 |
This edition of "Getting There" provides you with the latest information on the State of Connecticut's Deferred Compensation Plan - including recent developments in the plan's available investment options, how to obtain a copy of the State's new brochure on the plan and tips on saving for retirement. |  |
We're pleased to announce that effective July 1, 1999, Phoenix Investment Partners, an indirect subsidiary of Phoenix Home Life Mutual Insurance Company (Phoenix), will offer fourteen new mutual funds to invest in. Just like the options offered by the plan's other financial services organizations, these funds offer a broad range of investment opportunities that should fit your lifestyle needs.
If you are a plan participant with money in Phoenix, you will receive information about these new funds and other transitions issues in the mail. Otherwise, you can call the new Phoenix Investment Partners Customer Service phone number at 1 (800) 243-1574 to request material.
We are currently updating historical rates of return for each available investment option. This information will appear in the next edition of the Investment Fund Performance & Operating Costs Summary and will be distributed with a future paycheck.
Have you read the latest brochure about the plan?
Recently, the State produced a new brochure about the Deferred Compensation Plan - Getting from Here to There. It was developed to help you get the most out of the plan. For instance, it:
describes how the plan works,
offers tips on developing an investment strategy, and
provides general guidelines about investing.
If you attended a State-sponsored investor education meeting last fall, you should have received a copy at the presentation. Otherwise, simply contact your local agency's personnel office to obtain a copy of this 28-page guide.
Can Go a Long Way
So, you want financial security during your retirement, but you don't know how you're going to get there. Well, saving through the State's Deferred Compensation Plan is an excellent start!
It doesn't matter if you can only save a little. What's important is that you begin saving on a regular basis. By saving as little as $1.65 a day (or about $50 a month), you can start building an impressive nest egg over the long-term. That's because when you save in the plan, your dollars grow as a result of compounding. With compounding, as you reinvest your earnings, they earn additional earnings. And, your account grows tax free because you don't pay taxes on your contributions or any of your earnings until you receive a distribution from the plan.
The following example shows how saving just a few dollars today could make a big difference tomorrow.
Your Account Balance*
* Assume that your plan investments earn 7% a year. In addition, these numbers are for illustrative purposes only and do not represent a promise of future benefits
Back to State Employees and Retirees Benefits Information
Back to Comptroller's Home Page