NYS Deferred Compensation Deductions from Advance Retroactive Payments

We have been notified that the $7,500 8/31/06 & approx. $820 9/27/06 advance retro payments will be included in the normal paycheck. As such, deductions for NYS Deferred Compensation Plan will be deducted at the percentage rate currently in effect for the member. If a member wishes to change or eliminate the deferred compensation deductions from either advance payment, you must call the NYSDCP HELPLINE at 800.422.8463. Deferral changes can be done over the phone and programmed to apply to the appropriate payroll.

The cut-off date for making these changes is August 15th at 12:00pm.

The Deferred Compensation Plan has advised us that changes made after the deadline can not be made in time to effect the August 31st payroll.