OHIO DEFERRED COMPENSATION
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1 Ohio 457 Focus Report from the Executive Director OHIO DEFERRED COMPENSATION OHIO PUBLIC EMPLOYEES DEFERRED COMPENSATION PROGRAM In This Issue Funding Your Retirement Gap /30/60 Rule... 2 Stable Value Rate Deferral Limits... 3 New Limits for Saver's Credit... 3 Important Tax Information... 3 Investing in INDEX Funds... 4 Retirement Planning Specialists... 4 Fourth Quarter 2008 There are many lessons to be learned from the recent market events. One important lesson a bear market always reinforces is that long-term investing involves periods of pain as well as rewards. The lesson many people learn is that their tolerance for financial pain is not very high. A knee-jerk reaction to this recent financial pain, like many spontaneous reactions, is often not the best solution. Instead, this is an opportunity to re-examine retirement goals, spending and savings habits, and diversification of your retirement savings. In reaction to the financial crisis, AllianceBernstein conducted research using historical data since the Great Depression. They describe their conclusions as follows, We took a closer look at how different asset allocations fared in the years following the Great Depression. We found that a balanced mix of stocks and bonds provided far better protection than cash over the long run even in the most difficult of times. Of course, the best way to invest retirement savings is different for everyone, based on personal circumstances. If you would like to discuss your circumstances, give us a call. Benefit Commencement Date Not Required Prior to 2002, Federal regulations required 457 participants to choose a benefit commencement date (BCD) at separation and a method of payment that they had to live with for life. But those days are long gone. Now, participants who have severed from service, either because they have left their job or retired, have several withdrawal options and are free to start, stop, or change their payments as needed. It s easy and flexible. No Tax Penalty on Early Withdrawal Unlike other supplemental plans such as a 401(k) or 403(b), your account is NOT subject to a 10 percent tax penalty for early withdrawals before age 59½. Only ordinary income taxes apply to withdrawals. Required Minimum Distribution The only withdrawal restriction that may apply is a Required Minimum Distribution (RMD). This means that beginning at a certain age, usually 70½, you are required to begin taking an annual minimum withdrawal. If you are subject to an RMD, the Program will notify you of your annual RMD amount. You can learn more about the current RMD rules by visiting our web site and clicking Program Information and Calculate Your RMD. On December 23, President Bush signed the Worker, Retiree, and Employer Recovery Act of 2008 (HR7327) which will suspend the 2009 RMD. This law change was proposed in reaction to the significant drop in 2008 stock market returns. Waiving the RMD allows retirees to avoid the hardship of selling investments while their value is low. As always, help is available to assist you with understanding the withdrawal options. Call and ask for a Retirement Planning Specialist. Keith Overly A publication of the Ohio Deferred Compensation Board
2 Funding Your Retirement Gap Most of us want to stop working, slow down, and enjoy life when our working career is over. In order to pay our living expenses in retirement, we will need our pensions, savings, social security, and deferred compensation accounts. To understand how all of these pieces fit together, you should use the Retirement Savings Calculator on our web site. The calculator can help you plan for retirement and identify if you have a gap between your future income and expenses. If you have a retirement gap, you typically have four choices to improve your situation: Delay retirement or get a job after you retire, Reduce your retirement spending, which could change your lifestyle, Adjust your investments, or Save more Depending on the size of your retirement gap, you may need to consider some or all of these options. If you wish to speak to someone about your retirement gap, contact our Service Center. 10/30/60 Rule PLANSPONSOR magazine recently reported that Russell Investments researchers found that withdrawals from a typical defined contribution (DC) plan account will consist of: 10 percent from deferrals made to the DC plan while working 30 percent from investment returns generated before retirement 60 percent from investment returns generated after retirement So, what are the most important lessons from this report? From our view, there are several: Obviously, the long-term impact of compounding investment returns is significant. Therefore, properly diversifying and periodically rebalancing your investment portfolio are important. Don t underestimate the importance of how much you defer. If you think 90 percent of your withdrawals coming from investment returns is impressive, think about how much more your payments will be if you doubled the amount you defer over your career. Increasing your deferrals by a small amount each year can add up. And as the authors point out, It would be wrong to conclude that contribution level is not important. Indeed, without contributions there can be no investment return, If 60 percent of your withdrawals could be based on investment income generated after you retire, you should develop a good strategy for investing and withdrawing your