Nationwide is an approved provider for the County’s deferred compensation plan and as such, provides the opportunity for the Board’s employees to contribute to long-term savings on a pre-tax basis. Nationwide has evaluated its product offerings and have recognized a need to change the Guaranteed Minimum Interest Rate (GMIR) of the fixed annuity contract available on our plan.
As part of the change, Clay County Board of County Commissioners select between three options.
Option 1:
Provides a "step down" of the GMIR from 2019 through 2021. The plan continues to pay a competitive market rate.
Option 2:
Provides for the same "step down" of the GMIR through 2021 and increases the maximum a participant can exchange and transfer from the fixed account from 20% to 40%.
Option 3:
Default option if no selection is made and it allows for existing balances in the fixed account to be maintained. However, no new contributions will be accepted into the current fixed account and will directed to age target funds.