18. MISCELLANEOUS. A. REPORT FROM NOVEMBER 2015 VACo CONFERENCE
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- Stephen Frederick Johnston
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1 SOUTHAMPTON COUNTY BOARD OF SUPERVISORS Regular Session i December 21, MISCELLANEOUS A. REPORT FROM NOVEMBER 2015 VACo CONFERENCE As discussed last month, attached for your reference please find a copy of the report from Chairman Jones and Mrs. Lowe regarding their attendance at the recent Annual Meeting of the Virginia Association of Counties (VACo). B. VACo COUNTY SUPERVISORS FORUM Attached for your reference please find a preliminary agenda for the VACo County Supervisors Forum on January 8-10, 2016 in Richmond. The Forum is expected to focus on critical issues facing counties today: financial responsibilities, schools, economic development, transportation, environmental protection, intergovernmental relations, legal issues and more. The registration fee for County Officials is $295, which covers conference materials, a Virginia County Supervisors Manual, Friday dinner and Saturday lunch. Please let me know if you d like to attend and I ll be pleased to make the necessary registration and lodging arrangements. C. LONG RANGE PLAN - BLACKWATER REGIONAL LIBRARY Also attached for your reference is a copy of the Blackwater Regional Library s Long Range Plan. Library Director, Jenny Bailey, recently stopped by to go over the Plan highlights and asked me to forward copies to each of you. D. NOTICES Environmental Notices - attached for your reference, please find a copy of VDH s recent Notice of Violation for an exceedance of total coliform for the month of November. Foreclosure Notices Section of the Code of Virginia was amended in 2013 requiring any Trustee or Substitute Trustee that conducts a sale under a Deed of Trust to provide notice to the Chief Administrative Officer. Attached for your reference, please find copies of several of these notices. E. CORRESPONDENCE Please find various items of correspondence attached for your reference.
2 Synopsis of November 2015 VACo Conference Chairman of the Board, Dallas Jones, and I, Deputy County Administrator/Chief Financial Officer, Lynette Lowe, attended the 81 st annual VACo conference on November 8 th 10 th. On Sunday afternoon, much time was spent meeting with potential vendors to discuss products & services that they provide to county governments in Virginia and beyond. We spoke with engineers, grant developers, local government computer program developers, insurance representatives, personnel from the Virginia Economic Development Partnership, and energy and infrastructure solution groups just to name a few. The list could go on and on as there were over 120 vendors represented at the conference. One of the first sessions attended on Monday was quite informational and dealt with the 5 ages of the workforce that will soon be working side by side in our society. The five categories of workers are: 1 Traditionals who wonder what ever happened to phone calls and face to face meetings 2 Baby Boomers who prefer 3 Generation Xers who are quite flexible 4 Millennials who prefer texting 5 and soon to be the Linksters will be joining the workforce in 2020 There have never been more classes of individuals working together than will be in 2020 and we need to learn to successfully work in that environment. The speaker for this session was an energetic and forceful Jan Bazow. As Jan stated, Leading effectively in 2020 and beyond will require leaders to leverage the strengths of all 5 generations, intentionally creating a culture of civility, honor, and respect. More than one session led by various VACo board members stated that VACo s biggest push with legislators for the upcoming budget season will be asking for an increase in the state s K 12 funding. VACo is stressing the fact that we, the localities, are still receiving state funding at less than the FY2009 levels. That level of funding is unacceptable and has put an enormous financial burden on local