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DCP Account Log In

Enroll in the Plan

Net-Pay Calculator (Paycheck Comparison)

DCP Videos

DCP Basics

Selecting Investment Funds

Funding Your Account

Beneficiary Information

Withdrawing Assets

Board Meeting Webcasts

Plan Fees

DCP Forms & Downloads

Email the Plan

Agency Request for Worksite Seminar


The Deferred Compensation Plan

Deferred Compensation News

Important:

The cutoff for distribution forms to be received in order to be processed for 2024 is December 6, 2024. The last date for an online distribution to be processed for 2024 is December 27, 2024 before 4pm.

Contribution Limit Increases in 2025

Each year, the Internal Revenue Service sets limits on the amount of wages that can be deferred. These limits are tied to inflation statistics, which are recalculated each fall for the following calendar year. Employees can defer the maximum in both the 457 and the 401(k) plan.

457 Plan

2025

2024

Regular Contribution Limit
$23,500

$23,000

Age 50 and Over Contribution Limit
$31,000

$30,500

Age 60-63 Contribution Limit
$34,750

NA

DAR (Catch-up) Contribution Limit*
$23,500

$23,000

401(k) Plan
2025

2024

Regular Contribution Limit
$23,500

$23,000

Age 50 and Over Contribution Limit
$31,000

$30,500

Age 60-63 Contribution Limit
$34,750

NA

* DAR is available to participants who have underutilized 457 deferrals. Annual contribution limit is doubled for each of the three calendar years before reaching “Normal Retirement Age.” Additional “over age 50” and “age 60-63” contribution limits are not included when calculating underutilized deferrals and cannot be used in the same year(s) DAR is used.

Attention Public Safety Workers - A new strategy may help you save taxes

Thanks to the Pension Protection Act of 2006 (PPA) and the Defending Public Safety Employees’ Retirement Act signed into law in June 2015, effective January 1, 2016, public safety workers age 50 or older who retire or separate from City service are exempt from the 10% early withdrawal tax. This includes distributions from the 401(k) and the 401(a) plans, effective after December 31, 2015 (Defending Public Safety Employees’ Retirement Act of 2015).

Public safety employees include employees who provide:

Police Protection

Firefighting Services

Emergency Medical Services

You can claim the exemption by filing IRS Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts, with your Federal tax return. Consult your tax advisor to determine if you are eligible.

Quick Summary: When does the 10% Penalty Apply

PLAN

Under
Age 50

Age
50-54

Age
55 - 59 1/2

59 1/2
and older

457

No

No

No

No

401(k)

Yes

No (1)

No

No

401(a)

Yes

No

No

No

Traditional NYCE IRA

Yes

Yes

Yes

No

(1) Effective for distributions after 12-31-2015

Learn more about Your Contributions

2024 Year End Reminders - Understanding your Form W-2 and more...