DCP Roth now available
Some resources to get you started
DCP now offers Roth or pretax contribution options. This choice gives you even more flexibility in saving for retirement. New and existing DCP customers can contribute to either or both options. If you are wondering what Roth is, see the last section for resources. And if you are familiar with Roth, here are a few questions you might be asking.
How do I add Roth?
Existing DCP customers can add Roth by logging into your DCP account and making the change. Or you can contact Voya at 888-327-5596 for assistance.
New customers can enroll in DCP by completing this form.
Can I convert a DCP pretax balance to Roth?
Yes. However, you will be responsible for paying any taxes due when you file your taxes at end of the year. Taxes will NOT be withheld by DRS or the record keeper at the time of the conversion. The converted amount will be reported to the IRS and to you on a 1099. If you make the conversion by mid-December of this year, the converted amount would be included in your taxable income for the end of 2023. See this short video about Roth conversions.
What are the annual limits?
These 2023 limits apply to Roth and pretax contributions. This means whether you contribute to Roth, pretax or both, the combined totals must fall within IRS annual limits for the DCP 457(b) program.
- Minimum monthly contribution limit: $30 or 1% of your earnings
- Maximum annual contribution limit: $22,500
If you’re contributing to both pretax and Roth, it would be a combined maximum. As an example, you could contribute $10,000 to Roth, and $12,500 to pretax for a combined total of $22,500.
Can I contribute to DCP Roth and a Roth IRA at the same time?
Yes. You can contribute to both, and the limits for a 457 account (DCP) and an Individual Retirement Account (IRA) are separate. We recommend you consult your financial advisor to determine your retirement planning needs. DRS and the record keeper, Voya, are unable to offer financial advice.
Where can I find more about DCP Roth?
Find out more about DCP Roth with this video:
- Attend a live DCP webinar or view this recorded DCP webinar.
- See the DCP introduction for an overview
- Get detailed information and more Roth FAQs on the DCP Guide page.
- Reach out to the DCP record keeper, Voya Financial for additional information.
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