Retirement Planning Tips for New York State Employees
Tip of the Month
March 2015 - When will payments from my deferred compensation account begin?
You select the date that you want your payments from your deferred compensation account to begin. The selected date may be as early as the 45th day following the date of your separation from service or as late as April 1 in the calendar year after you become 70 ½. If you are employed at age 70 ½, you may begin benefit payments or defer benefit payments until you separate from service. 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.