New York's Voluntary Defined Contribution Program for Certain Non-Union Employees

09.12.2013

Last year, Governor Cuomo signed into law Chapter 18 of the Laws of 2012, which introduced a new defined contribution retirement plan as an alternative to New York State’s existing defined benefit pension system.  This plan, called the New York State Voluntary Defined Contribution Program (“VDC”), is available to all public sector employees who: (i) are not represented by a union, (ii) are hired on or after July 1, 2013, and (iii) earn $75,000 or more on an annual basis.  This memorandum addresses this issue.

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