Payroll Users Meeting

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Payroll Users Meeting

• Massachusetts Deferred Compensation SMART Plan

2
Overview

• The Massachusetts Deferred Compensation SMART
  Plan will be changing record keeping services to
  Great-West Retirement Services (Great-West).
  The transition date of participant accounts from
  ING to GWRS is tentatively scheduled for February
  29, 2008.
• An extensive selection process was conducted by
  the Department of the State Treasurer with the
  aid of an independent consulting firm. After
  evaluating several service providers, Great-West
  was selected based on upon service enhancement
  opportunities and lower participant fees.

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About Great-West

• Great-West is a leading provider of
  employer-sponsored retirement programs for state
  and local governments.
• Great-West services 15 of the 50 states, more
  than any other service provider in the market.
• Great-West also serves four of Americas five
  largest cities (New York, Los Angeles, Houston
  and Philadelphia).

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Plan Enhancements

• Reduction in Fees to Participants
• Administrative fees reduced by over 25 for
  full-time employees participating in the SMART
  Plan.
• Reduced to .0875 from the current fee of .12 of
  Plan assets
• Enhanced Participant Services
• Ability for participants to make deferral changes
  through the Voice Response System, the Web site
  or SMART Plan representative.
• Ability to defer in either dollars or percentages
  (Minimums are 10.00 or 1 of gross pay per pay
  period).

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Plan Enhancements

• Enhanced Participant Services (continued)
• More extensive education and account management
  services via the Web site, including the ability
  for participants to personalize an account home
  page
• Wider range of free educational seminars,
  conducted by licensed representatives in more
  locations throughout the Commonwealth
• New call center in Massachusetts dedicated to
  serving the SMART Plan. This is in addition to
  service counselors located throughout the
  Commonwealth.

6
Transition Process

• Changes to payroll processing are being
  coordinated through the Office of the
  Comptroller.
• Payroll processing at a state employer level will
  continue as normal.
• Participant access through the automated Voice
  Response System and Web site will continue using
  the current toll-free phone number and Web URL.
• Dedicated local service offices will be
  maintained in locations across the state.

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Participant Communication

• In January, a transition brochure will be mailed
  to participants informing them of the change and
  inviting them to attend informational meetings
  offered statewide.
• For now, it is business as usual. Participants
  may access their account via the SMART Plan
  Customer Service Center at 1-877-457-1900 or at
  www.mass-smart.com gt Account Access.

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Important Dates

• January 2, 2008 Initial announcement sent to
  participants
• January 17, 2008 Transition Bulletin Group
  Meeting Schedule mailed to participants
• January 31, 2008 Last day for enrollment through
  ING
• February 1, 2008 First day for enrollment
  through GWRS
• Month of February Participant Group Meetings
• February 22, 2008 Last day contributions are
  sent to ING
• Last day for participant transactions at
  ING
• February 29, 2008 Transition date assets are
  moved to GWRS
• March 7, 2008 ING provides participant account
  details
• March 14, 2008 The plan is open at GWRS for all
  participant transactions

Please note Dates subject to change.
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Questions?
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Thank You!

• We look forward to servicing the
• Massachusetts Deferred Compensation
• SMART Plan and its participants!