Introduction

The New York City Deferred Compensation Plans (DCP) Account Computation Software (AC) is designed to help you gain an accurate understanding of how contributing to the Plan will affect your take-home salary. It details tax advantages, account growth (based on an estimated annual rate of return), and all other paycheck deductions in easy-to-read Table.

If you are already a DCP participant, you may use the Account Computation Program to see how changing your current deferral percentage will affect your net pay. The program compares your current net pay (with your current deferral percentage) with the amount that you would take home based on the deferral percentage that you are considering. All information provided can be easily printed for your future reference.

We encourage you to use the Account Computation Program to assist you in tailoring your DCP deferrals to suit your lifestyle. The Account Computation Program can take the worry out of how DCP will affect your current salary, as well as provide you with useful information about your financial future.

 

See Also:

How Joining DCP Will Affect Your Net Pay

Projecting the Future Value of Your DCP Account

 

 

 

How Joining DCP Will Affect Your Net Pay

Follow these step-by-step instructions to calculate how joining DCP will affect your net pay.

1. Have a copy of your current paystub(City of New York EStubs Pay Statement)handy.
2. From the Menu, choose Paycheck Comparison.
3. Enter your Gross Salary(Gross Pay) and choose either the Annual or Per-Pay Period checkbox.
4. Select the correct Pay Frequency.
5. In the Tax Status section, select your Marital Status -Married(MS = B: married);-Single(MS =A; C :single)and enter the Number of Exemptions Claimed(Exempt).
6. In the Pre-Tax Deduction section,
if in the pension system(Pension#), select Yes and enter pension contributions; TransitBenefit (Commuter Card Unrstrct Pre-Tax); Health Insurance (GHI CBP/BC,HIP HMO; etc...); DeCAP, HCFSA.
7. In the Post-Tax Deduction section, enter any Other deductions(Municipal CreNICIPAL CREDIT UNION; Union DUES etc..).
8. In the 457 and 401(k) and 401(b) Plan section, select the percentage of your gross income that you currently contribute to the 457 and/or 401(k) Plan followed by your desired deferral percentage.
9. Enter your 403(b) contribution, if any.
10.Click Show Worksheet.The Worksheet Comparison screen will be displayed. This easy-to-read table will provide you with a detailed comparison of your current take-home pay and what your take-home pay would be if you changed your contribution election. The sheet may be printed for future reference.

See Also:

View/Printing the Comparison Worksheet
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View/Printing the Comparison Worksheet

The easy-to-read Worksheet Comparison Table delivers a detailed comparison of your current net pay and what your take-home pay would be if you changed your contribution election. The sheet may be printed by click the Print Work Sheet button.

To change the DCP percentage or any other deduction entries, click the Change Deduction Information button.

 

 

 

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Projecting the Future Value of Your DCP Account

Follow these step-by-step instructions to receive a projection of the future value of your Deferred Compensation Plan account.

1. Have a copy of your current paystub(City of New York EStubs Pay Statement)handy.
2. From the Menu, choose Future Value of Account
3. Enter your Gross Salary(Gross Pay) and choose either the Annual or Per-Pay Period checkbox.
4. Select the correct Pay Frequency.
5. if in the pension system(Pension#), select Yes and enter pension contributions; TransitBenefit (Commuter Card Unrstrct Pre-Tax)
6. Enter the sum of your upto date 457 and/or 401(k) Deferred Compensation Account balance.
7. Enter your Date of Birth.
8. Enter your anticipated Retirement Age.
9. In the 457 and 401(k) and 401(b) Plan section, select the percentage of your gross income that you currently contribute to the 457 and/or 401(k) Plan.
10. Enter your 403(b) contribution, if any.
11. Click Show Worksheet button to be advanced to the Future Value screen. Here, you will be able to view an estimated projection of the future value of your DCP account.

See Also:

View/Printing the Future Value of Your DCP Account Worksheet

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View/Printing the Future Value of Your DCP Account Worksheet

The Future Value of Your DCP Account Worksheet delivers a detailed how will the 457and/or 401(k) Deferred Compensation Account look in the future.

Follow these step-by-step instructions to receive a projection of the future value of your Deferred Compensation Plan account.

1. Choose the Assumed Annual Rate of Return options based on the Sample Investment Allocation you have selected.
2. Choose the Year until Separation from City Service.

