As we wrap up 2024 and look ahead to 2025, it's the perfect time to review your financial goals and take specific actions on your Deferred Compensation Plan (DCP) account. With a few key deadlines and opportunities just around the corner, here's your end-of-year checklist to help you start 2025 on the right financial foot!
Read MoreAs 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.
Read MoreWe’re excited to share that your DCP online experience is about to get a whole lot better. Beginning March 18, you’ll have the ability to access a complete and holistic view of your entire financial life in one private, safe place. This is made possible by technology that enables you to add external financial accounts to your DCP “dashboard”.
Read MoreIs your Deferred Compensation Plan (DCP) account ready for 2024? We have a few to tips to help you get ready for the New Year and beyond.
Read MoreAs 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.
Read MoreAs 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.
Read MoreAs 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.
Read MoreThe 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:
Read MoreTurning age 50+ in 2023? Unlock increased savings opportunities this year.
Read MoreHappy 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?
Read MoreMake 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.
Read MoreWe’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.
Read MoreWith 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:
Read MoreWe’ve introduced a new service for participants considering or enrolled in the Charles Schwab Self-Directed Brokerage Account (SDBA) option. Whether you have an existing SDBA or just opened a new account, you now have access to “single sign-on” functionality that makes it easier than ever to manage your DCP and SDBA accounts. Now you can access your SDBA directly from the DCP website without having to enter in your Charles Schwab web credentials each time.
Read MoreDue 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.
Read MoreMaximize your savings by updating your contribution amount by December 30, 2021 to be effective by your first paycheck in January 2022.
Read MoreThe 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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