Retirees, inactive members, beneficiaries and legal-order payees: You can update your address from your online retirement account. Just select “Address” from the welcome screen. If you need to update your name, fill out and send in a printed form as well as a copy of documentation showing the change.
Active members: Update your name and/or address through your employer. That new information will soon appear in your online retirement account.
With the approach of the new year, it’s a great time to evaluate your Deferred Compensation Program contributions. Are you saving enough to meet your retirement goals?
The IRS has increased the amount you can defer into DCP. In 2020, you can contribute up to the following maximum amounts:
Even if you don’t contribute to the maximum, it’s a good idea to check your deferral amounts and consider saving a bit more in 2020.
Depending on your employer’s payroll, it can take up to 30 days for your account changes to go into effect. So for the new year, you might want to start your changes now! Change your contributions through your online account or call the DCP record keeper for assistance at 888-327-5596.
Remember, DCP is a special type of savings program that helps you invest for the secure and stable retirement you want to achieve. Unlike traditional savings accounts, DCP is tax-deferred — it lowers your taxable income while you are working and it delays payments of income taxes on your investments until you withdraw your funds. DCP is a great way to save.
See more in the DCP section.