Nyc Deferred Comp Withdrawal Rules In Nevada
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For most people, deferred compensation is a good way to use your income earning years as a direct means to supplement your pension and Social Security benefits when you retire and build a bright financial future.
Currently (2025) the maximum allowable contribution is $23,500. Participants over the age of 50 can contribute an additional $7,500. If you are within three years of your normal retirement age, you may qualify to contribute more than the regular maximum under the Program's 3-year Catch-Up Provision.
The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. DCP is comprised of two programs: a 457 Plan and a 401(k) Plan, both of which offer pre-tax and Roth (after-tax) options.
The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. DCP is comprised of two programs: a 457 Plan and a 401(k) Plan, both of which offer pre-tax and Roth (after-tax) options.
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 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).
Upon severance from City service, or upon reaching age 59½, participants can begin receiving distributions at any time by either accessing their account online or submitting a Distribution Form to the Plan's Administrative Office. Participants can change or stop distributions at any time.
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.
If you have any questions, please email only to: ZoningVerificationLetter@planning.nyc. ATTENTION: As the Department of City Planning takes precautions against the spread of COVID-19, please expect some delays in processing times for zoning verification letters. We apologize for the inconvenience.