Get 457 Deferred Compensation Plan

You are eligible to receive your Plan benefits when you retire or leave the employer through whom you make deferrals to your Plan account. However, you are not required to begin receiving benefits until you are age 73 — the Plan is here to serve you throughout your lifetime.

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.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

Employees can make withdrawals from their 457(b) account when they leave employment. They have the ability to take payments as needed or request scheduled automatic payments. They maintain control over their investments and continue to benefit from tax deferral even after they leave their employer.

If you plan on retiring early, a deferred compensation plan may be a good way to generate income after your early retirement but before you're eligible for IRA distributions and Social Security.

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.

Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.

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.

New York City Deferred Compensation Plan (212) 306-7760 • Outside NYC: 888-DCP-3113 Customer Service Center: 22 Cortlandt Street, 18th Fl., New York, NY 10007 Visit us online at nyc.gov/deferredcomp to make an appointment for an in-person or virtual visit.

The City's Deferred Compensation Plan (DCP) is a tax-favored retirement account that lets you save for the future through easy payroll deductions. Your earnings accumulate tax-free and stay in your account while you are a City employee.

You are eligible to receive your Plan benefits when you retire or leave the employer through whom you make deferrals to your Plan account. However, you are not required to begin receiving benefits until you are age 73 — the Plan is here to serve you throughout your lifetime.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

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.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

Employees can make withdrawals from their 457(b) account when they leave employment. They have the ability to take payments as needed or request scheduled automatic payments. They maintain control over their investments and continue to benefit from tax deferral even after they leave their employer.

If you plan on retiring early, a deferred compensation plan may be a good way to generate income after your early retirement but before you're eligible for IRA distributions and Social Security.

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.

Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.

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.

New York City Deferred Compensation Plan (212) 306-7760 • Outside NYC: 888-DCP-3113 Customer Service Center: 22 Cortlandt Street, 18th Fl., New York, NY 10007 Visit us online at nyc.gov/deferredcomp to make an appointment for an in-person or virtual visit.

The City's Deferred Compensation Plan (DCP) is a tax-favored retirement account that lets you save for the future through easy payroll deductions. Your earnings accumulate tax-free and stay in your account while you are a City employee.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.