Deferred Comp Nyc Sign In In Chicago
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The State of Illinois Deferred Compensation Plan is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals. The combined pre-tax and Roth contributions cannot exceed the limit set by the IRS.
As always, you can speak with a Deferred Compensation Plan Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760, 9am to 5pm, Monday through Friday, except holidays.
View 2024 contribution limits. More details on the retirement plan limits are available from the IRS. The normal contribution limit for elective deferrals to a 457(b) deferred compensation plan is increased to $23,500 in 2025. Employees age 50 or older may contribute up to an additional $7,500 for a total of $31,000.
The regular yearly contributions amount for Deferred Compensation will increase from $23,000 to $23,500. The catch-up contribution limit that generally applies for employees aged 50 and over remains at $7,500 for 2025 for a combined maximum contribution limit of $31,000 in 2025.
2025 Elective Deferral Limits $23,500.00 This dollar limit is the maximum amount of elective deferrals that can be made to an eligible 457(b) plan by a participant.
The Deferred Retirement Option Plan, commonly known as DROP, is a retirement benefit that allows Tier 1 public safety members who are already eligible for retirement to continue working while collecting a salary and accumulating monthly pension benefits that will become available upon retirement.
Once distributions begin, the distributed monies are fully taxable as ordinary income for federal tax purposes. The funds are never taxed by the State of Illinois.
The maximum total annual contribution for all your IRAs combined is: Tax Year 2024 and 2025 - $7,000, if you're under age 50 / $8,000 if you're age 50 or older.
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).
The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. This plan is administered by The Office of Labor Relations (OLR).
