MissionSquare Retirement

 

Mission Square (Formerly ICMA-RC)

Mission Square 457 Deferred Compensation Plan (Formerly ICMA-RC)

In Mission Square, you have the option of participating in the program on both a prior-tax basis as well as an after-tax basis.

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457 Plan Number 302806

4.57 Deferred compensation program managed through Mission Square is a defined contribution plan, and it is similar to the 401(k) program. Participation is not required and you are able to change the amount of your contributions at any point. Both Part-time and Full-time employees are eligible to join the deferred compensation program.

When you join Mission Square, you have online access to your account at all times. With online access, you can change your deferral/contribution amount, change your investment options, change your beneficiary, and view account balances. Make the changes to your 457 deferral online. Check out the 457 step-by-step instructions in the form section below.

You decide how much you'd like to pay per paycheck to the pension plan and whether you want to contribute on a pre-tax and after-tax basis. You select the investment options you want to contribute. If an investment choice has not been made your contribution will be deposited in the default investment choice, which is one of the TIAA-CREF lifecycle funds that are based on age. The Lifecycle funds come with an investment plan that can be modified when you reach retirement the age of retirement.

To begin you must refer to the step-by-step 457 guide below to create your online account and start making contributions. Make sure that if you fail to make investment selections , your contributions will be deposited in the default TIAA-CREF Lifecycle fund.

MissionSquare Retirement is a non-profit and independent financial services corporation that focuses on offering retirement plans and other related services to more than 1 million public sector participants accounts.

Established in 1972, MissionSquare's purpose is to assist public sector workers create retirement security. MissionSquare Retirement's mission can be fulfilled via its RealizeRetirement(r) strategy, where MissionSquare Retirement representatives actively engage the participants in their retirement plans as they help them build an wealth base, and aid to achieve their retirement objectives through an integrated retirement strategy.

We've been working with those who give back to their communities for over 50 years and we believe we're better than anybody else because that's the primary focus of what we do . We aid public sector workers in building retirement security.

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Commitment to the Public Sector

More than $950,000 in scholarships for children and spouses of public employees who have died.

MissionSquare Retirement and its associates have a passion for serving the people who are serving our communities, and our support extends beyond our customers to include the communities within which we work. As a top provider of pension plans for the public sector as well as related services, we recognize how important it is to provide the most efficient tools and resources to our customers. Since 2010 MissionSquare Retirement, in partnership with our clients, has won over 100 accolades and accolades for our education and communications programs.

The year 2001 was the time we created in 2001 the MissionSquare Retirement Public Employee Memorial Scholarship Fund (MissionSquare Retirement Memorial Scholarship Fund) in honor of public employees from state and local governments who died in the service of their communities. 

Since its inception it has awarded scholarships to more than 250 people. MissionSquare Retirement Memorial Scholarship Fund has given out more than $950,000 of scholarships to over 250 spouses and children of deceased public employees.

In 2007 MissionSquare Retirement established the Center for State and Local Government Excellence was created to be an aid for state and local authorities to draw and retain the top workforce.

Alongside our long-standing relationship in the National League of Cities, we also collaborate with several public sector-focused groups such as those of the International City/County Management Association, Government Finance Officers Association, National Association of County Administrators and The International Hispanic Network and the National Forum for Black Public Administrators.SLGE and the ICMA-RC released the results of the latest survey.

which found that almost fifty percent of local and state employees support auto-enrollment in the defined-contribution plans also known informally as Supplemental Retirement Plans (SRPs) and 77 percent of respondents would choose to remain in the plan that is auto-enrolled. Only a handful of states offer auto-enrollment to SRPs, a retirement planning option that is readily available for private-sector employees.

The study also shows that for those who want to remain in the plan with higher default deferral rate will result in participants settling for the higher rate of contribution.

These findings are outlined in a new study carried out by SLGE as well as Greenwald & Associates, Nudging Deferral Rates in the Public Sector Extra Retirement Programs by SLGE and the ICMA-RC.

The survey examines public employees' views on auto-enrollment into SRPs as well as the effect of the different default deferral rate on the probability of an employee to remain in the plan. It also analyzes the mindsets and behavior of employees in the public sector regarding the retirement plan, progress towards financial security, as well as the factors that influence their participation in the plan.

"The findings are critically important given that the responsibility of saving for retirement in the public sector is shifting from the employer to the employee in many jurisdictions," said Rivka Liss-Levinson, Ph.D., SLGE director of research and report's author. 

"The finding that the group presented with a default rate of 7 percent decided to go with a much higher percentage than those with a default of one percent rate is significant. It suggests employers, pension plan companies and policymakers must consider the impact of small adjustments like altering the default rate for auto-enrollment within an SRP can overcome inertia, and thus impact the ability of employees to save to fund their retiring," she explained.

"ICMA-RC is pleased to partner with the Center for State and Local Government Excellence on this important study examining retirement preferences in the public sector," said Angela Montez the director of the office, senior vice president, and chief legal officer of the ICMA-RC. "Retirement savings plans complement traditional government defined benefit plans and auto enrollment makes supplemental plans stronger, thereby enhancing state and local government employees' ability to build retirement security."