457(b) Deferred Compensation Retirement Plan
In 2002, OASBO developed a 457(b) Deferred Compensation Retirement Plan and selected ING - now Voya Financial Advisors (Voya) - to be the investment provider for the Plan using an RFP process. In 2017, OASBO restated the plan to add AXA Advisors as an investment provider for the Plan. Participating employers can now choose Voya, AXA or both as investment providers for the Plan.
The intent is to keep every district from having to develop a plan document and having to go through a process to select a provider. The plan is designed to be a high-service model that provides service not only to the district treasurer but also to the individual employees who enroll into the plan.
Employees have many questions regarding retirement and if they are fully prepared to take the leap. They are concerned as to whether their state retirement plan will be enough, should they contribute to a supplemental plan, how do they get started, how do they pick a provider, etc.
Treasurers oftentimes do not want to get involved in individual employee decisions and want to know that there is somewhere to point them for educational information. This is an opportunity to have a place they can go for assistance.
To learn more about OASBO’s dedicated 457(b) plan you can visit Voya and/or AXA’s website by clicking on their respective logos below.
See below for new plan documents and a sample board resolution.
457 Plan Adoption Agreement
457 Plan Model Board Resolution Approving OASBO Section 457 Plan
457 Plan Provider Agreement VOYA and AXA
457 Plan Provider Selection Agreement
457 Plan Provider Agreement Addendum
OASBO 457 Plan Document Restated 2017