governments and their respective taxpayers. Other sessions offered were: * Anticipating more storm water changes in 2016 * Understanding new ethics laws * Save money for your county, employees, and your citizens * Public safety and body cameras * Building a ready workforce through K 12 * Leveraging Private investment through public projects * Update on state tax, budget, and revenue * Snapshots of innovative county programs * Q & A session with General Assembly Leadership * Emerging community development opportunities * Issues Impacting the Line of Duty Act * Illegal Drug Use: local and state challenges. I would just like to interject that the more representatives a county sends to the conference, the more potential there is for expanding the board of supervisors knowledge and for team building with individuals in other localities. Classes are held concurrently, meaning if a locality does not have multiple representatives present at the conference, the opportunity to have someone attending all sessions is
3 impossible. It was interesting to note that a number of localities send all of their board members and other staff, such as budget and finance employees, administrators, and deputy administrators. I am a firm believer that collective knowledge is so much more powerful than the knowledge of just one individual. Evenings were spent in banquets talking with other county officials, county employees, NACo representatives, and VACo representatives, among many others. All were getting to know each other, sharing ideas, and building relationships that have the potential to provide assistance in the future. On the final day of the conference, it was wonderful and interesting to see a neighbor elected as VACo President for That neighbor is Mrs. Judy Lyttle, Chairman of the Board for Surry County. She is the first ever President from Surry County. Lyttle was also the first African American woman to be elected to the Surry County Board of Supervisors in One of her goals for the next year is to strengthen VACo s educational program for all board of supervisor members. She wants to help every supervisor become a better elected official through education. I have attached PowerPoints from a selection of the classes. You are welcome to access the entire listing of PowerPoints by going to and clicking on the VACo 2015 Conference recap. Chairman Jones and I thank you for giving us the opportunity to attend and participate in such an informative and engaging conference. It was our pleasure to represent Southampton County. Sincerely Lynette C. Lowe
4 Virginia Economic and Budget Trends What a Difference a Year Makes! Now Localities Need Help Presentation to Virginia Association of Counties Fiscal Analytics, Ltd. November 9, 2015
5 The Good News: Additional Revenues Likely - Even With FY15 Surplus Consumed by Rainy Day Fund Fiscal Year Official Growth Official GF Revenues Adj. Est. Growth Adjusted GF Revenues Difference % $16, % $16,411 $ % $17, %* $17,736* $ % $17, % $18,289 $ % $18, % $18,673 $ % $18, % $19,364 $609 * Preliminary Actual, FY 2015 surplus consumed by Rainy Day Fund constitutional deposit requirements 2
6 Revenue Stabilization Fund Year-End Balances * $ M i l l i o n s
7 Will General Fund Growth Rates Perform Better than Expected? Revenue forecasting has proven to be especially difficult in recent years. - Non-withholding income taxes (16% of GF) hard to forecast. (i.e., higher 2013 federal tax rates amid strong stock market gains). Virginia economy seems to be improving, even though still underperforming overall U.S. employment and income growth. - Income tax withholding (64% of GF) currently growing 4-5%. - Recent 2-year federal budget deal with defense spending increases helps Virginia. - NoVa employment growth is bouncing back (2.4% yr over yr August growth, stronger professional/business services). 4
