New York State Deferred Compensation Plan Beneficiary Designation

Stockbroker Law - Tuesday, July 22, 2014
New York State Deferred Compensation Plan Beneficiary Designation
The New York State Deferred Compensation Plan is presently administered through Nationwide, and curiously, beneficiary designation forms must be mailed to an address in Ohio, not New York State. The New York State Deferred Compensation Plan Beneficiary Designation form (Form DC-3780-1213) can be accessed at www.nysdcp.com, and information relating to participation in the Plan can also be answered by calling the Helpline at 1-800-422-8463.

There are over one million participants in the New York State Deferred Compensation Plan, and many participants are not fully aware of how to implement changes in their beneficiary designation. It is important for all participants in the New York State Deferred Compensation Plan to keep in mind that a beneficiary designation form will be valid only if:

• It is signed and dated.

• Each beneficiary is clearly named, the relationship to the participant, and dates of birth are provided, and the benefit percentages total 100%.

• It is also suggested that social security numbers are provided to facilitate identification.

Plan participants should also periodically check the accuracy of their beneficiary designations by utilizing their online usernames and passwords, also making sure to check that there has been no unauthorized access or improper transactions relating to the underlying funds.

We offer a free, initial consultation to beneficiaries in the New York State Deferred Compensation Plan, who feel they have been victimized.

The Law Offices of Timothy J. O’Connor practices securities law in the Tri-City Capital District of Albany, Schenectady and Troy. We also represent victimized investors throughout the rest of New York State, including Buffalo, Binghamton, Rochester, Syracuse, Watertown, Utica, Kingston, Poughkeepsie, New York City/Manhattan, Long Island, and everywhere in between, as well as in the surrounding states of Massachusetts, Vermont, New Hampshire, Connecticut, and New Jersey.

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