Transcription of 457 401k SPD
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457 401k SPD
G:\DCP\New_Guides\ to the award winning City of New York Deferred Compensation plan !This booklet describes the City of New York Deferred Compensation plan , an umbrella program consisting of the 457 plan and the 401(k) Compensation is a retirement savings plan which lets you save for the future through easy payroll deductions. The pre-tax 457 and 401(k) allow you to put aside a portion of your pay before federal, state, and local income taxes are taken out. Your taxes will be reduced as a result of the contributions you make, and your contributions and their earnings will accumulate tax-deferred. With the Roth 457 and Roth 401(k), your contributions are made on an after-tax basis, and the earnings on those contributions are income tax-free.
The National Association of Government Defined Contribution Administrators (NAGDCA) confers Leadership Recognition Awards to plans for outstanding achievement in the fields of administration, communication, in-vestment plan design, …
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