NYS Deferred Compensation Plan
The NYS Deferred Compensation Plan is a voluntary retirement savings program, created by federal and state law, that permits government employees to defer up to 100% of compensation after any required salary deductions, but not more than the allowable maximum for the given year. You can contribute a portion of your salary through payroll deduction before federal and New York State income taxes are calculated.
For 2024, you may contribute up to $23,000 per year to either a 403(b) or a 457(b) account, or to both. Please see the Universal Availability notice for more detaiils and additional information.
Because 403(b) and 457(b) plans are governed by different sections of IRS Code, employees may contribute to both plans concurrently, allowing a combined deferral maximum of up to $46,000 per year.
For more information about retirement plan contribution limits, please see the complete list of 2023 Limits
We now have a Roth 457 plan!
NYS Deferred Compensation is now offering a Roth 457 plan. For more information on this product visit NYS Deferred Comp's web site.