FOR IMMEDIATE RELEASE

Contact: Laurel Butman, 503-823-6806

News from the Offices of Mayor Sam Adams & Management and Finance

CITY’S DEFERRED COMPENSATION PLAN RECEIVES AWARD OF DISTINCTION

         (Portland, OR) The National Association of Government Defined Contribution Administrators (NAGDCA), Inc. has awarded the City of Portland’s 457 Deferred Compensation Plan a special Award of Distinction for its leadership in the area of Effective Communication.

According to Chief Administrative Officer Ken Rust, “NAGDCA’s recognition of the City’s plan is a great honor for all its participants and its investment providers. The City is thankful to Jeanine Keller and the Deferred Compensation Committee for ongoing leadership in effectively communicating with employees about their saving options.”

This award recognizes the efforts of all involved with the City’s deferred compensation plan. The Deferred Compensation Committee, investment providers, administrator, and participants all combine to make the City’s Plan a leader in the area of employee communication. During the past year, ING, the City’s plan administrator, has made special efforts to continue their service day visits, monthly and quarterly education presentations, and improved PERS retirement pension education sessions.

“Participants can access individual counseling expertise from our financial advisors at ING and Advantis. Their knowledge of retirement products and our PERS pension plan can put a whole retirement plan in place for our employees,” noted Keller.

Other communications activities the City undertakes with employees include:

• Updated presentations communicating the importance of saving for retirement
• New “Retirement Myth Busters” sessions presented in October 2008 and May 2009.
• Individual financial planning sessions offered at times convenient for the employee
• Annual Financial Fitness Fair to celebrate National Save for Retirement Week
• Deferred Compensation Administrator NAGDCA participation including National Save for Retirement Week Committee

NAGDCA’s mission is to unite representatives from state and local governments along with private sector organizations across the nation that service and support defined contribution plans. NAGDCA is the leading association for defined contribution retirement plans of government employers to advocate opportunities that empower sponsors to preserve and enhance these plans to meet their goal of providing participants with financial security at retirement.

“In these challenging economic times, saving a portion of one’s own income toward retirement is essential,” said Jeanine Keller, Deferred Compensation Administrator. “Even saving a small portion of each paycheck can make a big difference in one’s financial security in retirement.”

More Information:

NAGDCA awards: http://www.nagdca.org/content.cfm/id/2009_awards

The City’s Deferred Compensation Program: http://www.portlandonline.com/omf/index.cfm?c=26734