457 Deferred Compensation Plan Withdrawals Nyc In Alameda
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As always, you can speak with a Deferred Compensation Plan Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760, 9am to 5pm, Monday through Friday, except holidays.
Indirect Rollover: The Deferred Compensation Plan will accept eligible rollover distributions from an eligible retirement plan. This amount must have been received by you, from the previous plan, no longer than 60 days prior to deposit in the Deferred Compensation Plan.
Distribution of earnings from the Roth 457 and 401(k) Plan before age 59½ or for a period shorter than five taxable years are subject to all applicable income taxes (Roth 401(k) distribution is also subject to penalties).
The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. DCP is comprised of two programs: a 457 Plan and a 401(k) Plan, both of which offer pre-tax and Roth (after-tax) options.
If you withdraw funds from a 401(k) before age 59½, you could be subject to a 10% penalty tax and lose some tax advantages. There are exceptions (see below). Between ages 73 and 75, depending on your birth year, you must start taking distributions from your 401(k).
As always, you can speak with a Deferred Compensation Plan Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760, 9am to 5pm, Monday through Friday, except holidays.
State workers and some local government employees can save for retirement through the New York State Deferred Compensation Plan (NYSDCP). The NYSDCP offers traditional pre-tax and Roth 457(b) accounts.
The 457 Plan's emergency withdrawal provision is for "unforeseeable emergencies" defined as "...a severe financial hardship to a Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in Section 152(a) of the Internal Revenue Code) of the Participant, ...
Upon severance from City service, or upon reaching age 59½, participants can begin receiving distributions at any time by either accessing their account online or submitting a Distribution Form to the Plan's Administrative Office. Participants can change or stop distributions at any time.
