|
Are your employees who participate in Deferred Comp aware of the benefits they have as participants? One of the greatest benefits is access to licensed, local advisors. That’s right, Deferred Comp’s retirement plan advisors (RPAs) are licensed investment advisor representatives who can help your employees navigate their journey to and through retirement. RPAs will help them understand the savings options available through Deferred Comp and provide recommendations based on their unique circumstances. RPAs are salaried employees who are not paid on commission, and they are available to meet with participants at no cost.
Local RPAs conduct retirement awareness reviews, which include:
- Providing a personalized retirement planning strategy that incorporates other retirement income sources, such as SCRS, State ORP, IRAs, Social Security and other retirement accounts;
- Explaining the difference between pre-tax and Roth contribution options for the 401(k) and 457 plans;
- Discussing how saving and investing strategies align with their goals and running simulations to see if they are on track to meet those goals;
- Offering advice in the best interest of the participant;
- Planning how to spend down retirement income when it’s time to start taking withdrawals; and
- Serving as an ongoing resource to and through retirement.
If participants remain in Deferred Comp, they continue to have access to RPAs, even after retiring or leaving covered employment.
Help your employees prepare for their future by sharing this information with them. Additionally, encourage them to set up a meeting with an RPA by visiting south-carolina-campaign.empowermytime.com. For employees who are not currently participating but are interested in learning more about Deferred Comp, encourage them to visit the Deferred Comp website at southcarolinadcp.com and select Program resources to find a library of information.
| 
