Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Retirement Benefits topic
No spam. Unsubscribe anytime.
Board approves adding Nationwide Indexed Principal Protection option to retirement offerings
Summary
Commissioners approved the HR director's application to add a Nationwide Indexed Principal Protection (IPP) product to the county's retirement options, enabling employees to enroll at no cost to the county.
Klamath County commissioners voted April 16 to allow the HR director to sign an application adding the Nationwide Indexed Principal Protection (IPP) product to the county's voluntary retirement options.
HR described the product as a no-cost optional add-on for employees that can function like a certificate: employees may place payroll deferrals into the IPP or roll a lump-sum into it. The product offers a capped interest credit (the board was told the current cap is 10.5%) and requires funds to remain invested for one year to realize the indexed interest gains.
Human Resources said the product is optional for employees and that enrollment materials and contact information will be distributed to eligible staff after the HR director signs the application. Commissioners asked whether the new option would increase HR workload; HR replied that the county's role is limited to notifying employees and distributing brochures, and vendor contact information will be provided for enrollment support.
The board voted to authorize the HR director to sign the paperwork and add the IPP option for employees who choose to participate.