8 Non-Withholding Income Tax Is a Volatile Revenue Source* Annual % Growth in'vithholding and Non-'~lithholding Income Tax Collections '\,\ \ \ /,, \ /, I,,, I I,,,,,, \ \,", \ I I /, \ : \,,,, I,, I I 10.0 I '. ~ I ~ I - I,, -, I, "- : I \, I, \, \ 1),. I ~..., AI>. p," AI,) PI" p,% A~ ~~~'~...". ') ~ ~" ~b ~'\ ; >% ' ~q :\.~ ~" :-.,'\.,-"... ~ 'r.::,,'j ~ ~ ~ ~ ~ ~ ~ ~ ( '\. / ~ ~ ~ '\. '\. r ~ ~ ~ ~ ;.', l\- I ( 10.0) " I \ I, \ N OII-'Vithboldillg I \, \ I I (20.0) ~ \, \, \ ~ ~ * Note: % of total GF revenues: 15.4% in FY 14; 17.1% in FY 15 5
9 Improving Growth in Individual Income Tax Withholding (62% of GF; 12 Mo. Moving Avg % Growth Thru Sept.) % G r o w t h (1.0) (2.0) 6
10 YoY % Chg (SA) 3 Continued Improvement? Virginia Payroll Employment - U.S. Virginia August 2015 US: 2.1% VA: 1.1% Source: Bureau of Labor Statistics/Haver Analytics 7 7
11 YoY % Chg 10 Continued Improvement? Virginia Wages and Salaries - U.S. Virginia Q: 2015 US: 4.3% VA: 3.1% Source: Bureau of Economic Analysis/Haver Analytics 8 8
12 Utah Oregon Florida Nevada Washington South Carolina California Idaho Massachusetts North Carolina Indiana Arkansas Michigan Hawaii Arizona Maryland Connecticut Georgia Colorado Texas District of Columbia Tennessee Kentucky New Hampshire Iowa Wisconsin South Dakota New York Alabama Vermont Delaware Minnesota Rhode Island Missouri Ohio Virginia Maine Mississippi Pennsylvania New Jersey Nebraska Montana Illinois Louisiana New Mexico Oklahoma Wyoming Kansas Alaska North Dakota West Virginia 5.0% Will VA Return to At-Least National Avg Growth? August 2015 States Year-over-Year Employment Growth 4.0% 3.0% 2.1% U.S. Avg 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% Source: U.S. Bureau of Labor Statistics 9
13 Current General Fund Appropriations: $1.6 Bil. Above its FY 14 Base 2015 Session Adopted Budget FY 2014 Budget FY 2015 Budget FY 2016 Budget FY14-16 over FY14 x 2 Legislative and Executive Dept's Judicial Dept Administration/Comp Board Treasury Board GF Debt Service Other Finance/Technology Rainy Day Fund (306.5) Car Tax Reimbursement Commerce and Trade Agriculture / Nat. Resources K-12 Education/Central Office 5, , , Higher & Other Education 1, , , DMAS Medicaid 3, , , Other Health & Human Services 1, , , Public Safety & Veterans/HS 1, , , Transportation (1.7) Central Appropriations (313.8) Independent Agencies/Capital Total GF Appropriations $ 17,705.2 $ 18,240.2 $ 18, ,593.9 GF Resources $ 17,304.1 $ 18,301.0 $ 18,767.3 Balances $ $ 1.9 Unspent Balance $ $
14 Improving Revenues Will Provide Budget Flexibility in the Biennium biennial GF base budget about $37.5 billion. Available GF resources (balances, revenues, transfers) of about $40.0 billion assuming current forecasted growth rates (i.e., $2.5 bil. above base budget). Additions to the base budget could include: - Initial K-12 rebenchmark ($341 million net of $47 mil. VPI non-participation); Final update includes changes to: LCI, enrollment, VRS, lottery and sales tax revenues. - Medicaid inflation and utilization (5% growth=$600 mil; 7% growth=$850 mil) - Enhanced funding for locally mandated programs, such as K-12 public education. - Higher education base funding increases, more student aid, other initiatives. - Other health & human service increases: e.g., CSA, behavioral/mental health. - Additional debt service for already authorized debt. New debt capacity $550 mil./yr. Cash for capital spending? - Increase state employee and faculty salaries and benefits, including health care costs. Restore selected agency cuts? - Accelerate full funding of VRS? Current projected teacher rate of 14.66% represents 90% of full contribution rate needed. One-time cash infusion? - New initiatives, such as GO Virginia? - Tax policy changes such as repealing the accelerated sales tax payment ($200mil.); or new/expanded economic development incentives? 11
15 What Has Held Back State Aid to Localities? Slower State GF Revenue Growth Years Avg. GF Revenue Growth % % % 12
16 $9,000,000,000 Total Medicaid Expenditures as Recorded in the Commonwealth Accounting and Reporting System (CARS) $8,000,000,000 $7,000,000,000 $6,000,000,000 $5,000,000,000 $4,000,000,000 $3,000,000,000 $2,000,000,000 Average compound growth from = 7.9% $1,000,000,000 $ Source: DMAS Statistical Record 13
