How it Works.
An important benefit for newly hired full-time employees of the State of Ohio is the opportunity to save for retirement with Ohio Deferred Compensation (Ohio DC). Through the automatic enrollment feature, all new, full-time employees hired by the State of Ohio will be enrolled in Ohio DC.
Automatic enrollment helps participants save for a secure retirement and with annual increases it can be a powerful way to increase retirement plan savings.
Once your agency has implemented automatic enrollment, your newly hired employees do not have to do anything to begin saving.
About Ohio DC
Ohio DC is an employer-sponsored supplemental 457(b) retirement plan offered exclusively to all Ohio public employees. Retirement savings have been Ohio DC’s only responsibility since 1976. Our mission is to “Guide participants along the path to retirement income security.”
Automatic Enrollment Notice
Once hired your employees will be automatically enrolled in the Ohio DC plan, unless within 90-days of receiving an automatic enrollment letter they:
Newly hired employees will be mailed an automatic enrollment letter with detailed information including the pay date of their first contribution and the deadline to decline automatic enrollment.
After new hires are automatically enrolled, they can change their contribution amount, automatic increase amount, investment options, and designate their beneficiaries, at any time.
Your employee’s contributions will be invested in a LifePath Portfolio* closest to the year they turn age 65.
Initial Contribution and Automatic Increase
New hires will be enrolled with a pre-tax contribution amount of $25 (biweekly) or $50 (monthly) per paycheck. Annually in July, their contribution amount will automatically increase by $30 (biweekly) or $60 (monthly) per paycheck, as part of the SMarT Plan (Save More Tomorrow).
By visiting Ohio457.org and clicking on “Enroll” new hires can:
Financial Wellness Program
As an Ohio DC participant, they will have access to the Enrich financial wellness program that will provide access to a wide array of personalized tools designed to boost their financial wellness.
Declining Automatic Enrollment
New hires may decline automatic enrollment by emailing Ohio DC at Ohio457@Nationwide.com prior to their account being established. New hires who choose to decline automatic enrollment should include their full name and home address in the body of the email.
*The LifePath Portfolio automatically adjusts its asset allocation as the target year approaches by investing more conservatively over time. LifePath reduces investment in stocks and increases investment in bonds and cash over time. The LifePath Portfolios are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Like other funds, LifePath Port-folios are subject to market risk and loss. Loss of principal can occur at any time, including before, at, or after the target year. There is no guarantee that LifePath Portfolios will provide enough income for retirement.There's much to see here. So, take your time, look around, and learn all there is to know about us. We hope you enjoy our site and take a moment to drop us a line.
If you are an Ohio DC Participant seeking to access your account please click on the "Participant Website" link below. Employers can close this popup to continue.