Nys Deferred Comp Withdrawal Form With Two Points In Allegheny
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You may keep your contributions in the Plan and continue to build savings for retirement. However, you may withdraw your contributions if you: Have a Plan account balance of less than $5,000, exclusive of any assets you may have in a rollover account, AND. Have not contributed to the Plan in the last two years, AND.
Amounts held under the Plan as pre-tax are not taxable until you receive them. Upon distribution, your pre-tax benefits will be subject to Federal, New York State and local income taxes. Qualified Roth distributions are not subject to income tax.
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).
You can: Call the HELPLINE at 1-800-422-8463 and an Account Executive will help you.
We conclude that (1) a lump sum distribution from the TDA will be tax exempt from New York State and City income taxes; and (2) the distribution of funds from the inherited IRA will be exempt from New York State and City income taxes only to the extent of the amount of the TDA funds rolled over to the inherited IRA.
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.
Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
The regular yearly contributions amount for Deferred Compensation will increase from $23,000 to $23,500. The catch-up contribution limit that generally applies for employees aged 50 and over remains at $7,500 for 2025 for a combined maximum contribution limit of $31,000 in 2025.
