Planning for the future
Ohio Deferred Compensation offers assistance to public employees
By Kristen Dohrmann, Ohio Public Employees Retirement System
Feb. 6, 2019 – As one of Ohio’s public workers, you have a unique opportunity to supplement your retirement income by participating in the Ohio Deferred Compensation program. This 457(b) retirement plan allows you to save and invest extra money, tax- deferred, which you can use during your retirement.
But how will you know how much income you’ll need in retirement? Are you saving enough? Have you thought about health care costs? How much of a payroll deduction can you afford?
Membership in Ohio DC gives you access to tools and resources that can help you answer these questions.
One-on-one counseling
The retirement planning specialists at Ohio DC can work with you one-on-one to determine how much you’ll need during retirement and evaluate your current finances and investments to give you a “big picture” view of your retirement readiness. You can also call Ohio DC’s Service Center at 877-644-6457 to speak with a licensed account executive who can answer questions about enrolling in the program, changing your deferral amount or investment options and making withdrawals.
Interactive tools
There are a number of interactive tools and online calculators available on Ohio DC’s website. By answering a few questions, these calculators can help you determine how much of a payroll deduction you can afford, how much your retirement savings can grow over time and how long your money will last in retirement. You can even estimate health care costs by using Ohio Deferred Compensation’s new My Health Care Estimator.
Online education
Attend live webinars or view online videos on topics ranging from retirement planning and investment basics to health care and Social Security, without leaving your home or office. To get the latest 457(b) plan information and IRS news that could impact your retirement planning, check out one of Ohio DC’s online newsletters.
For more information and to explore all the resources Ohio DC has to offer, visit ohio457.org.
Will the benefit for retirees on Medicare be going away?
The OPERS Board has just begun its review of our health care offerings. We will continue to provide as much transparency as possible as we highlight the challenges we face. And, members and retirees will have the ability to provide feedback on future actions. Please know the Board is committed to providing access to health care.
Keep abreast of Board activity by reading your newsletter, the PERSpective blog, the new Board Report email and other communications from OPERS.
Julie, OPERS