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DEFERRED
COMPENSATION
At the April meeting of the Deferred Compensation
Board the members of the Board voted to remove all three
State Street Global Advisor Funds (Income and Growth Fund, Balanced Fund and the Growth Fund).
These funds will be replaced by the T. Rowe Price
Target Date Funds.
The reason for the change was due to the
performance of the State Street Funds as well as the
opportunity to bring to the members the new Target Date
Funds. For
those unfamiliar with Target Date Funds, the concept is
based first on projecting your retirement date.
You then can select the fund that corresponds to
your retirement. The
T. Rowe Price Target Date Funds will have target dates
for 2010, 2015, 2020, 2025, 2030, 2035, 2040,
2045 and 2050.
As an example, if you intend to retire in 2025,
you would select the corresponding Target Date fund and
the managers of the fund would manage the underlying
investments with growth bias early on and moving toward
a more conservative basis as the anticipated retirement
date approaches. This
concept removes the onus from the member of having to
adjust their allocations as they move toward retirement.
You will receive a communication from the Nassau
County Deferred Compensation Board prior to these
changes taking effect.
The Board also discussed the section in the
Pension Protection Act as it pertains to retired Public
Safety Officers. This
allows retired members to pay for health insurance or
long term care premiums on a pretax basis directly from
deferred compensation assets.
The payments would be directed to the insurance
company form the Plan and would not be taxable to the
member. The
Board is working with Met Life to ensure that they can
implement this benefit as soon as possible.
SOA
GOLF OUTING
The SOA Golf Outing is scheduled for Monday,
September 15, 2008 on the Green Course at Bethpage State
Park. You
can find the registration form in this issue of the Gold
Shield as well as on the SOA website www.ncpdsoa.com.
THANK
YOU
I want to thank everyone
for your support in the past and your vote of
confidence for the future.
I consider it an honor and privilege to serve the
members of this organization and I will continue to do
my best to represent your interests in the future.
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