The New York City Deferred Compensation Plan (DCP) is a tax-favored retirement savings program available to New York City employees. The Plan is comprised of two programs: a 457 Plan and a 401(k) Plan. Eligible employees may choose to enroll in either the 457, the 401(k), or both.
There are two different types of contributions that can be made to DCP; regular contributions (a percentage of income), and deferral acceleration for retirement (a catch-up provision of the 457 Plan for eligible participants to nearing retirement with underutilized contributions).
The Deferred Compensation Plan is a benefit offered by the City of New York to its employees, it is a wholly self-funded plan paid for by participants’ fees. The current administrative fee is $20.00 per quarter, regardless of whether a participant has a 457 account, a 401(k) account, or both. In addition, the Plan's investment funds an annualized asset-based fee of .04%.
To see the Plan's low management fees, visit the Investment Funds section of this website.
Unlike many retail retirement plans, DCP’s investment funds have:
The Plan offers a variety of services, including: