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The New York State Deferred Compensation Plan is a 457 (b) retirement plan created for New York State employees, and employees of participating agencies. Retirement may last for a long time. Your pension and Social Security benefits may be your primary retirement income source, but that might not be enough.
If your new employer sponsors a Section 457(b) eligible deferred compensation plan, you may also transfer all or a portion of your Plan account balance directly to that employer's plan as long as the other plan will accept the transfer.
Learn more about how the Roth 457 plan option (PDF) works. Also, learn about how to convert your traditional 457(b) account into a Roth 457 (PDF). Get the help you need
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) is a tax-favored retirement savings program available to New York City employees. The Plan is comprised of two programs: a 457 Plan and a 401 (k) Plan. Eligible employees may choose to enroll in either the 457, the 401 (k), or both. There are two different types of contributions that can be ...
Model Plans are those plans operated by employers in NYS who choose to administer their own 457 (b). Board Meetings are usually held on a quarterly basis. Next Meeting is on: December 6, 2024.
How do 457(b) plans work? Employers or employees through salary reductions contribute up to the IRC 402(g) limit-$23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2021 and in 2020; $19,000 in 2019) on behalf of participants under the plan.
