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PensionsPlus Winter 2008

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State of Missouri Deferred Compensation Plan

State of Missouri Deferred Compensation

As you know, MOSERS assumed oversight of the Missouri Deferred Compensation Plan in September 2007. MOSERS’ role is to monitor the Plan and the performance of ING (formerly CitiStreet). ING will continue to handle the administration of individual accounts by providing the day-to-day services and answer whatever questions you have concerning your account. Questions regarding your deferred compensation account should be directed to ING.

During the past year, MOSERS has been working closely with ING to review all aspects of the current plan including:

  • Participant population
  • Current investment line-up and fees
  • Investor behavior
  • Information and tools available for participants to use as they plan for retirement
  • Printed materials (e.g. newsletters, mailings, etc.)
  • Plan website

Our Guiding Beliefs

  • There is a significant need for state employees to save for their retirement to supplement their MOSERS and social security benefits.
  • State employees are experts in their own fields; however, most lack the time and skills necessary to become sophisticated investors. The reality is that making long-term investment decisions is overwhelming and difficult for many people and the current state of the financial markets makes this task even more difficult.
  • Clear, concise and simple communications is vital for informing and educating participants of the benefits of any plan design changes. In 2009, look for more updates on the State of Missouri Deferred Compensation Plan website and in the Horizons newsletter that accompanies your quarterly statement. Also, Deferred Compensation Plan (ING) local area representatives will be conducting meetings in the spring to educate members on the upcoming improvements to the plan.

Tentative Timeline to Implement Plan Improvements

MOSERS staff and ING, the plan administrator, are working to make program improvements. Several focus groups have been conducted in an effort to better understand our participants’ knowledge regarding their investments. Comments and suggestions from these focus groups are being used to develop effective communications and to finalize these improvements. You can expect to start seeing detailed information by late January.

  • January - March 2009 – Emails, plan website communications, on-site meetings conducted by ING, participant letters and reminder postcards communicating the plan improvements.
  • Spring 2009 – Improvements will be implemented to make the deferred compensation plan a smart, simple savings solution for all state employees.

Brief Overview of Planned Improvements

Conclusions regarding the future direction of the State of Missouri Deferred Compensation Plan are not taken lightly but rather will be reached after extensive research and due diligence. We believe that these improvements will accomplish the mission of the program as developed a year ago when MOSERS was assigned the oversight role. Our mission is to:

Provide a customer-focused deferred compensation plan with high-quality, well-diversified, cost-conscious investment products that will encourage state employees to save for their retirement years.

Taking the above into consideration, MOSERS and ING have been working to reshape the Plan by focusing on changes to the major categories listed below:
 

Current Plan New Plan
Fees High compared to average plans Low compared to average plans
Complexity High Low
Maintenance required Regular review Non
Ability to reach retirement income goal May vary depending on fund choices/diversification Higher probability
Portfolio diversification Low/difficult to attain by all employees Higher probability

Questions?

Go online: http://mo.ingplans.com or contact the State of Missouri Deferred Compensation Plan at:
Toll-Free: (800) 392-0925 • Local Office: (573) 893-1053

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Investment Performance

9.6%

MOSERS Total Fund Return for 1 year ended 12/31/2013
(net of all expenses)

7.8%

MOSERS Total Fund Return for 10 years ended 12/31/2013
(net of all expenses)

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