Deferred Compensation
The NYS Deferred Compensation Plan (457-b) is administered by the Copeland Companies, an independent administrator of deferred compensation programs for public employees. The plan is a voluntary savings program which enables you to save a portion of your income on a pre tax basis using the numerous investment options offered by the Deferred Compensation Plan. Like an Individual Retirement Account (IRA), this plan is designed to provide you with funds at retirement, but you can contribute significantly more to this plan than an IRA. Should you transfer to another New York State employer that has a deferred compensation plan your funds will be transferred with you. If your new position is with the private sector or a non-New York State government, you may withdraw the funds or select a future time to receive them.
There are no initial set-up fees or deposit charges when initially joining this plan. However, an administrative fee is charged as well as an annual participation fee. More information is available from the Human Resources Office or from the individual carriers directly.
For more information, visit their website at www.nysdcp.com or call them at 800-422-8463.