The Flood Gates Have Opened at NYC Deferred Comp

As per a recent NYC Deferred Compensation Plan Board meeting it is reported that participants have withdrawn $300,000,000 as in-service distributions so far for the year.  For the month of October alone $110,000,000 was for CARES Act distributions.  There are two main reasons for these significant distributions; the SECURE Act & the CARES Act.  In Thomann Tax’s opinion other reasons are due to the recordkeeper change to Voya Financial and more participants (active or retired) are realizing that they do not need to keep their money at NYC Deferred Comp if they are older than 59 1/2.

4 replies
  1. MARK
    MARK says:

    I am still waiting for my rollover…46 days and counting. And that’s with getting it escalated to s supervisor twice, and making a complaint to the Commissioner of OLR.

    • jim
      jim says:

      At the risk of repeating myself Mark, I think we had this conversation a few months ago. It took me over 60 days to roll my funds from the NYC DCP earlier this year. I was able to actually find someone somewhat competent at VOYA who litterally walked me through the rollover form. All the more reason to get the hell out of NYC DCP…Stay with it, it will happen

      • MARK
        MARK says:

        I finally got someone over the phone today who actually seemed to care about helping the participants. It appears my accounts will be rolling over at the close of markets on Monday. If I was doubting myself for rolling over the accounts before this, this ordeal made me realize I am doing the right thing. I would hate for my wife to have to deal with this nonsense should something happen to me.

  2. Brian
    Brian says:

    It took 2-1/2 months to roll my 401(a) from DCP to a Vanguard IRA with several phone calls and emails to supervisors.
    Everyone I spoke with during the process with the acception of 1 person actually seemed to care and was what seemed to be very helpful but they couldn’t get the job done quick and with no aggravation. It eventually gets done but just takes some serious follow ups. Next is the 457 but not for 10 more years because I am not 59-1/2 yet so moving that would take away my only pot of accessible money without penalties if ever needed. Something else to think about for those younger than 59-1/2. As soon as I’m 59 I will start the roll process so it’s hopefully done by the time I’m 59-1/2 (lol).

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