RETIREMENT & BENEFIT SERVICES DIVISION MEMORANDUM

October 8, 1998

TO THE HEADS OF ALL STATE AGENCIES

ATTENTION: Personnel and Payroll Officers

SUBJECT: The Deferred Compensation Program's Investor Education Seminar

I. INTRODUCTION

The purpose of this memorandum is to follow-up information provided in the July 15, 1998 Retirement & Benefit Services Division Memorandum entitled Deferred Compensation Program Workshop. As communicated in that memorandum, the August 6, 1998 workshop would be followed by an opportunity for the personnel and payroll administrators to schedule the Investor Education Seminar presentation by Buck Consultants for the employees of their agencies. This seminar is the vehicle through which employees will be informed of changes that were made to the Deferred Compensation Program in an effort to improve, modernize, and professionalize the administration of the plan, as well as to incorporate the new mutual fund options. The effective date of these changes will be January 1, 1999, rather than October 1, 1998 as originally contemplated.

II. PAYCHECK NOTICES

The Comptroller's Retirement & Benefit Services Division will be issuing a notice to employees, which will be distributed with paychecks dated October 9, 1998, inviting them to attend an Investor Education Seminar, and advising them that further details regarding the seminars will be made available through their agency's personnel / payroll office.

In view of the fact that the Deferred Compensation Program is an important supplement to the State Employees Retirement System and that the Investor Education Seminar will operate as the centerpiece for communicating the Program's changes, your cooperation is essential in distributing the paycheck notices to employees and, subject to your agency's operating needs, in making accommodations so that employees have an opportunity to attend a seminar.

III. SEMINAR SCHEDULING

Although some agencies have pre-scheduled seminars for their employees, it was not feasible to pre-schedule every state agency individually. Arrangements have therefore been made to hold general session seminars at various locations throughout the state to accommodate employeesfrom agencies within corresponding vicinities. A list of the available seminar locations is attached hereto as Attachment "A".

Agencies which have been pre-scheduled on an individual basis shall notify employees accordingly of the session(s) which have been reserved for them. Agencies which have not been scheduled individually must adhere to the following general session reservation procedures.

Each agency must designate an agency contact person to handle the reservations for the employees of its agency. The agency contact will be immediately responsible for determining the number of employees who wish to attend a seminar and the most convenient general session location(s) to the agency ( refer to Attachment "A"); this information must be provided to the Division on Attachment "B", General Session Reservation Request, by October 16, 1998.

Upon receipt of the Reservation Requests, the Division will make the reservations and confirm such with each agency contact. It will be the responsibility of the agency contact to notify the employees of the session(s) which have been reserved for them.

If agencies desire, alternative arrangements may be made to accommodate the agency's needs. To make alternative arrangements, please contact Helen Klein of the Retirement & Benefit Services Division at the telephone number provided below.

IV. CONCLUSION

General questions may be directed to the Employee Benefits Unit at (860) 702-3543; questions related to seminar scheduling and the reservation process may be directed to Helen Klein at (860) 702-3535.

It is the Division's objective to educate as many employees as possible and to encourage participation in the Program; therefore, your assistance in distributing the paycheck notices and making the Program's seminar accessible to your agency's employees is appreciated.

Very truly yours,

NANCY WYMAN, STATE COMPTROLLER

BY:

Steven Weinberger, Director
Retirement & Benefit Services Division

ATTACHMENT "A"

Agencies may arrange seminars for their employees at one of the following locations within their vicinity:

If agencies desire, alternative arrangements may be made to accommodate the agency's needs. To make alternative arrangements, please contact Helen Klein of the Retirement & Benefit Services Division at (860) 702-3535.

The following agencies have pre-scheduled seminars for their employees at the following locations:

Questions related to pre-scheduled seminars may be directed to Helen Klein at the above telephone number.

ATTACHMENT "B"

GENERAL SESSION RESERVATION REQUEST
Deferred Compensation Program's Investor Education Seminar

Agency Name:

Agency Address:

Designated Agency Contact:

Title:

Telephone Number:

Fax Number:

Number of Employees Who Wish to Attend Seminar:

Locale:

____________________________________________

Designated Agency Contact Signature / Date

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To be completed by the Retirement & Benefit Services Division:

The above named agency has been scheduled to attend a general session Investor Education Seminar on:____________________________/Date

at:_____________________________/Locale

at:_____________________________/Time

Please advise employees of their reserved date.

____________________________________________
Authorized Division Signature / Date

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