Meetings will help employees prepare for deferred compensation plan transition

A series of meetings is being offered to help employees prepare for the City’s transition from three deferred compensation providers to a single provider plan.

The decision to move to single provider — the Minnesota Deferred Compensation Plan — was approved by the City Council in May. As part of the transition, ING and ICMA retirement plan accounts will automatically transfer to the Minnesota Deferred Compensation Plan after the close of business Sept. 4, 2012. The decision to transition to the Minnesota Deferred Compensation Plan (MNDCP) was made to reduce the City’s need to provide costly plan administration and investment oversight while providing City employees with lower investment fee options.

Investment transition meetings

Employees who have investments in ING or ICMA are invited to attend one of these meeting to learn more about the transition process and their investment options within MNDCP. The MNDCP offers 11 standard investment options, 11 target retirement date funds and a brokerage window offering participants access to more than 13,000 different mutual funds.

Emergency Operations Training Facility, 25 – 37th Ave. N.E.
Wednesday, Aug. 1
2 – 3 p.m.

City of Lakes, 309 2nd Ave. S. (Room 101)
Thursday, Aug. 2
9 – 10 a.m.

Public Works/Equipment Services, 1200 Currie Ave. N. (Training Room)
Thursday, Aug. 2
3 – 4 p.m.

City Hall, 350 S. 5th St. (Room 132)
Friday, Aug. 3
1:30 – 2:30 p.m.

Park Board, 2117 West River Road (Board Room)
Monday, Aug. 6
4 – 5 p.m.

Public Works/Equipment Services, 1200 Currie Ave. N. (Training Room)
Tuesday, Aug. 7
7 – 8 a.m.

City Hall, 350 S. 5th St. (Room 132)
Tuesday, Aug. 7
2 – 3 p.m.

Hiawatha Public Works Facility, 1901 E. 26th St. (2nd floor)
Wednesday, Aug. 9
7 – 8 a.m.

Royalston, 661 5th Ave. N.
Thursday, Aug. 9
7 – 8 a.m.

Crown Roller, 105 5th Ave. N. (Conference Room 3)
Thursday, Aug. 9
10 - 11 a.m.

City Hall, 350 S. 5th St. (Room 132)
Thursday, Aug. 10
6:30 – 7:30 p.m.

Park Board, 2117 West River Road (Board Room)
Friday, Aug. 10
11 a.m. - noon

City of Lakes, 309 2nd Ave. S. (Room 101)
Monday, Aug. 13
2 – 3 p.m.

Additional meetings may be scheduled if needed to accommodate shift schedules. 

About the Minnesota Deferred Compensation Plan

The MNDCP is administered by the Minnesota State Retirement System. The MNDCP has been in existence for more than 35 years, has more than $4 billion in assets and serves more than 600 Minnesota public employers. The MNDCP has been a part of the City of Minneapolis’ deferred compensation plan since 1975.

Although it can be difficult for investors to understand the fees charged for their ING and ICMA investments, the MNDCP fully discloses all its fees to participants. Additionally, the MNDCP’s plan administrators are public employees who receive no commission or incentives for selling additional products. The administrators of the MNDCP have a strong reputation for consistently demonstrating a high level of quality and service to Minnesota public employees.

More information

Please check the City’s benefits website.

Published Jul 31, 2012