If you have a 457 and/or a 401(k) Deferred Compensation Plan account, an amount equal to your current deferral percentage will be deducted from your Managerial Lump Sum Payment as a contribution to your deferred compensation account(s), subject to the 457/401(k) annual contribution limit and required payroll deductions. You are NOT required to begin withdrawing your Deferred Compensation account until you are age 70 ½, nor are you required to roll your account into an IRA. However, you may begin withdrawing from your 457 account as soon as 45 days after you have severed from City service and are no longer on payroll. Furthermore, if you are interested in rolling your DCP account(s) into an IRA, consider the NYCE IRA. For more information, please visit the Deferred Compensation Plan website at nyc.gov/deferredcomp.
The Management Benefits Fund's Customer Service Center has moved. The new location is 22 Cortlandt Street, 28th Floor, New York, NY 10007. All Fund contact information will remain the same, i.e., e-mail addresses, web address, phone numbers, etc.
The Management Benefits Fund (MBF) was established on July 1, 1967, to provide supplemental benefits to the non-unionized personnel of the City of New York, which includes all managerial, confidential, and original jurisdiction employees and retirees. The Fund receives on behalf of its members, as do the municipal labor unions, an annual contribution from the City for the provision of these ancillary employee benefits.
Since its inception, MBF has sought to provide coverage for services not reimbursed by the City of New York's Employee Benefits Program, including:
- Dental care
- Vision care
- Long-term disability insurance
- Life insurance
- Medical coverage in the event of catastrophic illness
Currently, MBF provides benefits to over 20,000 active and retired members and their dependents, serving a total of over 40,000 beneficiaries.
Download this section of the Fund Booklet (PDF)
Email the Management Benefits Fund
Register your email address with the MBF
Read the MBF Newsletter
See the Management Benefits Fund FAQ
Calculate Your GUL Contributions