Nyc Deferred Comp Withdrawal Rules In Philadelphia
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For New York State Plan forms, brochures or account information, go to the Plan's web site or contact the HELPLINE at 1-800-422-8463.
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.
The Deferred Compensation Plan also known as a 457(b) is a voluntary retirement savings plan offered by the County to enable employees to save for their future on a tax deferred basis. If you participate in the deferred compensation plan, you contribute biweekly payroll deductions to a retirement account.
Additionally, you can call the City of Philadelphia Deferred Compensation Customer Service Team at 855-550-1777 or complete a Contribution Change Form (PDF) (PDF).
Philly311 contact center The contact center answers calls to 311 from 8 a.m. to 8 p.m., Monday through Friday. If you're outside of Philadelphia, call (215) 686-8686.
Municipal (civilian) employees are eligible to retire at age 60 after having completed 10 years credited service.
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).
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.
To withdraw your membership, you should apply no earlier than 15 days after you leave public employment. Sign in to your Retirement Online account, go to the 'My Account Summary' area of your Account Homepage and click “Withdraw My Membership.” You can also apply by mail by submitting a Withdrawal Application (RS5014).
