Happy New Year!
With every New Year, you have the chance to start fresh and change something for the better. Is getting “serious” about your retirement planning and long-term financial goals on your resolution list for 2023?
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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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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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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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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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Maximize your savings by updating your contribution amount by December 30, 2021 to be effective by your first paycheck in January 2022.
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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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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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We miss meeting with you face-to-face at City Hall and we’re still here to serve you! So drop in on our new virtual meetings on Zoom!
Read MoreInvesting in the stock market can be daunting for the uninitiated. Enter dollar-cost averaging — an investing technique where you invest in the market by contributing a set amount on a regular schedule — which takes the guess work out of timing the market and can help you save for your future.
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