Congratulations on making a very important decision to start saving now for your retirement!
Eligible employees may participate in both the 457 Plan and the 401(k) Plan. Participants can make pre-tax and Roth (after-tax) contributions through convenient payroll deductions. The investment lineup is the same for the two plans. These plans offer employees an easy way to save for retirement. To understand the differences between the 457 & 401(k) Plans, please refer to the comparison chart below for details.
457 and 401(k) Comparison Chart (PDF)
Order your Deferred Compensation Plan enrollment materials - your Personal Identification Number (PIN), as well as a Summary Guide of 457 & 401(k) Plan Provisions will be mailed to the address on file with the City. Please contact your agency benefits or payroll department if you have recently moved in order to change your address.
Attention employees of the Police Department: For security reasons, your mailing address is not provided to the Plan. Please call the Plan at (212) 306-7760 for information on how to update your mailing address with the Plan. After you update your address with the Plan, you will be able to order your enrollment materials.
The summary guide outline the Plan rules and detail the investment options offered by the Plan. Investment fund profiles are available in the Investment Funds section.
Once you receive the material, please review it carefully.
Order Plan Materials to enroll in the Deferred Compensation Plan
Be prepared for retirement! Use Personalized Financial Snapshot to determine your net worth and see if you're saving enough for retirement. This tool offers you an introduction to retirement planning and allows you to create your own printable retirement report. Based on your answers, the program will provide an estimate of how close you are to meeting your goals and help explore options.
Download the Plan's Account Computation software module to help you determine your before-tax deferral percentages and see how joining the Deferred Compensation Plan affects your take-home pay.
Enroll in the 457 Plan or the 401(k) Plan - You will need to enter your Social Security Number and PIN in order to enroll in either the 457 Plan or the 401(k) Plan. You will be able to select your deferral percentage (the amount to be deducted from each paycheck). You will also need to choose your investment allocation. The Plan's array of investment options include seven core options, from which you can make your own portfolio, or choose one of plan's pre-arranged portfolios made up of the Plan's core options.
Learn more about the Plan's Investment Funds
Understand Plan Fees
Enroll in the Plan (PIN required)