Retirement Planning Tips for New York State Employees
Tip of the Month
What happens to my Deferred Compensation Plan account if I am still employed at age 70½?
If you continue to work for your participating employer past age 70 ½, you are eligible to receive benefit payments from your Deferred Compensation Plan account. You may also continue to make salary deferrals to your Plan account. Once you leave state service, you are required to start taking your Required Minimum Distribution by December 31st of the calendar year that you separate from state 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