Recently, the NYC Deferred Compensation Plan began to offer a Roth 457(b) retirement plan. With this latest addition, the City of New York now has seven (7) different retirement plans to choose from:
- Roth 401(k)
- Roth 457(b)
- NYC IRA
- NYC Roth IRA
All of the plans are unique from both an income tax and retirement planning perspective. For NYC employees who anticipate receiving a significant pension benefit; the retirement plans with a Roth feature [Roth IRA, Roth 457(b), & Roth 401(k)] may be worthwhile. One noteworthy feature of the Roth 401(k) and Roth 457(b) is that there are no income limits regarding the eligibility to make contributions.