CUSTOMER SERVICE CENTER UPDATE: The Deferred Compensation Plan's Client Service Center is now open for in-person or virtual meetings by appointment only.
All appointments must be scheduled online, in advance. We look forward to seeing you soon!
As always, you can speak with a Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760.
Effective January 1, 2023, the Deferred Compensation Plan will be changing its payment disbursement banking institution from State Street Bank to The Bank of New York Mellon. If you are receiving current installment payments from your Deferred Compensation Plan or NYCE IRA account(s), you will see that the bank payor name will reflect The Bank of New York Mellon. There is no additional action needed on your part, all payments will continue to be sent to your bank account on file.
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.
For employees enrolled in a City pension plan, and for non-pension member employees who are contributing less than 7.5% to either the 457 Plan or the 401(k), DCP is a supplemental savings plan to their pension and Social Security.
For non-pension member employees who elect to contribute 7.5% or more to the Deferred Compensation Plan, DCP is their sole retirement plan in lieu of Social Security. To learn more about this, play our DCP in Lieu of FICA Video.
