Company: NYC Deferred Compensation Plan / NYCE IRA
Company Description: New York City Deferred Compensation Plan (NYCDCP) is an umbrella retirement program consisting of the 457(b) Plan and the 401(k) Plan and allows for pre-tax as well as Roth contributions to both programs The 457 Plan was established in 1986 has 408,000 eligible Participants. As of Oct 2021, 151,985 employees participate in the 457 Plan. The only governmental plan with an in-person call center.
Nomination Category: Customer Service & Call Center Awards Team Categories
Nomination Sub Category: Customer Service Team of the Year - Recovery Situation - Financial Services Industries
 Nomination Title: New York Deferred Compensation Customer Service Team of the Year -- Recovery
- Briefly describe the nominated team: its history and past performance (up to 200 words):
Total 196 words used.
Our NYC Call Center Team of 26 representatives, one Team Leader and one Manager is dedicated to the New York City Deferred Compensation Plan (NYCDCP) which is an umbrella program consisting of the 457(b) Plan, and the 401(k) Plan in addition to the New York City Employee Traditional and Roth IRA (NYCE IRA). With a participant base of over 150,000 out of an eligible population of more than 400,000. The call center is responsible for answering calls on all the programs in addition to meeting with participants in person at the on-site Service Center. When the Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect on December 27, 2019, it made in-service 457 Plan distributions more available to more Participants. Shortly after, the COVID-19 pandemic began bearing down on the U.S which prompted Congress to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 25, 2020. Together, this trifecta created a perfect storm that caused calls, to dramatically increase at the NYCDCP Service Center. Specifically, call volumes for the first quarter of 2020 skyrocketed by 86.6%, from 41,719 in 2019 to 77,870 in 2020.
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the achievements since July 1, 2020 of the nominated team, OR written answers to the questions? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions for this category, provide them in the spaces below.
No video
- Outline the team's achievements since July 1 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 234 words used.
Fewer Participants and Retirees are calling the NYCDCP Service Center. This metric has been assisted by the increased number of easier-to-use self-service option. Total Call Volume was reduced by 38.4% — dropping from 276,700 in 2020 to 170,378 in 2021. Those who do call the NYCDCP Service Center receive live assistance in a fraction of previous wait time. Average Speed to Answer was improved by 9,000% — plunging from 15:58 in 2020 to 1:55 in 2021. Because Participants are being helped more efficiency, significantly fewer are abandoning calls. The Call Abandonment rate was reduced by almost 800% — falling from 32% in 2019 to 4.1% in 2021.
NYCDCP Call Center employees are working smarter and are using strategic methods to ask the right questions and provide the right answers in less time. Average Call Handle Time was reduced by almost 17% — dropping from 11:09 in 2020 to 9:22 in 2021. Starting June 21,2022, the NYCDCP reinstated in-person appointments — but with participant safety in mind. Participants can use an “online” appointment scheduler directly from the DCP website. By utilizing three conference rooms each day that host 6 appointments in each room, the in-house appointment protocols are uniquely designed to protect Participants and staff, while offering the valued face-to-face benefits of advice and guidance. In the first 90 days, over 1000 appointments were scheduled.
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 172 words used.
- As supporting material please find the call center statistics from January 2020 through December 2021. These statistics are a testament to the hard work and results achieved by a relatively small call center.
- The NYC administration purchased software from Timetap for the appointment scheduler. With the Timetap software the call center was able to customize a link (https://nycdcpappointments.timetap.com/) and add it to the New York City Deferred Compensation Plan website. The attached screenshots demonstrated how we were able to customize the site specifically for the New York City Deferred Compensation Plan. This dynamic software allows us to make adjustments and modifications to the site in real time. Increasing or decreasing the number of appointments available for any given day based on the number of representatives in the office. We can determine the type of visitor (current participant, retiree, beneficiary, etc) as well as the nature of the visit (enrollment, loan, investments, etc) and can assign representatives accordingly allowing the representative to be fully prepared in advance for the appointments.
- Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the team's past performance (up to 250 words):
Total 249 words used.
Due to call volume, it was imperative for management and teams to work smarter. Implementing Workforce Management helped maximize performance levels, improve individual competency, and drive an altogether more engaged and productive workforce. Steps taken included (but are not limited to): Extensive data analysis and modeling of call peak times, average hold times and other KPIs. Development of live training models to address specific employee concerns. Real time adjustments of employee staffing and requirements July 2020, the impact of the efforts was noticeable. Although July’s call volume (24,306) was like February’s volume (27,829) of the same year, NYCDCP Call Center KPIs were already dramatically improving. Resulting:
Average Speed to Answer was reduced by nearly 72% dropping from 37:27 in February to 10:38 in July.
Call Abandonment rate plummeted by almost 70% falling from 62.6% in February to 18.7% in July.
The only governmental plan in the U.S. that offered the high-touch, in-person experience of the walk-in service model the NYCDCP’s Walk-in Call NYCDCP Service Center was at a huge disadvantage when it transitioning to a remote work environment. Even so, the NYC Walk-in Call NYCDCP Service Center either matched or exceeded their peers in the efficient mobilization to work-from-home environments.
While maintaining a hybrid work environment where the representatives are only in the office 3 days per week the Deferred Compensation in-person call center has averaged approx 80 appointments a week during a time when many other programs are still virtual only
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