Nationwide Retirement Solutions (NRS) Retirement Plan Description

• Introduction
• Plan Administration
• Plan Design
• Types of Contributions
• Withholdings
• Eligibility
• New Staff
• Vesting
• Contacting Nationwide Retirement Solutions

Introduction
The MU Extension County Office Secretary Retirement Plan is the result of several years of effort by Individuals, County Extension Councils, county commissions, the State Extension Council, the University of Missouri and the Missouri General Assembly. The plan has been designed to be a portion of an individual’s long-term financial plan and encourages secretaries to plan extended careers with Extension. Plan participation is optional.

For those who choose to participate, the plan allows a monthly payroll deduction for secretaries and provides for contribution by Extension, as well as allowing for voluntary County Extension Council contributions. Plan flexibility allows each individual to select from an array of investment options, and to change those selections over time.

Plan Administration
Nationwide Retirement Solutions (NRS) administers the County Secretary Retirement Plan. NRS provides retirement plans for governmental entities statewide and nationally. NRS has representatives located throughout the state and is available by telephone, e-mail and the web. See contact information. Quarterly retirement account status reports will be provided to each plan participant.

Plan Design
The retirement plan has two components, a 457 and a 401(a) account (457 and 401(a) are IRS designations for the types of retirement investment accounts). The 457 account is used for employee contributions (deferred pay) via pre-tax withholding. Thus, no federal or state taxes are withheld on the employee contribution, however Social Security and Medicare taxes are withheld. Effective January 1, 2003, all contributions to the 457 fund are at the discretion of the employee.  The 401(a) account is used for MU Extension contributions and any voluntary County Extension Council contributions. Federal, state, Social Security or Medicare taxes will not be withheld from 401(a) funds, as they will not be processed through the employees payroll.

The same investment options are available for both parts of the program.

Types of Contributions
The secretary may make voluntary contributions.  These funds are deposited under tax code 457.

MU Extension will contribute a percentage of the monthly rate of pay to each individual’s 401a account. Effective January 1, 2011, the MU Extension contribution will change to a tiered contribution:

• A 3% contribution to all eligible, enrolled secretaries
• An additional contribution of 2% to participant's retirement plan for employees who contribute a minimum of $25 to the 457 plan (receipt deadline is the 20th of the month)
• The maximum MU Extension contribution will not exceed 5%

The monthly rate of pay amount is based on the salary figures verified once a year by the County Extension Council.  Any changes in salary after verification will not effect the Extension contribution until the next verification period.

Each year the County Extension Council must verify the annual pay rate for plan participants by March 15. (Annual verification form is available through the Courtesy Appointment Portal, Edit Your CAR application.)  If salary information is not received by March 15, it will take effect the month following its receipt.

County Extension Councils may make voluntarily contributions to the individual’s 401a accounts. As these are direct contributions and not considered withheld or deferred pay, there is no payment of Federal or State income taxes, Social Security or Medicare tax.

Withholdings
County Extension Councils must submit employee contributions via payroll withholding (deferred pay) and any voluntary contributions monthly to MU Extension. These funds and Extension contributions to each individual’s account will be paid by Extension to the plan administrator, Nationwide Retirement Solutions. Contributions should be accompanied by a Remittance Form.

On the remittance form, indicate if the funds submitted are to be deposited to the employee's tax-deferred 457 plan, or to MU Extension/County Extension Council 401a Plan.

Deposits are made monthly to NRS. Funds received by Extension before the 20th of the month will be deposited with that month’s funds. Secretary funds (457 contributions) must be received by the 20th of each month to receive the additional 2% Extension contribution (there will be no retro-active adjustments).  When checking your balance with NRS, remember that funds received after the 20th of the month will not show up until the following month’s transmission.

Eligibility
All County Extension Council county office secretaries regularly scheduled to work at least ¾ time (.75 FTE or 30 hours per week) are eligible for participation in the retirement plan. A Verification Form must be submitted upon first employment and then yearly for each eligible secretary. This information is necessary to accurately calculate the amount of the monthly Extension contribution. The verification form must be completed and certified before Extension contributions can begin.