The sheet may be printed by click the Print Work Sheet button.

To change the DCP percentage or any other deduction entries, click the Change Deduction Information button.

 

 

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Paycheck Deduction Information
Gross Salary $ Pay Frequency
  Annually Per Pay Period Weekly Biweekly Semi-Monthly Annually

Tax Status* Marital Status Number of Exemptions Claimed
*Currently Using Year 2014 Tax Tables Single Married Federal State City

Pre-Tax Deductions
Are you a member in Pension System? No Yes
Pension Deduction* $ *414, 414STD etc...
TSA (Transit Benefit )* $ * Transit Spending Account. The monthly maximum amount is $
Health Insurance Premium $
DeCAP* $ * Dependent Care Assistance Program.
HCFSA* $ * Health Care Flexible Spending Account.

Post-Tax Deductions* Others $
*MCU, Union Dues, Saving Bonds, LTC, Pension/DCP Loan, Child Support, TSA Admin. Fee etc. Do not include Federal, Social Security, Medicare, State or City taxes.

Are you age 50 or older? No Yes

457 and 401(k) and 401(b) Plan*   Current   Desired  
Pretax 457   %   %
Pretax 401(k)   %   %
Roth 457   %   %
Roth 401(k)   %   %
403(b) $ $  
* If you contribute at least 7.5% of your annual salary to either the 401(k) or 457 Plan, and you are not a member of a Pension System. you will not have a deduction for Social Security(FICA) tax.  
Paycheck Comparison

Current Projected

Gross Income
Pension
Commute Benefit      
Flexible Spending Deductions          
DCP Deferral Pretax 457        
  Pretax 401(k)        
  403(b)        

Adjust Gross Income        
Estimated Income Tax          
           
           
 
FICA and Medicare Deduction          
           
 
Other Deductions          
DCP Deferral: Roth 457        
  Roth 401(k)        

Net Pay        
Please Note:
The information on this sheet assumes that your contributions and estimated rate of return remains constant. Also, this illustration does not include administrative fees.

Since this illustration is only an estimate of the future value of your account, you should contact your financial advisor before making any investment decision.

This worksheet is not intended nor shall it in any way be construed as a guarantee of a rate of return, account value or tax treatment.

Any changes made to your deferral percentage on this software program are for illustrative purposes only and will not affect your account.
How Will My 457 and/or 401(k) Deferred Compensation Account Look in the Future?
Gross Salary $ Pay Frequency
Annually Per Pay Period Weekly Biweekly Semi-Monthly Annually

Pension Deduction* $   *414, 414STD etc...

TSA (Transit Benefit )* $   * Transit Spending Account. The monthly maximum amount is $

Your Current 457 and 401(k) Deferred Compensation Account Balance Date of Birth
Month Day Year (YYYY)
    $

Expected Retirement Age (from City service)  

457 and 401(k) and 403(b) Plan*   Current  
Pretax 457   %
Pretax 401(k)   %
Roth 457   %
Roth 401(k)   %
403(b) $  
* If you contribute at least 7.5% of your annual salary to either the 401(k) or 457 Plan, and you are not a member of a Pension System. you will not have a deduction for Social Security(FICA) tax.  
How Will My 457and/or 401(k) Deferred Compensation Account Look In the Future?
Deferral Amount for  
  457
  401(k)
  Roth 457
  Roth 401(k)
Retirement Age Current Age    

Year until Separation from City Service
Assumed Annual Rate of Return for the Future*
*The Assumed Rated of Returns for the Future are based on historical returns, volatility and correlations, but not exclusively. They are forward-looking, therefore, they will not match historrical returns.

Contribution over next year(s)
year(s) of growth at rate
Value of contribution after year(s)  

Existing savings
year(s) of growth at
Value of existing saving after 22 year(s)  

Summary Total Account Value
Please Note:
The information on this sheet assumes that your contributions and estimated rate of return remains constant. Also, this illustration does not include administrative fees.

Since this illustration is only an estimate of the future value of your account, you should contact your financial advisor before making any investment decision.

This worksheet is not intended nor shall it in any way be construed as a guarantee of a rate of return, account value or tax treatment.

Any changes made to your deferral percentage on this software program are for illustrative purposes only and will not affect your account.

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