It has been three months since the NYC Deferred Compensation Plan transitioned to a new recordkeeper, Voya Financial. Clearly this transition did not work out as planned as participants continue to experience long wait times to speak to a representative. When a participant finally gets to speak to a representative, the representative is often not able to solve the problem or issue the participant was calling about.
As often written about on this blog, the NYC Deferred Compensation Plan does not provide adequate information to participants to make an informed financial decision regarding the investments offered by the plan. Currently, the website created by Voya Financial does not provide any historical information/ performance of the various investment fund choices; they simply provide the closing net asset values (NAV) of the funds compared to the previous close. Compounding the problem, the NYC Deferred Comp main website continues to post outdated investment fund profile sheets. To date, the NYC Deferred Comp Fund has failed to provide the 2019 end of year performance regarding the investment funds.
Thomann Tax has heard from numerous clients who have decided to rollover their NYC Deferred Comp account because they are tired of the incompetence and unresponsiveness of the NYC Deferred Comp Plan. Remember, you are not a client of the NYC Deferred Compensation Plan but only a participant.