The New York State Deferred Compensation Plan In Texas
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The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $23,000.00 to $23,500, for a combined maximum contribution of $47,000 for calendar year 2025.
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 Deferred Compensation Plan has come to your phone! The NYC Deferred Compensation Plan has launched a new mobile web application (“mobile web app”) designed to provide you with easy access to your NYC Deferred Compensation and NYCE IRA account information - even when you're on-the-go!
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.
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.
As always, you can speak with a Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760.
A team of 17 regional Account Executives who offer local on-site educational programs to employees of participating employers. A team of HELPLINE Representatives located in Troy, New York that is available Monday through Friday 8am until 11pm and Saturday from 9am until 6pm.
