Active Participants: Here's your DCP Summer Checklist!

As an active participant in the City of Los Angeles Deferred Compensation Plan (DCP), it's important to stay on top of key aspects related to your retirement savings. This summer, make sure you address important tasks such as being aware of important changes to the HRP system, understanding DCP changes resulting from the SECURE 2.0 Act, prioritizing cybersecurity, and registering for the next Money Matters Session on August 16.

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Drew Russell
Here's your DCP Summer Checklist!

As a retired participant in the City of Los Angeles Deferred Compensation Plan (DCP), it's important to stay on top of key aspects related to your retirement savings. This summer, make sure you address important tasks such as understanding changes to Required Minimum Distributions (RMDs) resulting from the SECURE 2.0 Act, establishing or updating your account beneficiaries, prioritizing cybersecurity, and registering for the next Money Matters Session on August 16.

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Drew Russell
You keep our City working. Reward yourself with retirement savings from the DCP

The work you do everyday is essential to helping The City of Los Angeles succeed. Isn’t it time to reward your hard work with additional retirement savings from the Deferred Compensation Plan (DCP)?

The DCP is a voluntary savings program that is designed to supplement your City pension income in retirement. It’s an easy and automatic way to set aside a little more each paycheck that you can then withdraw at retirement or when you leave employment with the City. Read on to find out if you’re eligible to participate in the DCP.

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Drew Russell
Keep the fun going in retirement with installment withdrawals from the DCP

The idea of a large lump-sum payment from your retirement account may seem like the perfect way to celebrate your golden years. But, when it comes to your retirement income, taking installment withdrawals rather than a lump-sum may be a better way to keep the fun going for the long-haul. Here’s three reasons why you may want to consider periodic installment withdrawals for your retirement income strategy:

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Drew Russell
Important year-end contribution updates and more.

Make your list and check it twice!

With 2022 coming to a close, and the New Year quickly approaching, there are a few important items you need to be aware of in order to maximize the benefits you receive from your Deferred Compensation Plan (DCP) account. Let’s review what you need to know.

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Eric Lan
How to outsmart market volatility and protect your retirement savings

We’ve all seen the headlines and news reports this year; inflation and economic instability seem to be chipping away at household budgets and retirement account performance—with little indication of relief in the near future. However, when it comes to saving for retirement in the DCP, there are several steps you can take to ensure your retirement savings are well prepared to withstand economic headwinds. Here are a few ideas to help you feel comfortable when things get a bit uncomfortable.

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Eric Lan
Your DCP Summer Checklist is here! Update your e-delivery preferences and more...

With summer in full swing, spending time with family and friends is keeping us all very busy. But, as we enjoy the sunny LA weather, it’s also important to make sure your DCP account is given a proper tune-up. In fact, five minutes is all it takes to make sure your DCP account is up-to-date and optimized to meet your retirement goals. Here’s your five-minute DCP Summer Checklist:

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Eric Lan
New, enhanced access available for Self-Directed Brokerage Accounts (SDBA)

We’ve introduced a new service for participants considering or enrolled in the Charles Schwab Self-Directed Brokerage Account (SDBA) option. Whether you have an existing SDBA or just opened a new account, you now have access to “single sign-on” functionality that makes it easier than ever to manage your DCP and SDBA accounts. Now you can access your SDBA directly from the DCP website without having to enter in your Charles Schwab web credentials each time.

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LA 457
Notice of Deferred Compensation Plan Mailing Error

Due to an administrative error on the part of our Deferred Compensation Plan (DCP) administrator, Voya, you may have received a communication regarding the minimum balance requirement for the DCP’s Self-Directed Brokerage Option (SDBO) offered through Charles Schwab. The communication was intended for a specific subset of participants but was incorrectly sent to all DCP participants, as well as those who are eligible for the program.

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Eric Lan
Revamped DCP Participant Navigation is Live!

The City’s Deferred Compensation Plan (DCP) is pleased to announce new navigation enhancements to the participant account management website. These enhancements were developed by the City’s DCP administrator, Voya, following an extensive research process and soliciting participant feedback nationwide. Enhancements for the City’s site will launch on July 18, 2021. New navigation tools, including visual icons, make it easier to access frequently used functions and explore all of the many resources the website has to offer.

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Eric Lan
Year End Reminders

As you prepare for the end of the year, please note the following deadlines. Please note that all requests must be submitted in good order prior to the processing cutoff dates.

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Eric Lan