Deferred Compensation
The Deferred Compensation Program and the following information is
solely for your convenience and benefit. The City of Mesa does not
endorse or recommend any specific provider(s) or investment option(s) The views and opinions expressed by the providers may not reflect those
of the City of Mesa.
Deferred Comp - RFP Process
The City Manager has approved the recommendation
of the Deferred Compensation Committee to select
Great West Retirement Services as the primary provider
for the City sponsored deferred compensation 457(b)
plan. This recommendation went to Council and
received
final approval on January 7, 2008.
At this time no action is required by
participants. The planned transition of funds to
Great West from the other 4 providers will commence
the later part of April and should be completed the
first part of May 2008. You will be hearing more from the City
and Great West Retirement Services in the near
future.
Recommended
Changes
Frequently
Asked Questions about changes
The City of Mesa’s contract with our five current
providers is set to expire the first quarter of 2008. As a result the
City of Mesa is involved in an RFP process to award
a new deferred compensation contract. This will
result in a change to our current provider line-up.
Participants will receive adequate advance
notification of the awarded provider prior to the
new contract becoming effective. There is no need
for participants to take any action at this time
related to this new contract.
Benefit and Eligibility
All full-time employees are eligible to participate in the City's
Deferred Compensation program. Additionally, participating full-time
employees with a minimum of one year of service are eligible to receive
a City contribution to their deferred compensation account.
Full-time employees who are rehired and
participating are subject to the one-year of service
waiting period from his/her rehire date to become
eligible for the City contribution.
Initiated in January 2002, this benefit provides participating
employees who contribute at least $10 per paycheck to deferred
compensation with a contribution from the City equal to .5% (one-half of
one percent) of the employee's base pay to their deferred compensation
plan.
Updates & Events
Deferred
Comp Loan Freeze. If your deferred
compensation account is with Hartford, ICMA-RC, ING
or VALIC and you plan to take a loan you will need
to do so no later than March 31, 2008 in order to
accommodate the transfer of funds to Great West (GW).
After funds are fully transferred to GW, after May
9, 2008, you will be able
to process a deferred compensation loan.
There will be a "blackout"/"Quiet Period" in
effect on AIG, VALIC, Hartford, ICMA-RC and ING
deferred comp participants from April 22 to May 9,
2008. During this time, transactions will be
restricted.
If your deferred
compensation account is with Hartford, ICMA-RC, ING
or VALIC and you plan to take a loan you will need
to do so no later than March 31, 2008 in order to
accommodate the transfer of funds to Great West
(GW). After funds are fully transferred to GW,
after May 9, 2008, you
will be able to process a deferred compensation
loan.
Great West announces Reality
Investing
Hartford Life's New 20 Transfer
Rule
Meetings
Scott Taylor, the representative for Great West
Retirement Services, will be available on the
following dates and times on the 3rd floor of the
City Plaza Building, 20 E. Main Street. You can
contact Scott at
scott.taylor@gwrs.com
or (480) 921-2885 to schedule an appointment. During
this time you can sign up, make changes or discuss
your options with him. If you would like to meet
with Scott at a different time or date, please
contact him to schedule an appointment.
| Hours: |
8:45 a.m. to 12:15 p.m.
12:45 p.m. to 4:45 p.m.
|
| Dates: |
Monday, May 5, 2008
Thursday, May 15, 2008
Tuesday, May 20, 2008
Thursday, May 29, 2008 |
|
