“The Plan’s mission is to advance the security of our participants, and we are honored to be recognized by PLANSPONSOR for our commitment to our more than 54,000 participants.”
Washington, DC (PRWEB) April 03, 2013
The State of Missouri Deferred Compensation Plan, administered by ICMA-RC, has been named “2013 Plan Sponsor of the Year” in the Public Defined Contribution category by PLANSPONSOR Magazine, the nation’s leading information resource about workplace retirement plans. The State of Missouri Deferred Compensation Plan was recognized for its achievement at PLANSPONSOR’s Annual Awards for Excellence Dinner in New York City on March 27, and is also featured in the March issue of PLANSPONSOR magazine.
The State of Missouri Deferred Compensation Plan was selected for its strong plan metrics, relevant plan design, commitment to participant education, and leadership in providing a more secure retirement for employees.
Three years ago, the employer incentive portion of the State of Missouri’s 457 Deferred Compensation Plan was suspended, presenting a challenge to maintain participant involvement. Today, nearly three years after the suspension of the employer incentive, the plan has managed to maintain a steady level of participation. Participation rates are currently 55.5 percent of all eligible employees and 65 percent among general state employees.
“The Plan’s mission is to advance the security of our participants, and we are honored to be recognized by PLANSPONSOR for our commitment to our more than 54,000 participants,” said Cindy Rehmeier, the State of Missouri Deferred Compensation Plan’s manager. “Our goal is to continue to provide the best education services to participants to help make their retirement decisions easier.”
One such forward-thinking education initiative that the State of Missouri Deferred Compensation Plan has adopted in partnership with its plan provider, ICMA-RC, is the paperless delivery of statements and transaction confirmations. The paperless campaign was developed to enhance sustainability awareness and encourage ICMA-RC plan sponsors and participants to switch their statements and confirmations to paperless delivery. As of Dec. 31, 2012, more than 50 percent of ICMA-RC participants have gone paperless, up from approximately 6 percent at the beginning of 2009.
ICMA-RC President and CEO Joan McCallen remarked, “We are thrilled that the State of Missouri Deferred Compensation Plan has been recognized as Plan Sponsor of the Year for helping to build retirement security for their participants.” She added, “We also appreciate that the State of Missouri Deferred Compensation Plan and so many of ICMA-RC’s plan sponsors have committed to sustainability-focused education initiatives.”
Founded in 1972, ICMA-RC is a non-profit independent financial services corporation focused on providing retirement plans and related services for more than a million public sector participant accounts and approximately 9,000 retirement plans. ICMA-RC’s mission is to help build retirement security for public employees by providing investment tools, financial education, and other retirement savings related services. To learn more about ICMA-RC, visit http://www.icmarc.org.
About the State of Missouri Deferred Compensation Plan
The State of Missouri Deferred Compensation Plan is a governmental savings plan that allows state employees to save before- and after-tax (Roth) money for retirement. The plan has 54,700 participants and $1.6 billion in assets. The Missouri State Employees’ Retirement System (MOSERS) oversees the administration and implementation of the State of Missouri Deferred Compensation Plan. MOSERS is a statewide public pension fund providing retirement, disability and survivor benefits for approximately 100,000 state employees, retirees, and their families. MOSERS’ total defined benefit assets were approximately $8 billion as of December 31, 2012.