Deferred Compensation Board

Agency Web Site: https://www.nysdcp.com/

Mission

The Deferred Compensation Board (DCB) administers the New York State Deferred Compensation State Plan, which serves over 137,000 State employees and 75,000 employees of local participating governments. There are approximately 220 local governments that sponsor and administer their own deferred compensation plans.

Organization and Staffing

DCB is headed by an Executive Director, who is appointed by the three members of the NYS Deferred Compensation Board.

Budget Highlights

The FY 2024 Executive Budget recommends $953,000 in appropriations ($111,000 General Fund; $842,000 Special Revenue Funds-Other) and a workforce of 4 FTEs. The FTEs remain unchanged from FY 2023.

Program Highlights

The DCB is the rule making entity, as established under section 5 of the State Finance Law for all Internal Revenue Code 457(b) governmental plans in New York. Rules promulgated under the section are periodically amended and apply equally to the State and local plans.

DCB administers the State plan through a number of selected vendors and is responsible for day-to-day activities and coordinating the policy decision-making by the board. DCB issues requests for proposals for its vendors, according to NYS procurement policies, and reviews responses and provides guidance to the Board in making selections. The board makes policy decisions and vendor selections at quarterly public meetings.

DCB also provides support to localities with plans in areas of compliance with rules; plan documents; and guidance in plan operations.

Note: Most recent estimates as of 02/01/2023