How Does WV Retirement Plus Work?
- Employees decide within certain Internal Revenue Code (IRC) limits
- 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- Contributions and any accumulated earnings are not taxed until withdrawn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 contributions at any time.
What are the advantages for governmental entities?
- The West Virginia State Treasurer’s Office administers the Plan at no cost
- It’s easy to join by completing simple adoption agreements
- Economies of scale allow access to a quality investment menu with competitive fees
- An added benefit which affords local governments the opportunity to attract and retain good employees
- ING Financial Advisors provides investments and record keeping services
How does participation benefit my employees?The Plan offers several important benefits:
- Supplements pension and social security
- A menu of 25 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
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