newsletter
As we look forward to 2017, Ohio DC is rolling out a new challenge to our participants. "Be Your Own Hero" is the theme and you'll be seeing it throughout the informational and communications materials that we send to you throughout the year. It's front and center on the cover of the Q4 Focus Newsletter. We'll be providing suggestions and ideas for how our participants can be their own hero, by saving for retirement. To learn more about how to "Be Your Own Hero" and other insights from Ohio DC, click her for the Q4 Focus Newsletter.r
Deferred Compensation Terms
Required Minimum Distribution (RMD) - Distribution amount that must be paid to a participant in a public retirement plan. U.S. Dept. of Treasury and IRS regulations generally require that participants begin taking an annual RMD by April 1 of the year after they reach age 70½ or the year in which they retire, whichever is later. There are also RMD requirements for beneficiaries.
Share Deferred Compensation-related Articles with Your Employees
Ohio DC can provide monthly articles on retirement issues for your newsletter or Intranet. This month's article on the employer website is
Fiduciary Rule Investor Protections.
Download articles on healthcare in retirement, what is deferred compensation, fees, and more.
Learn more.
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Message from the Executive Director: Keith Overly
Take advantage of the New Year
As 2017 gets into full swing, it's a great time of year to remind employees that increasing deferrals to their retirement accounts each year is essential to achieving a comfortable retirement income.
Research shows that an employee with a full service retirement benefit would only get about 65% in replacement income from their pension plan. The average deferred compensation account balance for participants nearing retirement age would only provide an additional $3,000 annually, roughly an additional 6% of replacement income for a person earning $50,000 per year. These combined amounts are probably not sufficient for most employees to enjoy a comfortable retirement. Send your employees here to learn more about and sign up for, the SMarT plan, to automatically increase their deferrals.
