Supplemental 457(b) Deferred Compensation Plan (DCP)
The City of Baltimore 457(b) Deferred Compensation Plan:
The City’s supplemental retirement plan that enables employees to build additional retirement savings
The DCP is the City’s supplemental, voluntary retirement plan and enables all benefits-eligible City and Baltimore City Public Schools employees to accumulate additional retirement savings either on a pre-tax or post-tax basis. The City believes very strongly that participation in the DCP is a core employee benefit and encourages all employees to participate to the extent possible.
Enrolling in the DCP is simple! You can do so immediately upon beginning employment with the City or BCPS by following the step-by-step instructions on the Retire with Baltimore website. The City partners with Empower Retirement to make a host of services available to DCP participants.
One of the invaluable services the City provides through its partnership with Empower Retirement is individual retirement account reviews with a Retirement Plan Counselor. DCP participants have the ability – and are encouraged! - to meet with a Retirement Plan Counselor on a semi-annual basis. Not only can the Retirement Plan Counselor walk you through the enrollment process but they can also assist with planning a strategy for using your savings as income in retirement. If you have a retirement account (or accounts) from a previous employer, the Retirement Plan Counselors can assist you with consolidating those retirement accounts to simplify your retirement planning and savings process.
The best part about these services is that they are available to you free of charge even after you leave employment with the City so long as you are maintaining an active account with the City’s DCP.