Deferred Compensation Plan Loan Change Form - New York City

Deferred Compensation Plan Loan Change Form is a legal document that was released by the New York City Office of Labor Relations - a government authority operating within New York City.

FAQ

Q: What is a Deferred Compensation Plan Loan Change Form?A: The Deferred Compensation Plan Loan Change Form is a document used in New York City to request changes to a loan taken from a Deferred Compensation Plan.

Q: What is a Deferred Compensation Plan?A: A Deferred Compensation Plan is a retirement savings plan offered to employees of New York City, allowing them to defer a portion of their salary until retirement.

Q: Who can use the Deferred Compensation Plan Loan Change Form?A: The Deferred Compensation Plan Loan Change Form can be used by employees of New York City participating in the Deferred Compensation Plan who have an existing loan from the plan and need to make changes to it.

Q: What changes can be requested using the form?A: The form can be used to request changes such as modifying the loan repayment amount, extending the loan term, or requesting a suspension of loan payments.

Q: Are there any fees or penalties associated with making changes to a Deferred Compensation Plan loan?A: There may be fees or penalties associated with making changes to a Deferred Compensation Plan loan, depending on the specific rules and regulations of the plan. It is recommended to review the plan documentation or consult with the plan administrator for more information.

Q: Can I take a loan from my Deferred Compensation Plan?A: Yes, employees participating in the Deferred Compensation Plan in New York City may be eligible to take out a loan from their plan, subject to certain restrictions and requirements.

Q: What are the repayment terms for a Deferred Compensation Plan loan?A: The repayment terms for a Deferred Compensation Plan loan vary depending on the specific plan rules. Generally, loans must be repaid within a specified timeframe, typically through regular paycheck deductions.

Q: Can I change the repayment terms for my Deferred Compensation Plan loan?A: Yes, changes to the repayment terms of a Deferred Compensation Plan loan can be requested using the Deferred Compensation Plan Loan Change Form.

Q: Who should I contact for more information about the Deferred Compensation Plan and the loan change process?A: For more information about the Deferred Compensation Plan and the loan change process, you can contact the Deferred Compensation Plan administrator or your human resources department in your New York City government agency.