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Self-Directed Mutual Fund Option More choice today... to help you plan for tomorrow. MTA DeferreD CoMpensATion progrAM The righT direcTion hatever your retirement goals may be, reaching them means.

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Questions & Answers

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Yes, regular deferrals are pre-tax for federal and New York State income tax purposes but not for FICA. Roth contributions are available and are made after-tax.

Is My Pension Taxable? Most NYSLRS pensions are subject to federal income tax (some disability benefits are not taxable). NYSLRS pensions are not subject to New York State or local income tax, but if you move to another state, that state may tax your pension.

If the Plan is tax deferred, do I ever pay taxes? Yes. When you are ready to take money from your pre-tax account, your withdrawal will be subject to federal income taxes.

Payments structured this way are taxed in the state of residence when paid, not in the state in which the income was earned. This is a tax benefit for those planning to move to a state with lower income tax rates.

In the 457 Plan, you may choose to make pre-tax contributions and/or Roth (after-tax) contributions. However, the combined deferral cannot exceed $22,500. In the 401(k) Plan, you may choose to make pre-tax contributions and/ or Roth (after-tax) contributions. However, the combined deferral cannot exceed $22,500.

To roll over other plan assets into PSR, you can roll over non-457 plan assets into the 401(k) Plan and still contribute through payroll deduction to the 457 Plan (there is no additional cost for maintaining a balance in both Plans).

Is deferred compensation considered earned income? Deferred compensation is not considered earned, taxable income until you receive the deferred payment in a future tax year. For example, the use of Roth 401(k)s as deferred compensation is an exception, requiring you to pay taxes on income when it is earned.

To request a loan or withdrawal from your Prudential policy, or to perform a cash surrender of your policy, contact your Prudential professional, or call our Customer Service Center at 1-800-778-2255, Mon. -Fri., 8 a.m.-8 p.m. ET. Please have your policy numbers available when you call.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232