The Deferred Compensation Plan


Congratulations on making a very important decision to start saving now for your retirement!

 

Eligible employees may participate in both the 457 Plan and the 401(k) Plan, and can make pre-tax and Roth (after-tax) contributions through convenient payroll deductions. The investment lineup is the same for the two plans.

 

Compare the differences between the 457 and 401(k)


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Enrolling is Easy - Just Follow These 3 Steps!


Step One: Request Your Plan Materials

Order your Deferred Compensation Plan enrollment materials - your Personal Identification Number (PIN), as well as a Summary Guide of 457 & 401(k) Plan Provisions will be mailed to the address on file with the City. Please contact your agency benefits or payroll department if you have recently moved in order to change your address.

Attention employees of the Police Department: For security reasons, your mailing address is not provided to the Plan. Please call the Plan at (212) 306-7760 for information on how to update your mailing address with the Plan. After you update your address with the Plan, you will be able to order your enrollment materials.

The summary guide outlines the Plan rules and details the investment options offered by the Plan. Investment fund profiles are available in the Investment Funds section.
 
Once you receive the material, please review it carefully.

Note:  The account owner is responsible for keeping the assigned PIN/Password confidential.  Please contact the Plan's Administrator immediately if you suspect any unauthorized use.

 

Order Plan Materials to enroll in the Deferred Compensation Plan

 


Step Two: Use the Planning Tools

The Plan offers the following tools to help you prepare for your retirement 

Account Computation Software (Net-Pay Calculator)

• See how joining the Deferred Compensation Plan affects your take-home pay.
• Determine your before-tax deferral percentages

 

See How Joining DCP or Changing Your Current Contribution Will Affect Your Take-Home Pay 

 

Personalized Financial Snapshot

This tool offers employees an introduction to retirement planning and their own printable retirement report. Based on their answers, the program will provide an estimate of how close participants are to meeting their goals and help explore options. 

Preparing for Your Retirement

 


Step Three: Enroll

You will need your Social Security Number and PIN to enroll in the Plan online. You can also enroll by completing a DCP Enrollment Form. Enrollment consists of:

• Selecting your deferral percentage (the amount to be deducted from each paycheck).
• Choosing your investment allocation.
• Designating your beneficiaries.

The Plan has seven core investment options to choose from. You can make your own portfolio, or choose one of Plan's pre-arranged portfolios.

Please consider the investment objectives, risks, fees, and expenses carefully before investing. For this and other important information, you may obtain the Plan’s Investment Profiles from this website. For prospectuses on Self-Directed Brokerage, contact TD Ameritrade at 1-866-766-4015. Read them carefully before investing.

Learn more about the Plan's Investment Funds

Understanding Plan Fees

Enroll in the Plan

DCP Enrollment Form