New York State Deferred Compensation Plan Phone Number In Nassau
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FAQ
WHAT DOES DEFERRED COMPENSATION MEAN TO ME? It means that you may defer a portion of your salary on a pre-tax, or after-tax basis. The amount of your salary that you defer pre-tax to the Plan is not subject to current Federal or New York State income taxes.
Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
You can: Call the HELPLINE at 1-800-422-8463 and an Account Executive will help you.
Yes. The Plan offers you an opportunity to defer benefit payments until as late as age 72 or as long as you're still working. When you retire you may be in a lower tax bracket. In addition, any earnings on your contributions will accumulate tax deferred until distribution.
Overseen by the New York State Deferred Compensation Board, the Plan is managed by a professional staff located in Albany, NY. The primary function of the Board office is to provide centralized oversight of all the Plan's operations and manage the Plan to a Board-approved annual administration budget.
The Plan differs from other defined contribution retirement plans (like a 401(k) or 403(b)), because it is designed and managed with public employees in mind. The New York State Deferred Compensation Board establishes and administers the Plan policies.
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.
Contact us Phone. Helpline: 1-800-422-8463. Monday-Friday 8 a.m. – 11 p.m. ET. Saturday 9 a.m. – 6 p.m. ET. Email. participant.service@nysdcp. Don't include personal information such as Social Security number. 1 on 1 support. Meet your Account Executives, attend a webinar or schedule an appointment.
The Plan offers you an opportunity to defer the payment of Federal and New York State income taxes on your Plan account until as late as April 1 of the year following the year you reach age 73 or as long as you're still working for the State or a participating local government employer, whichever is later.
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).