As a result of a recordkeeper change, the NYC Deferred Comp will have a “blackout period” that is expected to begin on November 5th, 2019 and end on or about November 11th, 2019. During the blackout period participants will not be able to change contribution percentages, direct or diversify investments, obtain loans, or obtain any distributions.
According to NYC Deferred Comp: for further information participants should visit the Plan’s website and click on “Transition Timeline” to view key dates, newsletters, and FAQs.
October 18th Any form received by the Plan’s Administrative Office after October 18th will be held and processed beginning on or about November 12th, and an acknowledgement of receipt will be mailed to you.
November 5th After 4:00 p.m. EST on this day, your account access will be restricted to view only and you will not be able to make any changes to your account through November 11th, the “Blackout Period.” It is important that you review and consider your current investments BEFORE the transition period begins on November 5th, because although your fund balances will remain invested at all times during the transition, you will not be able to make any changes.
During this transition period, November 5th through the 11th, the Client Service Center at 22 Cortlandt Street, 18th Floor, will be closed and no forms will be accepted, including distribution forms, and loan and hardship applications.
The first week of November You will receive your new PIN in the mail, along with instructions on how to set up a username and password to access your account online with Voya, via the Plan’s website.
Of special note is that beginning November 8th, if you view your account on the previous FASCore recordkeeping system, you will see a $0 balance. The $0 balance only indicates that FASCore is no longer the recordkeeper for your account.
On or about November 12th, you will have full access to your account where you will be able to confirm your balance with Voya, and have the ability to make changes.
The Client Service Center will reopen and the new recordkeeping system is expected to be operational.