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Oversees the New York City Sheriff's Office, which acts as DOF's law enforcement division and the City's chief civil law enforcement agency. Through the Mayor's Office of Pensions and Investments, the Department of Finance also advises the Administration on the City's $160 billion pension system and $15 billion deferred compensation plan.
The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
The New York City Office of the Actuary (NYCOA) provides actuarial information and services for the five major New York City Retirement Systems and Pension Funds. The New York City Board of Education Retirement System (BERS) was founded on August 31, 1921.
Deferred compensation is a way for employees to reduce their tax burden while ensuring their economic security in their golden years. Deferred compensation plans with a long vesting period are ...
Deferred compensation is also sometimes referred to as deferred comp, qualified deferred compensation, DC, non-qualified deferred comp, NQDC, or golden handcuffs. Deferred compensation is only available to employees of public entities, senior management, and other highly compensated employees of companies.
Outside of veterans' pensions, the institution of the first public pension plan for New York City Police is considered as the first iteration of a modern pension in the USA. The Police Life and Health Insurance Fund, created in 1857, provided payment to officers injured or otherwise disabled in the line of duty and offered compensation in a ...
A non-qualified deferred compensation plan or agreement simply defers the payment of a portion of the employee's compensation to a future date. The amounts are held back (deferred) while the employee is working for the company, and are paid out to the employee when he or she separates from service, becomes disabled, dies, etc.
New York City Police Commissioner [25] New York City Commissioner of Ports and Trade - this department was repealed. Commissioner of Public Charities - this department was originally formed as part the Department of Public Charities and Correction in 1868. The two were separated in 1895. [10] It was renamed the Department of Welfare in 1920 ...