New York State Deferred Compensation Plan

FINALIST

Sharon Lukacs
Executive Director

Location:

Albany, New York
Industry:

Government
Plan(s) Offered:

457(b)
Plan Assets:

$45B
Number of Participants:

297,000
DC Plan Participation Rate:

60%
DC Plan Average Deferral Rate:

12%
Automatic Enrollment:

No
Automatic Escalation:

No
Default Deferral Rate for Auto-Enrollment:

N/A
Default Investment Fund:

T. Rowe Price Retirement Date Trust Suite
DC Plan Employer Contribution:

None
Recordkeeper:

Nationwide Retirement Solutions
Plan Adviser:

Callan Associates LLC
Financial Wellness Educator(s):

Nationwide Retirement Solutions

To ensure participants had access to high-quality, cost-effective funds with strong, long-term performance potential, officials and providers of NYSDCP completed a major fund lineup review and transition, adding seven investment options and closing or mapping eight others. Over $16.3 billion in assets, across 175,000 accounts, were mapped with no reported downtime or incidents. NYSDCP onboarded 135 new employers, including several via large conversions. It upgraded its retirement planner by increasing personalization and ease of use, redesigned its participant website for navigability and expanded educational resources.

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