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Ohio Deferred Compensation (Ohio DC) is a smart business choice for Ohio public employers and supports a strong employee benefit package. Adopting Ohio DC will provide your employees with a supplemental retirement plan to complement their pension benefit. Ohio DC offers participants educational resources, a wide range of investment choices, flexible saving and withdrawal options, and the ability to transfer their accounts when changing jobs within the public sector. Offering Ohio DC in lieu of another employer-sponsored plan has several advantages for employers and employees.
Ohio DC offers pre-tax and post-tax (Roth 457(b) option) accounts for your employees. An employer must determine whether eligible employees will be permitted to make (i) pre-tax deferrals only or (ii) pre-tax deferrals and Roth contributions.
An employer's governing body must enact a resolution to adopt Ohio DC and execute the Adoption Agreement.
If you are an employer who has already adopted Ohio DC and would like to offer the Roth 457 option, execute a new Employer Adoption Agreement Exhibit B, Payroll/Administrative Procedures.
Please email us at Ohio457@Nationwide.com, with any questions about adopting Ohio DC.
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