17 Medicaid Spending Outstripping GF Growth 35.0% Change in Share of State General Fund Appropriations to Bienniums 30.0% 25.0% 20.0% 15.0% 10.0% % 0.0% 14
18 $800 Growing State GF Debt Service $700 $600 $500 $ Millions $400 $300 $200 $100 $ Fiscal Year 15
19 Tax Changes Reducing Biennial State GF Revenues by $3.1 Bil. Enacted/Amended Biennial ($ Mil.) Age Subtraction (net of 2004 means testing) 1994 and 2004 ($581) Car Tax Reimbursement 1997, 2003 ($1,900) Subtraction for UI/Military/Gov't Empl 1999 ($74) Historic Rehab Tax Credit 1999 ($152) Coalfield Employment Tax Credits 2000 ($68) Low Income Tax Relief 2000, 2004, and 2007 ($412) Land Preservation Tax Credit 2003 ($200) Impose 2.5% Sales Tax on Food 2004 ($1,094) Estate Tax Repeal 2009 ($280) Other Tax Changes since ($182) State Tax Reductions since 1994 ($4,942) Sales Tax Presence in Virginia Amazon 2012 $41 Sales tax on satellite TV equipment 2014 $19 Add 1/2 percent sales tax on non-food items 2004 $986 Recordation Tax Increase (net of 3 cents to transp.) 2004/2007 $210 Tobacco Tax Increase 2004 $285 Close 2 Corp. Tax Loopholes/Eliminate ST Exem for Pub. Svc. Co $286 State Tax Increases since 1994 $1,827 Net State Tax Change Since 1994 ($3,115) Source: Senate Finance Committee Retreat, Revenue Outlook, Nov. 20,
20 Leads to Declining State Aid to Localities as a Percent of the GF Budget GF State Aid to Localities ($ Mil.) FY 2009 FY 2012 FY 2014 FY 2015 FY 2016 Direct Aid to K-12 $5,607.6 $4,903.1 $5,240.3 $5,405.4 $5,560.3 Health and Human Services CSA Community MH/MR Services Local Social Services Staff Community Health Programs Welfare Services and Programs Public Safety Local Sheriffs Offices Local Police Depts HB Local Jail Per diem Assistance for Juvenile Justice Constitutional Officers $155.3 $143.8 $145.8 $152.4 $152.5 Car Tax Aid-to-Locality Reduction (50.0) (60.0) 0.0 (30.0) 0.0 Total Local GF Aid $8,285.6 $7,429.6 $7,815.7 $8,001.1 $8,213.7 Total GF Appropriations $15,943.0 $16,556.9 $17,705.2 $18,240.2 $18, % 44.8% 44.1% 43.9% 43.8% 17
21 State Support For Locally-Administered Programs Has Fallen Over Time 34.0% State Categorical Aid as % of Local Expenditures 33.0% 32.0% 31.0% 30.0% 29.0% 28.0% 27.0% 26.0% Source: APA Comparative Reports on Local Revenues and Expenditures, Fiscal Years
22 16.0% Localities Only Beginning to Recover from Real Estate Recession 14.0% 12.0% Real Property 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Total Local Revenues Note: real property tax rate changes from FY 13-15: 20 cities increased, 2 decreased; 57 counties increased, 7 decreased. 19
23 Since Recession, Local Revenues & Expenditures Have Not Kept Pace with Inflation* / Population Growth Locally- Generated Revenue FY FY 2014 Growth Comparison State/Federal Revenue for Localities All Revenue for Localities O&M Expenditures Population Population/ Inflation* VA Cities 3.9% -1.4% 1.7% 0.1% 3.7% 14.2% VA Counties 9.0% 6.8% 8.2% 8.3% 5.3% 15.8% * Inflation as measured by the CPI grew 10.5% from FY
24 $4,400 Real Inflation-Adjusted State K-12 Funding is Below 2005 (FY 2001 $ Per Pupil - All State Appropriated Funds) $4,275 $4,200 $4,156 $4,082 $4,000 $4,012 $3,841 $3,800 $3,721 $3,600 $3,400 $3,491 $3,400 $3,392 $3,407 $3,549 $3,471 $3,606 $3,591 $3,655 $3,647 $3,200 $3, Sources: VA Dept. of Education Direct Aid Entitlement Calculation Templates, and Dec. 17,2014 GACRE Report (CPI) Secretary of Finance 21
25 Recent JLARC Report on State K-12 Education Agrees With Funding Assessment Virginia spends less to educate each student than a decade ago 7% less per student adjusted for inflation (FY ). - Non-instructional spending was reduced the most. - Health insurance spending increased 66%. More than 80% of divisions reported challenges in recruitment and retention. High turnover may reduce instructional effectiveness. Teacher support services declining Divisions spent 30% less to operate and maintain facilities since
