FAQs
Question :
How do I enroll in the plan?
Answer :
Visit the nevada.beready2retire.com home page and click the Enroll in link that applies to your specific employment. Once you enroll online, you MUST complete a Payroll Contribution Form for a new payroll deduction and return it to the NDC Administrative Office for processing to complete the enrollment process.
Question :
How quickly can I get my money when I make requests for withdrawals and distributions?
Answer :
Generally, checks are mailed first class from Boston within 3 business days of receiving your signed forms and documents.
Question :
Can I cancel a transaction after I receive a confirmation
number?
Answer :
Yes, transactions can be canceled any time before 1:00 p.m. PT on the same day.
Question :
When can I expect my quarterly statements to arrive?
Answer :
Generally, quarterly statements are mailed by the middle of the month after the end of the quarter. Instead of receiving paper statements, you can log into your NDC account and go to My Profile > Communication Preferences to sign up for electronic notification and delivery (“e-Delivery) of quarterly statements and plan information.
Question :
I recently moved. How do I change my address in the Plan?
Answer :
Log into your NDC account and go to Personal Info > Address Information or call the Plan Information Line at (855) GO-RET-NV (467-3868) to update your address of record. Customer Service is available 5:00 a.m. to 6:00 p.m. PT, Monday through Friday (except on stock market holidays).
Question :
What is asset allocation?
Answer :
Asset allocation is a common investment strategy used to control market risk and improve your total return over time by allocating your savings to different asset classes—stocks, bonds, and stable value. A diversified strategy (putting money in many different asset classes) tends to be less risky than putting all your money in one type of investment. You may want to learn more by reviewing the Education and Tools section of this site.
Question :
What is the NDC Information Line?
Answer :
The NDC Plan Information Line is an automated telephone system that lets you perform most account transactions over the phone. When you call (855) GO-RET-NV (467-3868), you are asked to enter your Social Security number and PIN. A recorded voice then guides you through the menus and you can make your selections by pressing the appropriate keys on your telephone keypad.
Question :
How do I contact a Customer Service Associate?
Answer :
If you need help with any plan transaction, you can press ** on your telephone keypad any time during your call to talk with a Customer Service Associate. Customer Service Associates are trained specialists who are knowledgeable about the provisions of the Plan.
Question :
When are transactions effective?
Answer :
Transactions completed before 1:00 p.m. PT are effective the same business day. Transactions completed at or after 1:00 p.m. PT are effective the next business day.
Question :What kind of transactions and Services are available via the telephone?
Answer :You can use the NDC Plan Information Line to:
- Check account balances.
- Check fund performance.
- Transfer balances from one fund to another.
- Change your contribution allocation to different funds
- Change password/Request password reminder.
- Request plan literature.
Question :
How do I use the NDC Plan Information Line?
Answer :
Step 1: From a touch-tone telephone, dial (855) GO-RET-NV (467-3868)
Step 2: Enter your Social Security number.
Step 3: Enter your 8-digit PIN.
Step 4: From the Main Menu, select an appropriate number to perform the function you want.
At any time during your call, you can press:
9 — from any point to exit the Information line
* — from the main menu to reach a Customer Service Associate
* — from any point beyond the Main Menu to return to the main menu
** — from any point beyond the Main Menu to return to a Customer Service Asociate.
Question :What are the tax advantages of contributing to the Plan?
Answer :You pay no current federal income tax on your pre-tax contributions because they are deducted from your gross pay. You will pay tax when you eventually withdraw money from the Plan, but it is possible that you may be in a lower tax bracket when you receive those benefits. Nevada Deferred Compensation and NDC’s contracted recordkeeper, Voya Financial, cannot provide tax or legal advice. Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.
Question :Can I rollover into the Plan?
Answer :Yes. The Plan permits you to rollover benefits from another employer-sponsored eligible retirement plan or traditional IRA. Note that amounts rolled into a governmental 457 plan from another plan type would be subject to the 10% premature distribution penalty tax if distributed prior to age 59 ½ (unless an IRS exception applies). Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.
Question :
When am I subject to taxation?
Answer :
All of the distributions you take from your NDC account are subject to federal and state income taxes. Federal income tax withholding will apply to your distribution based on whether you were eligible to rollover the distribution.
Amounts distributed from the Plan are subject to a 10% premature distribution penalty tax if distributed prior to your attaining age 72. Amounts rolled over from a plan other than a governmental 457 plan will be subject to a 10% premature distribution penalty tax if distributed prior to attaining age 59½, unless an IRS exception applies.
Question :How do I change investments?
Answer :There are two types of changes that you can make to how your account is invested:
- a change in the way future contributions are invested (investment election change)
- a change in the way your current account balance is invested (fund transfer)
There are several ways that you can make an investment election change or a fund transfer from among the investment options in the NDC Plan. You can:
- Call the Plan Information Line at (855) GO-RET-NV (467-3868). Customer Service Associates are available weekdays between 5:00 a.m. – 6:00 p.m. PT, excluding stock market holidays.
- Utilize the interactive voice response (IVR) application, available 24 hours a day by dialing the Plan Information Line.
- Log into your NDC account through nevada.beready2retire.com and going to the Account tab to manage your investments.
Question :
What happens if I don’t designate a Plan beneficiary, or keep information current?
Answer :
If you do not name a beneficiary (or if your beneficiary dies before you), death benefits will be paid to your legal spouse or your estate if you do not have a legal spouse.
Question :
I have recently divorced. How will amounts awarded to my former spouse be taxed?
Answer :
A Qualified Domestic Relations Order (QDRO) is a court order used to divide specific types of retirement plans. A QDRO grants the "alternate payee," your former spouse, the right to a part of the retirement benefits you earned through an employer-sponsored retirement plan. Amounts awarded and paid to a former spouse as a result of a divorce will be taxable to the former spouse.