funds over your retirement years. If you are near retirement and are considering a partial or full withdrawal, you might want to reconsider. If you are just beginning your career or are in mid-career, we have Account Executives who can come to your workplace or are available by phone to help with your deferral and investment decisions. If you are near retirement or already retired, we have Retirement Planning Specialists who can meet with you to help with your retirement planning and to determine how to invest and maximize your withdrawals during retirement. Board Members Reappointed Lennie Wyatt was reappointed to the Board by the Governor as an investment expert. Mr. Wyatt will serve a four year term ending September 28, James R. Tilling was reappointed to the Board by the General Assembly as an investment expert. Mr. Tilling will serve a four year term ending November 4, Holiday Schedule January is typically the busiest month for calls to our Service Center. We appreciate your patience during these busy times. If you wish to check your account balance, change your deferral amount, or adjust your investment allocation, you can avoid waiting on hold by using the web site or automated telephone system. The Service Center and exchange processing will be affected by the following New York Stock Exchange holiday schedule. Exchanges received on the holiday closings will be processed as of the market close of the next business day. Holiday Service Center Closed Exchanges Processed Martin Luther King, Jr. Day 1/19/09 1/20/09 Presidents Day 2/16/09 2/17/09 Good Friday 4/10/09 4/13/09 2
3 Stable Value Rate Declines, Standards Remain High With the increased volatility experienced in 2008 in both the equity and fixed income markets, the yield of conservative investments such as treasury bills, money market funds, and other short-term investments have fallen as investors have sought safe haven investments. For example, at one point during the fourth quarter, the annualized yield of the 2-year U.S. Treasury note was less than 1 percent, and money market fund yields dropped close to 1 percent. The Program s most conservative investment option is the Stable Value Option (SVO), which is a stable value fund. The SVO is structured to be a prudent income-producing, liquid fund with AA+ average credit quality. The SVO is managed according to the Board s investment policy, is diversified over six investment managers, and has an assurance of financial protection provided by wrapper contracts issued by multiple financially responsible banks and insurance companies to improve stability. The SVO crediting rate for the first quarter will be 4.10%. Stable value funds tend to track the general movement of interest rates, although with a lag. With the Federal Reserve cutting the overnight Federal Funds rate and the otherwise general decline in yields of conservative investments, we expect the yield of the SVO to trend lower over time, yet still provide stability of principal, daily liquidity, and a reasonably attractive rate of return Deferral Limits On January 1, 2009, the Program s annual deferral limits increased to the following amounts: Regular deferral limit: $15,500 $16,500 Age 50 plus deferral limit: $20,500 $22,000 Catch-up deferral limit: $31,000 $33,000 You can increase your deferral up to the new regular or age 50 plus deferral limit on the web site or the automated telephone system. Call our Service Center to initiate a Catch-Up deferral or if you need to speak to an Account Executive about increasing your deferral this year. New Limits for Saver s Credit More participants may be able to take advantage of a nonrefundable tax credit on their federal tax return for investing in Ohio Deferred Compensation. Depending on your situation, this credit could be as much as a 50 percent tax credit on the first $2,000 deferred. The saver s credit amount is based on your filing status, adjusted gross income, tax liability, and amount contributed to qualifying retirement programs. The saver s credit is now indexed and can be claimed by: Married couples filing jointly with incomes up to $53,000 in 2008 or $55,500 in 2009 Heads of household with incomes up to $39,750 in 2008 or $41,625 in 2009 Married individuals filing separately and singles with incomes up to $26,500 in 2008 or $27,750 in 2009 If you are eligible, use IRS Form 8880 to claim the saver s credit on your 2008 return. The instructions have details on figuring the credit correctly. If you will be eligible on your 2009 return, contact us now to ensure that you defer enough throughout the year to take full advantage of this valuable incentive to save for retirement. Neither Ohio Deferred Compensation nor any of its representatives will give legal or tax advice. For such guidance, consult your personal legal or tax advisors. Important Tax Information If you took a withdrawal or rollover from your deferred compensation account during 2008, you will be receiving a Form-1099R from the Program. These forms are scheduled to be printed and mailed around January 28th. Please call the Service Center, if you have not received your Form-1099R by February 11th. If you plan on taking a withdrawal or rollover from your deferred compensation account in 2009, you should be aware of the possible tax consequences. A Special Tax Notice Regarding Plan Withdrawals is posted on the Program s home page at to help explain your options. If you do not have Internet access or want to discuss this tax information, please call our Service Center. 3
