In November 2019, the New York City Deferred Compensation Plan changed its recordkeeper from FASCore, LLC to Voya Financial.

The New York City Deferred Compensation Board performed a procurement for recordkeeping services in accordance with New York State regulations. After an extensive review process, the Board selected Voya based upon the best combination of technical merit and price. The change in recordkeepers continues to fulfill the Plan's promise to give participants the best possible services at the lowest possible cost and to offer participants the latest available technological benefits.

The Plan's recordkeeper maintains the individual participant account balances and issues quarterly statements. Through the telephone or via a link on this website, you can access your account to obtain information and make changes. As account access goes directly to the recordkeeper's website, the change will mean a new look and feel for you when you access your account online.

For most participants, no action was required. Your account, including balance, contribution rate and investment elections was transferred to the new recordkeeper.

However, if you had elected automatic account rebalancing, you did need to take action. (See “I have elected automatic account rebalancing” question below.)

A blackout period – a period of time when transactions and account access is restricted – is required because accounts and balances needs to be transferred from the previous recordkeeper to the new recordkeper.

The blackout period was November 5, 2019 at 4:00 p.m., EST, through Monday, November 11, 2019.

Effective November 12, 2019, participants were able to access their accounts on the new recordkeeping system, with Voya, to view and make changes to their accounts. For a period of time, via a link on this website, participants will have online access to their account with the previous recordkeeper, FASCore, to view historical information, including statements, account balances and transactions that occurred prior to the transition.

Your Rebalancer elections that you set up with FASCore, the previous recordkeeper, were not carried over to Voya, the new recordkeeper. Therefore, you will need to establish a new Rebalancer on the new recordkeeping system.

No. All of the Plan’s investment options remain the same.

SDBO
The Plan offers a Self-Directed Brokerage (SDB) option which allows participants with account balances of at least $5,000 to invest in mutual funds and Exchange Traded Funds (ETFs) which are outside of the Deferred Compensation Plan’s investment fund line-up. Certain rules and restrictions apply.

This option is offered through TD Ameritrade. Participants who have an SDB account received a separate letter from the Plan about how the recordkeeper transition affected their account. TD Ameritrade also sent participants who have an SDB account with the Plan a separate communication regarding the transition.

• Distributions issued on or before November 5, 2019: Participants will be receive a Form 1099-R from FASCore, LLC, the previous recordkeeper.
• Distributions issued after November 11, 2019: Participants will receive a Form 1099-R from Voya Financial, the Plan’s new recordkeeper.

Yes. Your beneficiary elections automatically transferred to the new recordkeeper. It is always a good idea to periodically check your beneficiaries to make sure they are correct and up to date, particularly if you have recently married, divorced, or had children.

3rd Quarter 2019 Statements: This statement was issued by the previous recordkeeper and covered the period July 1, 2019 through November 8, 2019.

4th Quarter 2019 Statements: This statement will be issued by the new recordkeeper and will cover the period November 9, 2019 through the end of the year.

You will continue to access your account online at nyc.gov/deferredcomp or via the Plan’s telephone voice response system at (212) 306-7760. However, when you connect to your account, you will be accessing the new recordkeeper’s system. 

During the first week of November 2019, the new recordkeeper mailed you a letter with your Personal Identification Number (PIN) and instructions on how to register your account. The first-time you log in, you will be asked to create a Username and Password, as well as establish authentication. If you do not have your PIN, you can request a new PIN from the account access screen or by calling the Client Service Center at (212) 306-7760.

Through June 30, 2020, via a link on the Plan’s website, you will have online access to your account with the previous recordkeeper, FASCore, to view historical information, including statements, account balances and transactions that occurred prior to the transition.

Yes. The mobile app was made available in December 2019 and allows you to access your account and make changes through your smartphone and tablet.

You may call the Client  Service Center at (212) 306-7760 and speak with a Client Service Representative.