View the video above, as well as the Transition Timeline and FAQs below.



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Recordkeeping Transition Timeline

Key dates related to the transition.

October 18

DEADLINE FOR RECEIVING FORMS

Any form received by our office after October 18th will be held and then processed after the transition is completed in November.


TRANSITION PERIOD BEGINS

After 4:00 p.m. EST on November 5th, your account access will be restricted to inquiry only and you will not be able to make any changes to your account through about November 11th.

During this transition period, November 5th through the 11th, the Client Service center will be closed and no forms will be accepted.

It's important for you to review and consider your current investments BEFORE the transition period begins on November 5th, because while fund balances will remain invested at all times during the transition, you will not be able to make changes


First Week of November

NEW USERNAME AND PIN

During the first week of November you'll be receiving a new PIN along with instructions on how to set up a username and password to access your account online with Voya beginning November 12th.


November 8

CHANGE TO VOYA

Beginning November 8th, your account will change from FASCore to Voya. A process that will take four days. During that time, you will see a $0 balance on the FASCore site. The $0 balance only indicates that FASCore is no longer the recordkeeper for your account.


November 12

ACCESS TO YOUR NEW ACCOUNT

Beginning on or about November 12th, you will be able to confirm your balance with Voya once you have established access to your account using the new username and PIN that was mailed to you in the first week of November.


FAQs

The information below will help to answer questions that you may have regarding the Plan’s upcoming recordkeeper transition.

 

General Information

What is changing?  View the Answer

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In November 2019, the New York City Deferred Compensation Plan will be changing its recordkeeper from FASCore, LLC to Voya Financial.

 

Why is the Plan changing recordkeepers?  View the Answer

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The New York City Deferred Compensation Board performed a procurement for recordkeeping services in accordance with New York State regulations. After an extensive review process, the Board selected Voya based upon the best combination of technical merit and price. The change in recordkeepers continues to fulfill the Plan's promise to give participants the best possible services at the lowest possible cost and to offer participants the latest available technological benefits.

 

What is the role of the recordkeeper?   View the Answer

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The Plan's recordkeeper maintains the individual participant account balances and issues quarterly statements. Through the telephone or via a link on this website, you can access your account to obtain information and make changes. As account access goes directly to the recordkeeper's website, the change will mean a new look and feel for you when you access your account online.

 

How will the transition process work?   View the Answer

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In order to transfer accounts to the new recordkeeper, a “blackout period” is required. During this period, access to your account will be restricted; you will be unable to make changes to your contributions or your investments, or request distributions. The blackout period will start at 4 pm, EST, November 5, 2019 and end on or about November 11, 2019.

What happens to participant accounts during the transition?  View the Answer

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Participant accounts continue to belong to the participant — including all participant contributions and related earnings. Accounts remain invested at all times, and participant contributions and loan repayments remain in place.

 

Do I need to do anything?   View the Answer

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For most participants, no action is required. Your account, including balance, contribution rate and investment elections will transfer to the new recordkeeper.

However, if you have elected automatic account rebalancing, you will need to take action. (See “I have elected automatic account rebalancing” question below.)


The Blackout Period and other Key Dates

What is a “blackout/transition” period & why is it required?  View the Answer

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A blackout period – a period of time when transactions and account access is restricted – is required because accounts and balances needs to be transferred from the previous recordkeeper to the new recordkeper.

The blackout period will start on Tuesday, November 5th at 4:00 p.m., EST, and end on or about Monday, November 11th.

Once the transition is complete, on or around November 12th, you will have access to your account on the new recordkeeping system, with Voya, to view and make changes to your account. For a period of time, via a link on this website, you will have online access to your account with the previous recordkeeper, FASCore, to view historical information, including statements, account balances and transactions that occurred prior to the transition.

 

 

What are the key transition dates that I need to know?  View the Answer

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October 18th    Any form received by the Plan’s Administrative Office after October 18th will be held and processed beginning on or about November 12th, and an acknowledgement of receipt will be mailed to you.

November 5th    After 4:00 p.m. EST on this day, your account access will be restricted to view only and you will not be able to make any changes to your account through November 11th, the “Blackout Period.”  It is important that you review and consider your current investments BEFORE the transition period begins on November 5th, because although your fund balances will remain invested at all times during the transition, you will not be able to make any changes.

During this transition period, November 5th through the 11th, the Client Service Center at 22 Cortlandt Street, 18th Floor, will be closed and no forms will be accepted, including distribution forms, and loan and hardship applications.

The first week of November    You will receive your new PIN in the mail, along with instructions on how to set up a username and password to access your account online with Voya, via a link on this website.