26 State Standards of Quality Do Not Reflect True Costs for Local K-12 Divisions State does not pay for all Board of Education approved current practices and standards; linear weighted average methodology understates true prevailing costs; real-time costs not reflected in re-benchmarking; no longer pays prevailing support costs. - Raising SOQ teacher salaries to the national average and funding prevailing support costs requires an additional $750 million GF/year ($625 per pupil). Localities have to spend $3.6 bil. beyond minimal state funding requirements to meet SOL and SOA requirements. All school divisions exceeded Required Local Effort (RLE) in FY 14. Divisions up to 25% Above RLE 10 Divisions Exceeding 25% to 75% 54 Divisions Exceeding 76% to 100% 26 Divisions Exceeding 100% RLE 45 23
27 State Policy Changes Adopted to Reduce K-12 Funding Major K-12 Funding Policy Changes Since 2008 Session Session Biennial $ in Mil. Cap Funding for Support Positions 2009 ($754) Eliminate School Construction Grants 2009 ($55) Adjust Health Care Participation Rates 2010 ($269) Eliminate Equipment, Travel, Misc. Expenses From SOQ Calculation 2010 ($244) Include $0 Values in Linear Weighted Avg Calculation 2010 ($79) Eliminate Lottery Support for School Construction 2010 ($67) Drop Lowest Tier From K-3 Class Size Calculation 2010 ($36) Extend School Bus Replacement Cycle From 12 to 15 Yrs 2010 ($19) Eliminate Enrollment Loss Assistance 2010 ($16) Eliminate Non-personal Inflation Update (not originally intended as permanent, partially offset in biennium) 2012 ($109) Eliminate COCA for support positions in NoVa 2012/14 ($50) Use Kindergarten as Proxy for 4-yr-old Pre-K Count 2012 ($27) Total Major Policy Changes Since 2008 ($1,725) 24
28 More Difficult and Diverse Student Population to Educate More At-Risk Students Changing Student Demographics 40.0% 35.0% 30.0% 25.0% Percentage of Free Lunch Students in VA 35.2% 34.5% 32.9% 33.5% 32.1% 30.1% 26.0% 26.0% 27.3% 70.0% 60.0% 50.0% 40.0% VA Public K-12 Student Population by Race 20.0% 15.0% 10.0% 5.0% 30.0% 20.0% 10.0% 0.0% %
29 The Achievement Gap Persists 32 Percent of All Schools Are Not Fully Accredited ( ) Fully Accredited 1249 Provisionally/Conditionally Accredited 23 Accredited with Warning 541 Accreditation Denied SOL Pass Rates English Math Asian White Hispanic Black Economically Disadvantaged Limited English Proficiency
30 VASS Spring 2015 Superintendent Survey Great Recession Cuts Have Impacted School Divisions 92 percent of school divisions responded. Key findings included: - 10,180 FTE reduced, including 5,138 teachers. - 87% of respondents who reduced staff have added duties to the remaining staff - 77% of respondents believe that teachers have left their division due to their salary. - 20% have reduced compensation and 44.5% of divisions have reduced employees benefits since FY % of divisions have increased class sizes since FY % of divisions closed schools for financial reasons. - 52% of divisions reduced curricular programs. - 29% of have reduced co-curricular programs. 27
31 As State Revenues Recover, Locally-Administered Programs Need High Priority K-12 Public Education: - Basic Aid and support costs - Career and technical education - Teacher salaries - At-risk student programs - School infrastructure Public Safety/Compensation Board: - HB 599 Aid to Police Departments - Jail per diem payments - Sheriff and Constitutional Officers Health and Human Services: - CSA local match requirements and education costs for Medicaid children. - Local social services staffing - CSB behavioral health treatment capacity Other: - Water quality, LODA, economic development initiatives 28
