City of Morgantown A Program Sponsored by the Office of State Treasurer John D. Perdue

WV Retirement Plus Summary  Supplemental retirement plan for public employees  Similar to a 401(k) plan in structure  ING services the Plan  Administered by State Treasurer’s Office West Virginia Retirement Plus Plan 1

2 WV Retirement Plus Mission Provide our Participants with a deferred compensation plan that offers attractive, high performing, low cost investment options coupled with comprehensive financial education programs needed to help them gain financial security at retirement.

West Virginia Retirement Plus Plan 3 Plan Statistics *  Total participants – 12,500+  Total assets - $120 Million+  Investments – 25 Fund Choices * All Plan statistics provided by ING Financial Services as of 2/28/12

West Virginia Retirement Plus Plan 4 Overall Objectives  Increasing participation and contribution rates  Striving for ongoing improvements  Opening the Plan to other entities

West Virginia Retirement Plus Plan 5 Areas of Opportunity  Many public employees have no retirement savings  Few young workers are preparing for retirement  Workforce with minimal financial education

Sources of Retirement Income 6 20 % Source: Social Security Administration, AARP Data Digest, November 2004 Persons 65+, income $50,000 to $75, % 60 % 20 % Social Security Personal Savings Pension payments

West Virginia Retirement Plus Plan 7 Benefits for City and Town Employees  Supplement public pension & Social Security  Pre-tax investment return compounding  Financial education and retirement planning

West Virginia Retirement Plus Plan 8 Benefits Continued….  Federal tax credits  Lowers taxable income  WV reps to service participants

West Virginia Retirement Plus Plan 9 Advantages For Cities and Towns  Treasurer’s Office administers Plan at no cost  Easy to join by completing adoption forms  Employer has access to quality investment menu  Opportunity to attract and retain good employees

West Virginia Retirement Plus Plan 10 What makes our 457 Plan Different?  Economies of scale allows for:  Quality investments with competitive fees  Quarterly investment consultant review  Lessens administrative burden on city  Assistance implementing employer matching plan

Success at the County Level West Virginia Retirement Plus Plan 11

West Virginia Retirement Plus Plan 12 County Members  Berkeley  Boone  Braxton  Brooke  Cabell  Calhoun  Clay  Doddridge  Fayette  Gilmer  Grant  Greenbrier  Hampshire  Hancock  Hardy  Harrison  Jackson  Jefferson  Kanawha  Lewis  Lincoln  Logan  Marion  Marshall  Mason  McDowell  Mercer  Mingo  Monroe  Morgan  Nicholas  Pendleton  Pocahontas  Preston  Raleigh  Randolph  Ritchie  Roane  Summers  Tucker  Tyler  Upshur  Wayne  Webster  Wetzel  Wood  Wyoming

Success in Cities and Towns West Virginia Retirement Plus Plan 13

West Virginia Retirement Plus Plan 14 Municipality Members  Ansted  Barboursville  Beckley  Benwood  Berkeley Springs  Bridgeport  Chapmanville  Charles Town  Chesapeake  Danville  Dunbar  Eleanor  Elkins  Fayetteville  Fort Gay  Franklin  Glasgow  Hinton  Huntington  Hurricane  Kenova  Keyser  Lewisburg  Logan  Mason  Mitchell Heights  Montgomery  Moorefield  Moundsville  New Haven  New Martinsville  Nitro  Oak Hill  Parsons  Point Pleasant  Ridgeley  Ripley  Romney  South Charleston  Sylvester  St. Albans  St. Mary’s  Wardensville  Wayne  Weirton  White Hall

West Virginia Retirement Plus Plan 15 Other Participating Entities  Benedum Airport Authority  Berkeley County Board of Ed.  Boone County Board of Ed.  Brooke County BOH  Cabell-Huntington Health Dept.  Central WV Regional Airport  Clay County Board of Education  Greenbrier County PSD  Green Valley-Glenwood PSD  Hancock Health Department  Hardy County PSD  Hatfield McCoy Rec. Authority  Jefferson County PSD  Jefferson County Board of Ed.  Kan. Charleston Health Dept.  Kanawha County 911  Kan. County Ambulance Auth.  Lubeck PSD  Marion County Health Dept.  Mercer County BOE  Mercer County 911  Mid-Ohio Valley BOH  Mineral Wells PSD  Morgantown Economic Partnership  Putnam County EDA  Raleigh County BOE  Randolph-Elkins Health Dept.  Region VII Planning Comm.  Salt Rock PSD  South Charleston Sanitary Bd.  Summit Park PSD  Tri-State Airport Authority  Warm Springs PSD  WV Housing Dev. Fund  Wyoming County Board of Education

West Virginia Retirement Plus Plan 16 Future Success = Partnerships Treasurer’s Office must partner with City Officials:  Mayors and Council Members  City Managers and Recorders  Human Resource & Payroll Coordinators

West Virginia Retirement Plus Plan 17 For More Information Visit   Plan History  Investment Information  Local Government Section

Questions??? John Fisher, Deputy Treasurer Office of the State Treasurer WV Retirement Plus Phone: West Virginia Retirement Plus Plan 18