Looking for an option to potentially lower your tax burden from the one-time payments from the city?
Note: MEA is not a financial advisor. We have gathered resources below from OLR and other City resources.
Note: Contact OLR directly with inquires.
The New York City Deferred Compensation Plan (DCP) is a tax-favored retirement savings program available to New York City employees.
Learn about this benefit from the Office of Labor Relations’ Deferred Compensation Plan, visit here.
- 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.
Schedule an appointment with NYC DCP to discuss your situation, visit here.
OLR calculator
The Net-Pay Calculator/Paycheck Comparison shows you how NYC Deferred Compensation Plan contributions will affect your take-home pay.
Use the Account Contribution Calculator, visit here.
Individual Consultation/Personal Financial Planning Service (offered by OLR)
Speak with a Customer Service Representative about the Plan and your account(s) by calling (212) 306-7760. Visit the Financial Wellness Center’s Individual Consultation/Personal Financial Planning Service, visit here.
Deferral Acceleration for Retirement (DAR)
Deferral Acceleration for Retirement (DAR) is a “catch-up” provision for the 457 Plan. Participants who have not contributed the maximum amount to the 457 Plan in previous years have an opportunity to make up for underutilized contributions prior to retirement through the DAR program.
Visit DAR here.
Participants may contact the Plan’s Administrative Office at (212) 306-7760 and request an analysis of his/her past contributions, should the participant have any question about whether he/she qualifies for this provision has underutilized contributions.