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Local Governments Deferred Compensation Plan Information

All local governments in New York State have the authority to sponsor a deferred compensation plan for their employees. Deferred compensation plans are authorized by Section 457 of the Internal Revenue Code and permit employees to save a portion of their current income for retirement.

Section 5 of the State Finance Law permits counties, cities, towns, villages, school districts, community colleges, public benefit corporations, and special districts to sponsor deferred compensation plans. The Rules and Regulations of the New York State Deferred Compensation Board detail the procedures and guidelines for administering a deferred compensation plan.

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