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About the 401(k) plan
We want to help you build a solid financial future.
Providing you with a tax-advantage retirement savings vehicle is an important part of helping you build a solid financial future. That's why we provide a deferred salary plan. And, while you're automatically enrolled, you'll only achieve your retirement savings goals if you're actively engaged in the retirement planning process. That includes knowing the ins and outs of your plan and how to make it work for you.
You can easily access your account information at any time. Simply register and you’re on your way.
The plan highlights is a useful resource. It provides information on contributions, vesting, distribution options and more.Learn more—view your plan highlights
Roth after-tax contributions
Different ways to save
There are three ways to save for members covered under the following collective bargaining agreements:
- NYC Construction
- Street Lighting
- Elevator Division
Find out which kind of contribution is right for you: traditional pre-tax contributions; Roth after-tax contributions; or a combination of both.
Effective, November 1, 2020 the DSP offers a Roth in-Plan Rollover feature which allows eligible participants to convert pre-tax dollars (such as employer contributions or your own pre-tax contributions) into Roth dollars within the Plan. Learn more about this feature and whether or not it might be appropriate for you.
Plan features—ways to help you save
Targeted investingTarget-date funds—Investments that change as you do
An investment option that provides a diversified portfolio and then automatically re-allocates as you get closer to your estimated retirement date.
Get on track, and stay thereRetirement Income Calculator–See what it takes to get retirement ready
A successful retirement begins with a clear understanding of how to get there. The Retirement Income Calculator shows you if you’re on track to meet your retirement goals—and what to do if you’re not.
Save paper, save timeE-Delivery—Safe, secure and green
Receive your statements and other account documents electronically, using our safe, secure E-Delivery service. Simply log in to select this option.
The target-date is the approximate date when investors plan to retire and may begin withdrawing their money. The asset allocation of the target-date funds will become more conservative as the target-date approaches by lessening your equity exposure and increasing your exposure in fixed income investments. The principal value of an investment in a target-date fund is not guaranteed at any time, including the target-date. There is no guarantee that the fund will provide adequate retirement income.
A target-date fund should not be selected solely based on age or retirement date. Before investing, participants should carefully consider the fund's investment objectives, risks, charges and expenses, as well as their age, anticipated retirement date, risk tolerance, other investments owned, and planned withdrawals.
The stated asset allocation may be subject to change. It is possible to lose money in a target-date fund, including losses near and following retirement. Investments in the funds are not deposits or obligations of any bank and are not insured or guaranteed by any governmental agency or instrumentality.
Participants using the Retirement Income Calculator should consider other assets, income and investments (e.g. equity in a home, Social Security benefits, individual retirement plan investments, etc.) when assessing the adequacy of the estimated income stream as provided by this tool. The Retirement Income Calculator is hypothetical and for illustrative purposes only and is not intended to represent performance of any specific investment, which may fluctuate. There is no assurance that retirement income objectives will be met. It is possible to lose money by investing in securities.