Retirement Planning Tips for New York State Employees
Tip of the Month
July 2015 - Upon my death, what is my beneficiary entitled to from my Deferred Compensation Plan account?
Upon your death, the amount remaining in your Deferred Compensation Plan account will be paid to your named beneficiary. If you did not name a beneficiary, the amount remaining will be paid to your spouse, if you have a spouse, or to your estate. The date when a beneficiary must begin to receive benefit payments and the maximum period over which benefit payments may be made depends on the age of the Plan participant when he or she died, whether the Plan participant was receiving benefits from the Plan, and whether you are the Participantís spouse, another individual, or the representative of a non-individual charity, trust, or institution. To speak to a Deferred Compensation Account Executive or HELPLINE Representative, call (800) 422-8463. Representatives are available Monday through Friday, from 8:00 a.m. to 11:00 p.m., and Saturdays from 9:00 a.m. to 6:00 p.m., except holidays. You may also visit the Deferred Compensation Plan website at www.nysdcp.com.