The vast majority of city employees do not contribute the maximum allowed to the Deferred Compensation 457(b) Plan of the City of New York.
This underfunding need not be permanent. The funding level may be improved by taking advantage of the DAR provision of Section 457(b) of the Internal Revenue Code. DAR, which stands for Deferral Acceleration for Retirement, allows a participant to contribute twice the annual maximum for each of the three years prior to retirement.
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