Eligibility of split-funded secretarial positions: When a position is not funded completely as a county office secretary, it is necessary to determine whether the individual is eligible for the Extension County Secretary Retirement Plan. To determine eligibility, the county program director and County Extension Council should consider the following:

• The individual is regularly scheduled to work at least .75 FTE (30 hours per week).
• The individual is employed primarily as a county office secretary.
• The secretary would continue to be employed at least .75 FTE if a special funding source ended.

Situations also may exist in which a secretary is funded partially by the University and partially by the County Extension Council. If the combined funding supports at least a .75 FTE position, the secretary is eligible for the Extension-sponsored retirement plan. Both positions must be funded as secretarial positions.

Eligibility of secretaries in part-time offices: Regardless of the county office's hours of operation, a secretary must work a minimum of 30 hours per week to be eligible for the Extension retirement plan.

Duplication of retirement plans: The Extension County Secretary Retirement Plan is not intended to duplicate other public fund supported retirement plans. Where a County Extension Council has made prior arrangements for secretaries to be payrolled by the county commission, allowing participation in a county retirement plan, such as LAGERS or CERF, the secretaries cannot participate in the Extension retirement plan. This does not include private plans established by the extension council.

Private retirement plans currently in force: Where County Extension Councils have arranged for secretaries to participate in a private retirement savings plans, such as Forest T. Jones Co., it is a County Extension Council's determination if participation in such plans will continue. It may be possible for funds in such plans to be rolled over to the NRS plan if it appears this is in the best interest of the secretary.

University contract employees: For county secretaries that are employed under contract with the University, a subsidy for the Extension contributions is applied to monthly invoices for salary and benefits of those secretaries. They are not eligible to participate in the Extension-sponsored plan. When these employees leave Extension, their replacements will be hired as County Extension Council employees and be eligible for the county secretary benefit plans offered through MU Extension.

New Staff
New secretaries may enroll in the MU Extension retirement plan at any time by submitting the New Secretary Verification Form, completing the NRS enrollment process. 

Vesting
The MU Extension County Office Secretary Retirement Plan has a one-year vesting requirement.  Vesting creates ownership rights to the individual's 401(a) plan account.  To become vested, a secretary is required to enroll in the plan by submitting a completed NRS form to the MU Extension Benefits office, and complete one year of service with an FTE of 75% or more.  Employment time at less than the 75% FTE minimum will not county toward the one year vesting requirement.  Breaks in service of 30 days or more will require that a new vesting period be satisfied. 

For all county secretaries hired after 12/31/2005, MU Extension will begin making contributions to the eligible individual's plan at the point that they meet vesting requirements.   No retro-active University contributions will be made for the vesting period for any eligible service that begins after 12/31/2005. If a secretary leaves County Extension Council employment prior to vesting, the individual's contributions to the 457 plan will be available for distribution to the individual from the plan administration, Nationwide Retirement Solutions.

Contacting Nationwide Retirement Solutions (NRS)

Nationwide Retirement Solutions may be contacted by:

• Direct Access by phone at 1-877-NRS-FORU (1-877-677-3678).

  For retirement planning questions, ask to speak to a Direct Retirement Specialist ( 7 a.m.-8 p.m. Monday-Thursday and 7 a.m.-6 p.m. Friday).

  For administrative questions, ask to speak with a Customer Service Representative ( 7 a.m.-7 p.m. Monday-Friday).

  Automated Services are available at any time.

• Internet services are available from the Nationwide Retirement Solutions website. Follow the instructions to "Access My Account." First-time users will be asked to sign up for a personal identification number to access account information. Individuals may use the website to access account balances and make on-line transactions.

Questions about the MU Extension County Secretary Retirement Plan should be directed to Tamra Robbins Phone: 573-882-7755.