– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. Employer Advisory Committee Update on DCP & Retirement Readiness.

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Presentation transcript:

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. Employer Advisory Committee Update on DCP & Retirement Readiness November 15, 2012

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. DCP Survey Background  DRS customer surveys  Confirm reasons people are in DCP and reasons they don’t participate  Help us start new targeted message campaigns Information helps us prioritize next steps

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. DCP Survey Statistics Over 12,000 responses  7,234 participating  Greater than 5,200 do not Most work for State Agencies or Educational Employers  DCP only 457 plan for employees at State Agencies  Other employers offer multiple plans

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. DCP Survey Statistics Majority have been employed for either 11+ years or 21+ years – 65% of total respondents 39% are in age category % are over 60 17% are under 40

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. Reasons I Joined I realized I needed to start saving more for retirement I could begin contributing at an amount I could afford Written reasons  From paycheck and reduces taxes  Employer match  Affordable/low fees  Worried about Social Security

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. Key Features Flexibility to change my contribution amount Ability to choose from a range of investment options Fees are “lower” No penalty for withdrawals prior to age 59 1/2 Online access

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. What does DCP Represent Convenience Retirement Success Long-Term Financial Security

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. Reasons I haven’t Joined I can’t afford to save I don’t know enough about DCP It’s too late or too early to start I’m already contributing to another plan I just haven’t got around to it  Good intentions but barriers exist

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. Next Steps Individual to those who told us they want to know more  Answers to reasons for not joining Identify barriers to participation and determine what we can do to limit them Working with our Record Keeper to develop marketing plan for 2013

– WASHINGTON STATE – Deferred Compensation Program Discover the Smart, Easy Way to Save. Next Steps Share with employers Start conversation on how we can work together to help members prepare for their retirement future… …Retirement Readiness  What we do currently and Best Practices  What should we do?  Incremental improvements  Checklist we are working on

– WASHINGTON STATE – Retirement Readiness Discover the Smart, Easy Way to Save. Outreach Now and in Future Promote Retirement Readiness (RR) – NS4RS Help increase awareness on how employers help prepare employees for RR  Social Security and PERS/other Systems  Employers contribute 50% to future benefits  Voluntary plans like DCP ……

– WASHINGTON STATE – Retirement Readiness Discover the Smart, Easy Way to Save. Outreach Now and in Future Retirement Readiness – what is it?  It is now a core business process within DRS  We are working on the  Ideal state for members and retirees  Current state  Gaps and next steps  Identifying the value – the reason we all can benefit from retirement readiness What is Retirement Readiness to you…

– WASHINGTON STATE – Retirement Readiness Discover the Smart, Easy Way to Save. Outreach Now and in Future Education and Outreach Team  Workshops and Benefit fairs  Let them help you/Involve them  Online resources  Help raise awareness  Increase online resources  Retirement Planning Seminar  NS4RW…

– WASHINGTON STATE – Retirement Readiness Discover the Smart, Easy Way to Save.

– WASHINGTON STATE – Retirement Readiness Discover the Smart, Easy Way to Save. Questions?