Deferred Comp Board adopts improvements Last spring, PEF helped push federal tax-law reforms through Congress that opened the door for user-friendly changes in the state’s deferred compensation program available to most PEF members. On December 7, the New York State Deferred Compensation Board walked through that door and adopted many of the improvements PEF members have been seeking for years. These changes will take effect January 1, and include: • Eliminating the requirement to coordinate contributions among retirement plans; • Increasing the dollar and percentage-of-salary contribution limits; • Increasing the “retirement catch-up” contribution limit; • Allowing rollover into other plans upon retirement; • Allowing greater distribution flexibility; and • Allowing eligible employees to use their deferred-comp assets to purchase pension service credits. The Deferred Compensation Board is expected to mail information about these changes to program participants soon. For answers to questions about specific aspects of the plan, call the plan’s HELPLINE at 1-800-422-8463. — Sherry Halbrook Back to Communicator Homepage