Of special note is that beginning November 8th, if you view your account on the previous FASCore recordkeeping system, you will see a $0 balance. The $0 balance only indicates that FASCore is no longer the recordkeeper for your account.

November 12th
   On or about November 12th, you will have full access to your account where you will be able to confirm your balance with Voya, and have the ability to make changes.
The Client Service Center will reopen and the new recordkeeping system is expected to be operational.

 

Will the Deferred Compensation Plan Client Service Center be open during the transition?  View the Answer

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During this blackout period, November 5th through on or about November 11th, the Client Service Center at 22 Cortlandt Street, 18th floor, will be closed and no forms will be accepted, including distribution forms and loan and hardship applications.


Investments, Rollovers, Transfers and Distributions

I have elected automatic account rebalancing. What do I need to do? View the Answer

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Your Rebalancer elections that you set up with FASCore, the current recordkeeper, will not be carried over to Voya, the new recordkeeper. Therefore, a new election will be required after the recordkeeper transition is complete. You will need to establish a new Rebalancer on the new recordkeeping system.

 

Are there any changes to the Plan’s investment lineup?  View the Answer

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No. All of the Plan’s investment options remain the same.

SDBO
The Plan offers a Self-Directed Brokerage (SDB) option which allows participants with account balances of at least $5,000 to invest in mutual funds and Exchange Traded Funds (ETFs) which are outside of the Deferred Compensation Plan’s investment fund line-up. Certain rules and restrictions apply.

This option is offered through TD Ameritrade. Participants who have an SDB account will receive a separate letter from the Plan about how the recordkeeper transition will affect their account. TD Ameritrade will also send participants who have an SDB account with the Plan a separate communication regarding the transition.

 

Can I submit a rollover into the new Plan during the transition
period?
  View the Answer

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Any form received by the Plan’s Administrative Office after October 18th will be held and processed beginning on or about November 12th, and an acknowledgement of receipt will be mailed to you.

 

Will I be able to transfer money or take a distribution during the transition period?   View the Answer

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No. Participants scheduled to receive a regular periodic payment between November 6, 2019 and November 15, 2019 will see that monthly installment expedited, so that they will receive the payment between October 21, 2019 and November 5, 2019.

 

Who will I receive a tax form from if I received a distribution from my
account?
  View the Answer

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  • Distributions on or before November 5, 2019: Participants will be receive a Form 1099-R from FASCore, LLC, the previous recordkeeper.
  • Distributions made after November 11, 2019: Participants will receive a Form 1099-R from Voya Financial, the Plan’s new recordkeeper.

Contributions, Loans and Beneficiaries

Will contributions and loan repayments via payroll deductions continue during the blackout period?  View the Answer

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Yes. Contributions and loan repayments continue without interruption.

 

Will I still have the same beneficiary?  View the Answer

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Yes. Your beneficiary elections will automatically transfer to the new recordkeeper. It is always a good idea to periodically check your beneficiaries to make sure they are correct and up to date, particularly if you have recently married, divorced, or had children. Once the transition is complete, you may change your beneficiaries online at any time.


Statements and Account Access

When will I receive my 2019 quarterly statements?  View the Answer

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3rd Quarter 2019 Statements: The statement will be issued by the previous recordkeeper and will cover the period July 1st through November 8th and will be mailed to you at the end of November.

4th Quarter 2019 Statements: The statement will be issued by the new recordkeeper and will cover the period November 9th through the end of the year. This statement will be mailed to you in mid-January.

 

How will I access my account after the transition?  View the Answer

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You will continue to access your account online at nyc.gov/deferredcomp or via the Plan’s telephone voice response system at (212) 306-7760. However, when you connect to your account, you will be accessing the new recordkeeper’s system. 

Beginning the first week of November, the new recordkeeper will mail you a letter with your Personal Identification Number (PIN) and instructions on how to register your account. The first-time you log in, you will be asked to create a Username and Password, as well as establish authentication.

 

Will I be able to access my account with the previous system?  View the Answer

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For a period of time, via a link on the Plan’s website, you will have online access to your account with the previous recordkeeper, FASCore, to view historical information, including statements, account balances and transactions that occurred prior to the transition.

 

Is there a mobile app?  View the Answer

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An exciting new feature that will be added to current services is a mobile app! The mobile app will be available in December 2019 and will allow you to access your account and make changes through your smartphone and tablet.


Still Have Questions?

What if I have questions?  View the Answer

Close

You may call the Client  Service Center at (212) 306-7760 and speak with a Client Service Representative.


Download the September 2019 Transition Newsletter