4 Test Your Knowledge... Ohio Deferred Compensation Quiz True or False? 1. Once I designate my account beneficiary, it cannot be changed. 2. The only way to discuss my account with someone in-person is to travel to Columbus. 3. I can use Ohio Deferred Compensation money to purchase service time with my pension system. Answers: 1. FALSE. Your beneficiary designation can be updated at anytime. You should review your named beneficiary at least once a year. You can download a form at call our automated telephone system, or call our Service Center to have a form mailed to you. 2. FALSE. There are fifteen Account Executives traveling to worksites throughout Ohio. There are also three Retirement Planning Specialists who are available to assist participants nearing or in retirement. Periodically, Ohio Deferred Compensation also offers free evening workshops in various cities. Always read your newsletter for additional meeting opportunities. 3. TRUE. You may be able to use deferred compensation to purchase service credits with tax deferred dollars. Generally, this transfer can be made directly to your pension system based upon their procedures. Investing in INDEX Funds There are two basic investment strategies buying into the market (indexing) or trying to beat the market (active management). Actively managed funds may take more risk in their attempt to beat the market and usually have higher operating costs for investment research. Index funds are less complex and more cost effective. An index is a group of investments chosen to represent portions of the stock or bond markets. The goal of an index fund is to closely match the investments in the index and the index s performance. Because the index strategy is fairly straightforward, fees are usually considerably lower than active managed funds, and lower costs mean that more of your funds remain in your account for retirement benefits. The index funds offered by the Program include: Meet with a Retirement Planning Specialist If you are interested in meeting with a Retirement Planning Specialist at one of the locations listed below, please call , press 3, and an Account Executive will assist you with making the appointment. February Meetings: February 23, 2009 Toledo Perrysburg Library February 27, 2009 Akron Tallmadge Library March Meetings: March 19, 2009 Dayton Centerville Library March 24, 2009 Cleveland Westlake Library April Meetings: April 21, 2009 Canton Perry Sippo Library April 23, 2009 Cincinnati Sharonville Library The above dates and locations may be subject to change due to availability and participation. We look forward to meeting with you soon! Information presented by the Retirement Planning Specialist is for educational purposes only and is not intended as investment advice. Fund Name Asset Class Index Vanguard Total International Stock International/Global Stocks International Composite Vanguard Small-Cap Small US Company Stocks MSCI US Small Cap 1750 Vanguard Institutional Large US Company Stocks S&P 500 Vanguard Total Bond Market Intermediate-Term Bonds Lehman US Aggregate Bond If you have questions about investing in index funds or would like to request a fund prospectus, please contact an Account Executive at the Service Center. 4
5 Ohio Deferred Compensation Investment Performance Report As of December 31, 2008 The results shown represent past performance and should not be considered a representation of future performance or experience. Past performance cannot guarantee future results. Current investment results may be lower or higher than quoted in this report. The principal value and investment return of an investment will fluctuate so that an investor's units/shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month-end may be obtained by visiting Although data is gathered from investment providers, the Program cannot guarantee completeness and accuracy. Please see other important disclosures at the end of this report. Consider the investment objectives, risks, charges, and expenses carefully before investing by consulting your prospectuses, which contain this and other information. Prospectuses are available by calling or visiting Read the prospectus carefully before investing. VRU Ticker 4th Average Annual Returns Expense Fund # Symbol Quarter 1 Year 3 Year 5 Year 10 Year Ratio (1) Ohio DC Options LifePath Portfolios 110 LifePath 2010 n/a (2) -9.14% % -1.44% 1.95% 2.81% 0.40% 111 LifePath 2020 n/a (2) % % -4.38% 0.65% 1.38% 0.40% 112 LifePath 2030 n/a (2) % % -6.53% -0.32% 0.33% 0.40% 113 LifePath 2040 n/a (2) % % -8.36% -1.21% -0.55% 0.40% Stable Value (Annualized Return) 4 th Quarter % 1 st Quarter % 101 Stable Value Option n/a (2) 1.14% 4.80% 4.90% 4.84% 5.47% 0.26% Mutual Funds International Stock Funds 532 Templeton Foreign TEMFX % % -8.82% -0.19% 3.85% 1.16% 209 Vanguard International Growth (3)(4) VWILX % % -6.82% 2.13% 1.31% 0.31% 310 Vanguard Total International Stock Index (3) VGTSX % % -6.48% 2.69% 1.77% 0.27% Small-Cap Stock Funds 402 FPA Capital (3) FPPTX % % % -2.12% 6.23% 0.88% 403 Hartford Small Company HIASX % % -8.09% 1.05% 3.46% 0.70% 210 Vanguard Small-Cap Index VSCIX % % -9.10% -0.61% 3.47% 0.07% Mid-Cap Stock Funds 208 Vanguard Capital Opportunity (3)(4) VHCAX % % -7.60% 0.80% 8.94% 0.37% Large-Cap Stock Funds 202 Dodge & Cox Stock DODGX % % % -2.59% 4.73% 0.52% 306 Fidelity Contrafund FCNTX % % -5.67% 2.34% 2.83% 0.89% 307 Fidelity Growth Company FDGRX % % -8.09% -0.24% 1.56% 0.94% 291 Janus Twenty JAVLX % % -3.96% 