Benefits Line: 503-823-6031
111 SW Columbia St., Ste 550, Portland, OR 97201
You are eligible to participate in the Deferred Compensation Plan if you are a benefit eligible full-time or part-time City of Portland employee. Your participation can begin the first of the month after you complete 30 days of employment.
Your online enrollment/completed forms must be entered/received by the 15th of the month to be effective the first payday of the following month (for example, if your forms are received by September 15, your enrollment/change will be effective the first payday in October. If your forms are received after September 15, your enrollment/change will be effective the first payday in November).
There are three different ways you can enroll in Deferred Comp:
1. Visit the SAP CityLink portal and select the Employee Programs tab. If you need assistance navigating through your ESS Portal, review the Employee Self Service Reference Guide. If you select enrollment with Voya Financial, you will be defaulted into a target date fund that most closely matches when you will turn 62 (an average retirement age). If you select enrollment with Advantis Credit Union, you must be an Advantis Credit Union member, or become a member before contribution deductions can begin. SAP CityLink is automatically set up to begin your contribution based on the 15th of the month deadline and completion of 30 days of employment.
2. If you choose to select enrollment with Voya Financial, you can choose to complete the EZ Enroll Forms(https://www.portlandoregon.gov/bhr/article/623999) or you can contact Benefits at (503) 823-6031 to obtain copies.
3. You can complete the hard copies of Enrollment forms: (1) the City of Portland’s Deferred Compensation Participation Agreement, (2) the Plan Acknowledgment and Receipt, (3) the Beneficiary Designation (https://www.portlandoregon.gov/bhr/article/624001), and if enrolling with Voya Financial (4) the Voya enrollment form on which you select your investment funds. If you are enrolling with Advantis Credit Union, you will only need to complete the first three forms (https://www.portlandoregon.gov/bhr/article/624001). The Benefits Office will confirm your Advantis membership prior to contributions beginning.
For additional assistance, please contact Benefits at (503) 823-6031.
Follow the steps in this quick reference guide to use the employee online system to enroll and/or make changes to your deferred comp contribution.
This is a FAQ of information on the City's Deferred Compensation Plan.