The West Virginia Municipal League provides a wide range of programs and services to strengthen the ability of city officials to serve their communities. Many of the programs are supported by WVML dues revenue and are made available to city officials at no cost. Do you have an idea for a service that would be beneficial to yours and other West Virginia cities?

wv457.jpgWest Virginia Retirement Plus is a 457 deferred compensation plan that municipalities can offer to their employees.  It is designed to supplement an employee’s pension, Social Security and other personal retirement savings, and it helps to complete a full circle of retirement planning.  This Plan is officially sponsored by the West Virginia Municipal League and is administered by the office of State Treasurer John D. Perdue.

Overview
How does West Virginia Retirement Plus work?
• Employees decide, within certain Internal Revenue Code (IRC) limits how much to contribute.
• Contributions are conveniently deducted from their paychecks.
• Employees can participate for as little as $10 per pay period and choose their own investments.
• Contributions and any accumulated earnings are not taxed until withdrawn.
• Employees can change or discontinue their contribution amounts at any time.

What are the advantages for municipalities?
• The West Virginia State Treasurer’s Office administers the plan at no cost.
• Access to a quality investment menu with competitive fees; many times, the fees are lower.
• It’s easy to join by completing simple adoption agreements.
• An added benefit which affords local governments the opportunity to attract and retain good employees.
• ING Financial Advisers provides investment and record keeping services.

How does participation benefit city employees?

The Plan offers several important benefits:
• Supplements pensions and Social Security.
• A menu of 24 investment options from respected fund families.
• Local ING representatives to service participants.
• Financial education and retirement planning.
• Federal tax credits for certain income levels.
• Lowers taxable income.
• Employees who leave public service prior to age 59 ½ can withdraw funds without penalty.

Membership

West Virginia Retirement Plus is open to all public employees in the state.Since Treasurer Perdue’s Office became the administrator of the program in July of 2006, total employee enrollment has grown substantially, from 5,000 to more than 13,500 participants. Total assets have risen from $68 million to $140 million and nearly 200 political subdivisions have joined.

To date, nearly 70 cities and towns across the state have elected to participate in West Virginia Retirement Plus.  Some of Municipalities that have joined are Barboursville, Beckley, Bluefield, Bridgeport, Charles Town, Dunbar, Fayetteville, Franklin, Hinton, Huntington, Hurricane, Lewisburg, Logan, Mason, Morgantown, Moundsville, Nitro, Oak Hill, Ridgeley, Ripley, Romney, Saint Albans, Saint Mary’s, South Charleston, Wayne and White Hall.  Learn more at www.WV457.com.

 


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West Virginia Municipal League - 2020 Kanawha Blvd, Charleston, WV, 25311 | 304-342-5564 | website by brickswithoutstraw

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