3.73% -1.02% 0.88% 565 Vanguard Institutional Index VINIX % % -8.34% -2.18% -1.35% 0.05% Balanced Funds 201 Dodge & Cox Balanced DODBX % % -8.37% -1.46% 4.77% 0.53% Bond Funds 207 PIMCO Total Return PTRAX 4.92% 4.58% 5.68% 4.91% 5.97% 0.77% 211 Vanguard Total Bond Market Index VBTIX 4.41% 5.19% 5.54% 4.70% 5.49% 0.07% (1) Investment returns for the Ohio DC Options and Mutual Funds have been reduced for gross Expense Ratios. These average Expense Ratios may vary from time to time. The Expense Ratios for the Ohio DC Options are established by the Program. (2) The LifePath portfolios and Stable Value Option are not publicly traded mutual funds and do not have a ticker symbol or prospectus. These options are only available through Ohio Deferred Compensation. The value of the securities held by the Stable Value Option will fluctuate. The Stable Value Option focuses on principal preservation and a stable rate of return. (3) This fund may be subject to a redemption fee. Please consult the Program web site or fund prospectus for additional information. (4) Returns include performance of a different share class achieved prior to the inception of the Admiral or Institutional share classes. Returns were not recalculated to reflect the fees of the Admiral Share class. Account Executives are registered representatives of Nationwide Investment Services Corporation, Member FINRA 5
6 Sharon M. Downs, Chair Retired Group Kimberly A. Russell, Vice Chair State College and University Employees Jay Hottinger House of Representatives John W. Maurer Retired Group Eddie L. Parks State Employees Hugh Quill Director, Ohio Department of Administrative Services Tom Sawyer Senate Contact Us Ohio Deferred Compensation Program is a supplemental retirement benefit plan regulated by Section 457 of the Internal Revenue Code. Total participant accounts are 194,000, with over $6.2 billion in assets. If you have questions regarding the Program, write or call an Account Executive at: Ohio Deferred Compensation 6085 Emerald Parkway Dublin, OH Hours: Automated Telephone Monday - Friday System: 8:00 a.m. - 5:30 p.m. 24 hours a day, 7 days a week Ohio Deferred Compensation Board Cinthia Sledz Miscellaneous Employees Ken Thomas Municipal Employees James R. Tilling Investment Expert Lennie Wyatt Investment Expert Helen Youngblood County Employees Vacant Investment Expert Keith Overly Executive Director Withdrawal Election Participants who have severed from employment are able to start, stop, change, and restart payments from the Program anytime. At age 70½, participants must meet the minimum distribution requirements of the Internal Revenue Code. Payments may begin after the Program has received the employer s verification of severance, final deferral, and completed Withdrawal Election form. All requests to start payments must be made on signed Program forms. If the forms are returned by the 15th day of the month, payments will start on the 20th day of the following month. Payment Options There are flexible payment options from which to choose: Annual percent, dollar amount, or time period Partial lump sum Full lump sum Payments can be made annually, semi-annually, quarterly, or monthly. Participants may delay withdrawals until the year they turn age 70½. Funds that remain in the Program will stay invested as the participant chooses and will continue to be subject to market risk. The Program permits rollovers of any portion of an eligible distribution. However, before making a rollover decision, a participant should carefully compare the investment options available, associated fees, expenses, and accessibility. Investment Performance Report Notes Investment Performance: Investment returns on the Investment Performance Report do not reflect the deduction of historical asset fees or the current administrative fee. The Board may suspend the administrative fee at its discretion. All reported mutual fund returns assume reinvestment of capital gains and dividends and reflect the fund's expense ratio. The Ohio DC Options are not mutual funds or registered investment companies. Stable Value Option: Annualized returns are net of investment management, custody, principal protection, and plan administration fees. A fund profile can be obtained for the Stable Value Option by calling or visiting LifePath Portfolios: Portfolios are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, these portfolios experience risks and expenses ratios, including applicable fees and expenses, of the underlying funds. The use of asset allocation and/or diversification does not guarantee profits. International Funds: Funds that invest internationally involve risks not associated with investing solely in the U.S., such as currency fluctuation, political risk, differences in accounting, and the limited availability of information. Small Company Funds: Funds investing in stocks of small or emerging companies may have less liquidity than those investing in larger, established companies and may be subject to greater price volatility and risk than the overall stock market. Bond Funds: Bond funds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Historical Asset Fee Time Period Administrative Fee Time Period Mutual Funds/ Stable Value 4/1/98-3/31/99.10% 4/1/99-12/31/99.05% Quarterly Amount 1/1/00-9/30/06 $2.00 The quarterly $2.00 administrative fee has been suspended 10/1/06 - Present. NRM-3831OH.10 12/08 This newsletter is printed on recycled paper. 6
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