By Peter Hill, Vision Financial
City of Des Moines Employees & Retirees,
You have received recent communication from city hall that the city has chosen Nationwide to be the single provider to administer its 457(b) and 401(a) deferred compensation plans. I’m sure you have many questions such as:
- Does this impact me since I am retired? YES
- Can I leave my money where it is and just change future contributions? NO
- Can I continue to use my current advisor even though the plan will move to Nationwide? NO
- Can I opt out of this since the 457(b) contributions are mine? NO
- Will there be any cost or fees to move the money to Nationwide? NO
- Do I have to sign anything for this to happen? NO
- How does Nationwide know how to invest the money? Money will be placed into a Target Date Fund that is nearest your 65th birthday – after a short time you will be able to re-direct if you wish.
- How can the city do this? They own the plan
- What can I do going forward? Talk to your advisor or Nationwide
Sometime in early 2017, all money from existing City of Des Moines deferred compensation plans will be moved to Nationwide’s 457(b) and 401(a) plans. I’m sure you will want to discuss this with your existing financial advisor and I encourage you to do so. If you don’t have an advisor that you are working with or you want further advice and guidance, you can contact JD or I at the Des Moines Police Officers’ Credit Union.
We have been holding regular office hours since 9/1/16, and we can meet you here or our other office in Des Moines.
We are at the Credit Union on:
Tuesdays from 11:00am – 3:00pm
Thursdays from 8:00am – 12:00pm
Fridays from 8:00am – 12:00pm
You can call the credit union to schedule a time to visit with us at 515-243-2677 or our office at 6000 Grand Ave, Ste. V, Des Moines, at 515-243-2222. Or, you can email either office at: firstname.lastname@example.org or email@example.com.
You can check us out on the credit union’s website under the “What We Offer” tab and scroll down to Financial Center or click here: https://www.servecu.org/what-we-offer-2/financial-center/.
Look forward to visiting with you!
Peter Hill, Financial Advisor
Securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC)
Vision Financial Group is not a subsidiary of, nor controlled by Voya Financial Advisors. Des Moines Police Officers’ Credit Union is not affiliated with Voya Financial Advisors.
Investments are not NCUSIF Insured; are not deposits or other obligations of the financial institution; not guaranteed by the financial institutions; are subject to investment risks, including possible loss of the principal invested.