Planning for retirement is especially important to all of us, whether you’re retiring in a few years or in the distant future. You can consider your retirement goals, review your portfolio and contributions if you participate in one of the state’s defined contribution plans, or enroll in a plan if you have not yet done so.
NEW: ONLINE ENROLLMENT AND CONTRIBUTION CHANGES:
We now have the flexibility of online enrollment and contribution changes to the 457 Plan – eliminating the need to download a paper form, find a stamp and send it to Voya by mail (paper forms are still available for those who prefer it).
FOR NEW ENROLLEES:
We encourage all employees to at least review their options. Right now, only 60 percent of eligible state employees are participating in the state’s Deferred Compensation Plan, and only 53 percent of eligible state employees are participating in the 403(b) Plan.
For new 457 Plan participants, online enrollment is simple. Go to our dedicated website www.ctdcp.com and select “Plan Information.” Follow the instructions under the tab – “How to Enroll.” You can select your investments yourself or choose the Morningstar Model Portfolios, created exclusively for our participants.
FOR THOSE ALREADY ENROLLED:
For current members, increasing contributions by just another $20 a month could boost your total savings by $9,068.771 over 20 years! Go to the Account Login on www.ctdcp.com , and log into your personal account to increase your contribution today.
Individuals electing the Age 50+ Catch-up option for the first time must complete a paper Participation Agreement form to select a Normal Retirement Age. Elections for the Special 3-year Catch-up must also be made using the paper Participation Agreement.
FOR MORE INFORMATION:
Please call 800-784-6386 (option#4) to schedule a one-on-one meeting with a Voya advisor.
1Assumes a hypothetical 6% rate of return compounded monthly and is not a guarantee of these results.
For more information, contact: Susan Matthews at susan.matthews@uconn.edu