Employees’ ING and ICMA deferred compensation investments will be transferred Sept. 4
As a result of a May 11 City Council action, the structure of the City’s deferred compensation plan changes Sept. 4 when the City completes the transition from three provider options to a single provider — the Minnesota Deferred Compensation Plan (MNDCP).
Employees who have ING and ICMA deferred compensation plan accounts will have their funds automatically transferred to similar investment options within MNDCP over the Labor Day weekend. Here are some key activities that will occur during the next week.
Passwords mailed. MNDCP is mailing new temporary passwords to ING and ICMA participants this week. This password is for use the first time a participant logs onto the MNDCP account or uses the automated voice response system.
Aug. 31 - Transfer of account balances begins. ING and ICMA plan account balances will be valued and all investment options sold at the close of the market (3 p.m. Central time) Aug. 31.
Sept. 4 - Transfer of account balances ends. Proceeds from the sale of ING and ICMA plan account balances will be reinvested in the MNDCP investment options at the closing price on Sept. 4.
Sept. 5 - Transition period ends. ING and ICMA plan accounts are transferred to MNDCP investment options and participants have full access to their MNDCP accounts at www.msrs.state.mn.us or 1-800-657-5757, option 3.
About the Minnesota Deferred Compensation Plan
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.
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.
The administrators of the MNDCP have a strong reputation for consistently demonstrating a high level of quality and service to Minnesota public employees.
Please check the City’s benefits website.
Published Aug. 29, 2012