The New York State Deferred Compensation Plan is a retirement savings program specifically designed for employees of New York State or participating employers. This voluntary plan allows employees to defer a portion of their salary into a tax-advantaged account to enhance their retirement savings. The program offers several investment options to suit the individual preferences and risk tolerance of participants. The New York State Deferred Compensation Plan offers two main types of accounts: the 457(b) plan and the Roth 457(b) plan. The 457(b) plan allows employees to defer pretax contributions, meaning the money is deducted from their salary before taxes are calculated. This can result in immediate tax savings as contributions are not included in the employee's taxable income for the year. On the other hand, the Roth 457(b) plan allows employees to make after-tax contributions from their salary. Although these contributions are not tax-deductible, the account grows tax-free, and qualified withdrawals in retirement are tax-free as well. Participants in the New York State Deferred Compensation Plan have access to a variety of investment options, including mutual funds, target-date funds, and stable value funds. These options allow participants to allocate their contributions according to their unique investment goals and risk tolerance. It's important to note that the plan offers both actively managed and passively managed investment options to cater to different investment philosophies. One of the key advantages of the New York State Deferred Compensation Plan is its portability. Employees who change jobs but remain within the New York State or participating employers' system can maintain their account and continue contributing to it. This allows for seamless, uninterrupted retirement savings and ensures the preservation of their hard-earned money. Moreover, the plan also provides access to valuable educational resources and tools to help participants make informed decisions about their retirement savings. These resources include online calculators, webinars, and personalized assistance from retirement specialists who can guide employees through the plan and help them maximize their savings potential. In summary, the New York State Deferred Compensation Plan is a retirement savings program that provides employees with an opportunity to contribute a portion of their salary into a tax-advantaged account. The plan offers two main types of accounts, the 457(b) and the Roth 457(b), and allows participants to choose from a range of investment options. With its portability and educational resources, the New York State Deferred Compensation Plan aims to empower employees to secure a financially sound retirement.