New Year Plan Account Check-In!
Start the New Year off right by reviewing your Plan account!
Some helpful check-in items include the following:
Review your investment options. Do your current investment selections align with your retirement goals? Are you comfortable with the risk level of your investments? It’s easy to make changes to both your current balances as well as future contributions.
Review your beneficiaries. Your beneficiaries are the heirs to your account. Make sure your current designations are accurate. Also, take advantage of our feature which allows you to provide contact information for your beneficiaries.
Set up online banking. If you decide to take a loan or distribution, the Plan offers electronic deposits for your convenience. By adding your checking or savings account information to your account, you won’t have to wait for a paper check in the mail to receive your funds! To use this feature, go to Personal Info > Banking Information > Add/Edit Banking info.
For active employees, check out the Retirement Calculator tool. Are you on track to retire with 100% or more of your working income? If not, consider adjusting your contribution amount, which you can do within the Retirement Calculator. Make sure you’ve updated the tool with your personal details, including your City pension information, to get the most accurate projection. Log in here to start using the Retirement Calculator.
Also for active employees, consider our new percent-of-pay contribution feature! Small ongoing increases to your contributions can make a big difference down the road. This feature helps you ensure that as your pay increases, so will the amount you contribute to your account. And by proactively increasing your savings, you won’t need to try to catch up at the end of your career. You can find the percent-of-pay contribution feature by signing in to your account and navigating to Account > Contributions > Change Contributions and selecting "percent." You can also find it by using the Plan's Retirement Calculator.
For retirees over age 70 ½, consider your Required Minimum Distribution obligations for the year. Once you turned 70 ½, the Internal Revenue Service (IRS) requires that you begin withdrawing from your Plan account, these withdrawals are called Required Minimum Distributions (RMD). To find out your RMD obligation for the year, look for a letter in the mail from Voya that will be delivered in March. Alternatively, you can call us at (844) 523-2457, and we can provide you with that information over the phone.