32 State Agency Funding Requests of Particular Interest to Localities Compensation Board: - $21.5 mil. for jail per diems to support the increased cost of housing local responsible and state responsible inmates in local and regional jail facilities. - $10.3 mil. for corrections officers for local and regional jails with overcrowding rates. - $20.2 mil. to meet 25% of the Commonwealth's responsibility for staffing needs for constitutional officers. - $14.6 mil. to meet the 1:1,500 law enforcement deputy ratio Dept. of Elections: $11.4 mil. to return the reimbursement rate of the General Registrar to 100%. Dept. of Housing and Community Development: - $32 million for the Housing Trust Fund - $4 mil. for the VA Enterprise Zone Program. - $4 mil. for the Industrial Revitalization (Derelict Structures) Fund. - $10.3 mil. to fund up to 9 Broadband Planning grants and 9 to 12 implementation projects throughout the state. CSA: - $32.8 mil. GF in biennium to cover CSA enrollment growth and savings that did not materialize from a new waste, fraud, abuse analytical system. - $20.6 mil. GF to eliminate the local match responsibility for residential TFC Case Management Services. - $21.5 mil. GF to cover costs of education for students placed in Medicaid-eligible residential treatment facilities that bypassed the CSA process. - $21.0 mil. to eliminate the local match for non-mandated children and serve as an incentive for localities to utilize all their non-mandated funding. CSB S: Various proposed grants to localities to address community mental health needs. Direct Aid to Public Education: - $2.2 mil. per year for the Extended School Year Program. - $2 mil.for the Virginia Tiered Systems of Support program to help decrease student disciplinary actions. Dept. of Conservation and Recreation: - $10 million to increase livestock stream exclusion best management practices. - $14.4 mil. for administration, operations costs and technical assistance to soil and water conservation districts DOC: $1.2 mil. to cover increased costs for the Community Residential Re-entry Program. 29
33 Virginia Is a Wealthy, Low Tax State, With Higher Reliance on Locality Taxes 2012 JLARC Ranking 2015 JLARC Ranking Per capita personal income 8 10 State and local revenue as a percentage of personal income State and local taxes as a percentage of personal income Per capita state taxes Per capita local taxes Individual income taxes as a percentage of state and local tax revenue 7 6 State motor fuel tax rate rank Source: Virginia Compared to Other States, JLARC, 2012, 2015 Editions 30
34 Virginia Ranks Well Below the National Average in Spending Despite Its Wealth 2012 State Rank 2015 State Rank Per Capita Personal Income 8 10 Per Capita State Expenditures State Per Pupil Funding State and Local Per Pupil Funding Average Salary of Public School Teachers Per Capita State and Local Road Expenditures Per Capita Medicaid Expenditures Average Annual In-State Tuition and Fees at Public 4-Year Institutions Source: Virginia Compared to Other States, JLARC, 2012, 2015 Editions 31
35 $14,000.0 FY 2015 Major State Revenue Sources ($ Mil.) $12,000.0 $12,328.7 $10,000.0 $8,000.0 $6,000.0 $4,582.7 $4,000.0 $2,000.0 $890.4 $831.9 $715.1 $557.6 $451.0 $388.3 $311.1 $291.2 $176.3 $0.0 32
36 FY 2014 Sources of Revenue for VA Counties - $19.5B Meals, 0.5% M&T, 0.6% BPOL, 2.0% Local Sales Tax, 3.5% All Other Taxes/Revenue, 5.4% Service Charges, 6.6% State, 31.6% Other Property, 9.3% Federal, 5.7% Real Property, 34.8% Note: All Other Taxes/Revenue includes, licenses/permits, fines/fees, rental/sales, and other taxes incl. transient occupancy, MV license, recordation, bank stock, tobacco, admission, severance, franchise license, other Source: Auditor of Public Accounts Comparative Report of Revenues and Expenditures 33 33
37 Options for Strengthening/Diversifying the State/Local Tax Base Make the state income tax more progressive? A tax rate of 6.0% above $50,000 and 6.25% above $100,000 in taxable income would raise about $700 mil. per year. Reduce tax preferences, such as itemized deductions (e.g., mortgage interest, age subtraction), or special tax preferences (e.g., land preservation, historic rehabilitation, coal mining), or corporate tax benefits (e.g., single sales factor for allocating corporate income)? Increase the sales tax rate? Each additional statewide 1% raises $1 bil. Apply sales taxes to services, such as selected personal and repair services? Increase sin taxes. Tobacco tax: $6 mil per penny. Double the beer and beverage tax for $43 mil. Allow counties same taxing authority by ordinance as cities for meals and transient occupancy taxes. Adopt additional regional taxing strategies? Expand the differential commercial/industrial property tax rate currently used in Northern Virginia (and available in Hampton Roads)? 34
