Got questions about deferred comp?
By SHERRY HALBROOK
If you are a PEF member or retiree who participates in the NYS Deferred Compensation Plan, you will be glad to hear that you can call 844-867-8197 to speak directly with an account executive for answers to your questions and help with your investments.
The plan opened the new Account Executives Connect line October 4 to help plan participants get the immediate personal help they need, without going online and scheduling an appointment. That option is still available and plenty of useful information is on the website at https://www.nysdcp.com/iApp/tcm/nysdcp/index.jsp for you.
Patrick Ray, program director of the Deferred Compensation Plan, said that since account executives haven’t been able to visit state worksites to hold informational sessions because of the pandemic, they are providing the new AE Connect line and holding webinars to help participants navigate the volatile investment markets and shifting economic and personal landscapes.
“We’re just trying to ensure that we give people options,” Ray said.
The AE Connect line is available to plan participants, both active employees and retirees, weekdays from 9 a.m. to 5 p.m. Just remember, that’s New York time, which reverted back to Eastern Standard Time November 1, after running on Daylight Saving Time since March 1. That’s important if you are retired and living in a different time zone.
The account executives are there to answer questions and help you with:
• Account reviews
• Financial guidance
• Retirement consultations.
Ray said the pandemic has prompted a few changes to the federal law that governs deferred compensation plans. For instance, the requirement to make at least small annual withdrawals after participants reach age 70.5 years, was temporarily suspended by a provision of the Cares Act.
If you have questions about this or other possible changes, you now have a way to get answers quickly. And if you want to meet personally with an account executive, you still have the ability to set up an appointment to do that as well.