The DCP Summer Checklist: Your 6 Essential Tips

As the sun shines brightly over Los Angeles, it's time to bask in the warmth of both the season and your financial health. Here’s a helpful checklist to help ensure you're maximizing your Deferred Compensation Plan (DCP) benefits while enjoying the sunny days.

1. Dive into your contributions

Now is a great time to assess whether you’re contributing enough to meet your retirement goals. Consider increasing your contributions if your budget allows. A small increase in your savings rate or fixed-dollar contributions can create a tidal wave of difference over time.

2. Review and relax

Your summer plans aren’t the only thing that should be balanced. Now is a great time to ensure your investment portfolio still aligns with your risk tolerance and retirement timeline. Learn more about your investment options here and log in to your account at LA457.com to make any necessary changes. If you have any questions or concerns about the recent swings in the market, please schedule an appointment with one of our Local Retirement Counselors here.

3. Kick-back and join our Money Matters webinar series

Learn more about protecting your financial future by registering for one of our informative Money Matters webinars. Register here today for the August 21 session on rollovers and purchase of service credit.

4. Refresh your beneficiary information

Rest easy knowing that your hard-earned DCP savings is safe by refreshing your beneficiary designations. Ensure they are current to avoid complications in the future, especially if you've experienced significant life changes. Log into your account at LA457.com to verify your selections.

5. Catch the wave of increased contribution opportunities

If you’re age 50 or older, now’s the time to ride the wave of increased contribution opportunities in the DCP and see whether you’re eligible for Special Catch-Up. Taking advantage of this smart savings option can significantly boost your retirement savings as you approach retirement age.

6. Stay cool and stay informed with the recent Human Resources Payroll updates

With the recent upgrade of the City’s payroll system to Workday, it’s important to double-check your payslip to ensure your contributions to the DCP are correct. If you notice any discrepancies or have questions, visit our HRP page here.

Now that you’re up-to-speed you can relax and embrace the sunshine knowing that you’re taking steps toward a financially secure future with the DCP.