Your DCP contribution changes can happen sooner
In May, you might notice that the timing for your Deferred Compensation Program (DCP) contribution changes are happening sooner.
SECURE Act 2.0 of 2022, part of the Consolidated Appropriations Act (CAA) of 2023, builds on and expands the SECURE Act of 2019 to improve retirement savings opportunities.
Before this option was added, contribution updates took place on the first of the month following the month they were requested. Now, both new and established participants can have their contribution updates to existing elections take place as soon as administratively possible.
However, keep in mind your contributions are dependent on your employer’s payroll calendar. When you request a contribution change, it will happen as soon as your employer can make it happen.
If you have any questions, please contact your employer.