38 Greg Watson Client Acquisition Director Nationwide
39 This presentation is designed to provide accurate and authoritative information in regard to the subject matter covered. The general information in this presentation is not intended to be nor should it be treated as tax, legal, accounting or other professional advice. The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities and trust programs. The unregistered group fixed and variable annuities are issued by Nationwide Life Insurance Company. Trust programs and trust services are offered by Nationwide Trust Company, FSB, a division of Nationwide Bank. The general distributor for variable products is Nationwide Investment Services Corporation (NISC), member FINRA. Nationwide Financial Retirement Institute is a member of NISC. Nationwide Mutual Insurance Company and Affiliated Companies, Home Office: Columbus, OH Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Retirement Institute are service marks of Nationwide Mutual Insurance Company Nationwide PNM-2850AO (11/14)
40 Retirement Savings Three-legged Stool Concept of Retirement Personal Savings
41 4 What s Employees troubling are employees? not prepared Survey data Lack of retirement readiness impacts employers and employees 84% of American workers report being financially stressed 1 56% of workers say they are going to have to work longer 2 57% of employees age 55+ have not used a retirement calculator 3 Delayed retirement costs $10,000 to $50,000 per employee per year beyond normal retirement age 4 1 Financial Finesse survey (February 2012). 2 U.S. Workers Delaying Retirement, The Conference Board (May 2011). 3 Society of Human Resource Management (September 2011). 4 Estimate based on research from Financial Finesse, Finedco and other industry experts.
42 5 Health care Considerations Longevity We re living longer, fuller lives than ever before
43 Considerations 4 out of 5 people 1 Nationwide survey, Health care Costs in Retirement, Customer survey of 625 respondents (January 2012).
44 Costs and expenses Costs are rising $220K Total out-of-pocket health care expenses throughout retirement 2 $733 monthly 2 Fidelity Benefits Consulting, Based on a hypothetical couple retiring at age 65 years or older, with average (82 male, 85 female) life expectancies.
45 Growing Pension Gap Unfunded pension liabilities are increasing Market performance Discount rates Longevity of retirees
46 Solutions Focus on reducing plan sponsor liabilities Participant contributions Benefit reductions Defined contribution alternatives
47 Defined Contribution vs. Defined Benefit Defined Benefit Plans Guaranteed benefits based on years of service and earnings Plan sponsor assumes investment risk Funding levels determined by actuarial analysis Defined Contribution Plans Contribution amount defined by plan document Participant assumes investment risk Benefit equals current account balance 10
48 457 vs. 401(a) Salary deferral only No employer contribution (a) No salary deferral (401(k)) Employee mandatory Employer contribution Eligibility Vesting/forfeitures
49 Five Most Common 401(a) Plan Designs in Public Sector DB to DC Match Plan (401 vs. 457) Employee Retention 4 5 Social Security Replacement Discretionary Employer Contribution
50 Monthly Income vs. Accumulation Do it for me Pension requires no minimal decisions by employee Viewed as a replacement of pre-retirement income Do it myself Employee responsible for decisions that determine benefits Asset allocation Contribution levels (457) Retirement date Need is for structure/tools to replicate the defined benefit model for defined contribution participants 13
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