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Nycgovdeferredcomp form 2025

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The document is a Deferred Compensation Plan Change Form used to request changes to an individual's 457 or 401(k) plan accounts. It outlines various options for changes, including account information updates, beneficiary designations, and instructions for enrollment. The form must be completed and mailed to the specified address, and certain changes require notarization.

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What is the 10 year rule for deferred compensation?

If you take your deferred compensation payments over a period of 10 years or more, those payments will be taxed in the state where you reside, rather than in the state in which you earned the compensation, possibly reducing your state income taxes.

Who manages NYS deferred compensation plan?

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.

What is the downside of deferred compensation?

The Risks Of Deferred Compensation Plans The biggest downside to most of these plans is the risk of the company declaring bankruptcy. It is surprising that most, if not all, of these plans arent in a trust that cannot be touched by creditors.

How do I contact the Pica program in NYC?

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).

How do I contact NYC deferred compensation?

Client Service Center Information: 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.

What is the maximum deferred comp contribution in NY?

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.

How do I contact NYC DCP?

For questions regarding the PICA prescription drug benefit program please call 1-800-467-2006.

Nycgovdeferredcomp form 2025

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What is the 10 year rule for deferred compensation?

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Nycgovdeferredcomp form 2025

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Got questions?

What is the 10 year rule for deferred compensation?

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What is the downside of deferred compensation?

How do I contact the Pica program in NYC?

How do I contact NYC deferred compensation?

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