The DCP End-of-Year Checklist is here!
Is your Deferred Compensation Plan (DCP) account ready for 2024?
HERE ARE a few tips to help you get ready for the New Year and beyond.
Any In-Plan Roth Conversions must be submitted by December 10, 2023
If you're planning to convert all or a portion of your DCP pre-tax funds into Roth (after-tax) funds, you must submit the required forms no later than Sunday, December 10, 2023. To access the required forms, log in to your DCP account (select Plan Details > Forms). If you have any questions, please contact a Local Retirement Counselor. Please note that In-plan Roth Conversions are not typical and have significant tax implications that you should discuss with your financial and/or tax advisor before making any decisions. Once processed, conversions are irrevocable.
Contribution limits have increased for 2024!
Thursday, December 28, 2023 is the deadline for new contribution changes to be effective for the first paycheck of 2024. Contribution limits for regular contributions, for those ages 50+, or those enrolled in Special Catch-Up have increased for 2024. Review the increased contribution limits at LA457.com/contributions.
Secure your account
There is often an increase in scams and fraudulent impersonations during this time of year. Safeguard yourself against cybersecurity threats by registering an account with the DCP. In order to register your account, all you need is to establish a unique username and password for your online DCP account and review your account activity periodically. To establish a username and password for your DCP account, simply visit the login page and click Register Now. If you need to retrieve your username and password, please click “Forgot Username?” or “Forgot Password?”.
The DCP will never ask you to withdraw and/or transfer funds to an external account for any reason. If you detect any suspicious activity or receive any suspected fraudulent text messages, emails, or phone calls, please call our Service Center immediately at 844-523-2457. For additional resources on how to stay cyber safe, visit the Voya Cybersecurity hub.
Review your account beneficiary elections
Protect your DCP account and your loved ones by ensuring the beneficiaries you have on file are current. To name your beneficiaries or to view your current beneficiaries on file, log in here and place the cursor on [Profile Name] > select Personal Information > Beneficiary Information.
Primary Beneficiary: A person or trust you name to receive your DCP account in the event of your death. If you name multiple primary beneficiaries and any of them die before you, the percentage the deceased beneficiary would have received will be divided equally among your surviving primary beneficiaries.
Contingent Beneficiary: A person or trust you name to receive your DCP account if, on your date of death, all of your primary beneficiaries are deceased before you. If you name multiple contingent beneficiaries and any of them die before you, the percentage such deceased contingent beneficiary would have received will be divided equally among your surviving contingent beneficiaries.
You may designate more than one person as your beneficiary. If you are married, you may name someone other than a spouse to be a beneficiary for the
non-community-property interest of your account, but spousal consent is required to assign your community property interest to another beneficiary.
Join the next Money Matters webinar
Get ready for 2024 with an informative Money Matters session on Wednesday, December 20, 2023 at 12:00 p.m. PST to learn how to update your contributions and ensure you maximize your savings with the DCP! To reserve your spot, register here today.
If you have any questions about these updates, please schedule an appointment with a Local Retirement Counselor who can help you understand how these changes may impact you. For specific tax-related questions unique to your situation, we recommend consulting with your tax professional.