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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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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As a participant in the Deferred Compensation Plan (DCP), you have the option to contribute a fixed/flat dollar amount or a percentage of your pay to the DCP. While both options will help you save for retirement, contributing a percentage of pay can be a more effective way to build long-term savings.
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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.
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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Turning age 50+ in 2023? Unlock increased savings opportunities this year.
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