The board of the New York State Deferred Compensation Plan has renewed its relationship with Nationwide as the provider of its 457(b) plan for an additional seven years.
The original relationship began in 2003, and the new contract begins April 1, 2016.
The 457(b) plan is similar to private-sector 401(k) and 403(b) plans, used by state and local governments for their employees. Contributions to a 457(b) plan grow tax-free until retirement or termination of employment. Albany-based NYSDCP is available to all employees of the State of New York, and more than 1,400 local governments in the state choose to offer it to their employees.
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