Retirement security week stresses planning

Ohio Deferred Compensation is holding free webinars on various retirement planning topics to recognize National Retirement Security Week. Public employees are encouraged to consider their retirement goals this week and track their progress toward meeting them.

In response, the Ohio Public Employees Deferred Compensation Program will hold webinars on several topics:

  • Approaching Retirement: Preparing to Retire – 11:30 a.m., Oct. 18 and Oct. 19. Learn how to identify retirement risks, what types of investments are best and how to assess your options for withdrawals.
  • Approaching Retirement: Beyond the Basics – 11:30 a.m., Oct. 20 and Oct. 21. This webinar will include a review of asset allocation, as well as making good retirement decisions.
  • Retired Minds Want to Know – 11: 30 a.m., Oct. 26; and 9 a.m., Oct. 27. Learn how to diversity your retirement portfolio and protect it against risk.

As a public employee in Ohio you can supplement your retirement benefit and help ensure your financial security in retirement through programs offered by OPERS and Ohio Deferred Compensation.

The Additional Annuity Program is one option for OPERS’ Traditional Pension Plan participants and Money Purchase Plan contributors to supplement their retirement income. It provides an additional opportunity to invest money specifically for supplementing pension benefits. The program is an account, independent of your OPERS contributions, that allows you to deposit funds while you are a member of OPERS.

Voluntary Deposits are a way for Member-Directed and Combined plan participants to add to their income at retirement by making a rollover from another qualified plan or by making voluntary, after-tax contributions to their individual defined contribution account. This money is invested using the same investment election percentages you have on file for the allocation of your other ongoing contributions.

Ohio Deferred Compensation is a supplemental retirement plan for all Ohio public employees that allows you to invest pre-tax dollars through payroll deferral. Your contributions remain tax-deferred until you withdraw your money. If you have questions about a new or existing account, visit www.ohio457.org, or call 877-644-6457 to speak with a licensed account executive.

Sponsored by the National Association of Government Defined Contribution Administrators, National Retirement Security Week is a time to think about choices you can make that will affect your retirement future.

 

Michael Pramik

Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.

Michael Pramik

Communication Strategist

3 thoughts on “Retirement security week stresses planning

  • October 20, 2016 at 9:14 am
    Permalink

    You called me inviting me to your today’s webinar about OneExchange. After introducing ‘Jonathan’ you disconnected me! I think you have a problem. Called you at your phone number and received a recording telling me about this webinar. That’s all.

    Reply
    • October 24, 2016 at 10:10 am
      Permalink

      Thank you for trying to be part of the conversation and sorry about the connection issues. The information shared in the teletown hall meeting was to reinforce the information in your Open Enrollment Guide, primarily that if you are happy with your current coverage selected through OneExchange that you do not need to do anything to re-enroll. The speakers did touch on action steps to take for re-establishing reimbursements, which can also be found in your open enrollment materials as well as online at opers.org.

      Thanks for reaching out.
      -Ohio PERS

      Reply
  • October 20, 2016 at 2:42 pm
    Permalink

    Hello, A few things came to my mind when I read “Retirement Week Stresses Planning”. I know that I have done my best to plan and prepare for retirement, but some items were not and are not under my control. For example: 1) Years ago I selected OPERS Traditional Pension Plan; however, OPERS change the Traditional Pension Plan which made it less appealing, and 2) years ago I began participating in OPERS Additional Annuity Plan; however, OPERS changed the Additional Annuity Plan which made it much less appealing. To shorten this story, I planned carefully and do what I can do to safeguard my retirement; however, some things were not and are not under my control (i.e. the changes OPERS made to the Plans). I suppose that’s the life of a State employee with OPERS! One final thought (something which causes a great deal of stress for me and probably for many others) — I wonder where our healthcare allowance will be in a few years — will it be available, or will it be gone forever? It would be nice to know. All we know is that the OPERS Board will review it all again. It’s stressful and difficult to make plans when there are others who change the policies and requirements pertaining to our pensions and healthcare (and yes, we all know that healthcare was never guaranteed). Thanks for the info on Ohio Deferred Comp!

    Reply

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