The Deferred Compensation Plan

DCP Plan Basics

The New York City Deferred Compensation Plan (DCP) is a tax-favored retirement savings program available to New York City employees. The Plan is comprised of two programs: a 457 Plan and a 401(k) Plan. Eligible employees may choose to enroll in either the 457, the 401(k), or both.

4 Components of a Well Thought Out Retirement Side A
Components of a Well Thought Out Retirement - Side B

There are two different types of contributions that can be made to DCP; regular contributions (a percentage of income), and deferral acceleration for retirement (a catch-up provision of the 457 Plan for eligible participants to nearing retirement with underutilized contributions).

Learn more about Regular Contributions
Learn more about Deferral Acceleration for Retirement (DAR)

Plan Costs

The Deferred Compensation Plan is a benefit offered by the City of New York to its employees, it is a wholly self-funded plan paid for by participants’ fees. The current administrative fee is $20.00 per quarter, regardless of whether a participant has a 457 account, a 401(k) account, or both. In addition, the Plan's investment funds an annualized asset-based fee of .04%.

To see the Plan's low management fees, visit the Investment Funds section of this website.

Unlike many retail retirement plans, DCP’s investment funds have:

  • No front end loads (sales charges or commissions paid for an investment at the time of purchase)
  • No back end loads (sales charges or commissions paid for an investment at the time of sale)
  • No surrender charges (fees charged when an insurance or annuity product is surrendered for its cash value)
  • No 12b-1 fees (marketing fees)
  • No transaction fees (brokerage/transfer fees)

Why Join DCP?  Learn the 3 components of a well thought out retirement

Plan Services

The Plan offers a variety of services, including:

  • Customer Service - call (212) 306-7760 to speak to a representative or schedule an in-person or virtual meeting (available by appointment only). 
  • Free Financial Wellness Webinars and Seminars
  • Individual Financial Counseling
  • Worksite Presentations
  • Online Access to Your Account
  • Quarterly Statements
  • Annual Report

Why Join DCP?

Register to Attend a Free Financial Wellness Seminar

See How Contributing to DCP Will Affect Your Paycheck

Learn more about the Plan's Investment Funds

Retirement Planning Tools

View the differences between the 457 and 401(k) Plans