David Fischer New York State Deferred Compensation Plan In Bronx
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FAQ
The Plan differs from other defined contribution retirement plans (like a 401(k) or 403(b)), because it is designed and managed with public employees in mind. The New York State Deferred Compensation Board establishes and administers the Plan policies.
You also have the option to defer receiving your benefits until a later date, but only until you reach age 73. If you choose this option, benefit payments must begin no later than April 1 in the calendar year after you become age 73.
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).
WHAT DOES DEFERRED COMPENSATION MEAN TO ME? It means that you may defer a portion of your salary on a pre-tax, or after-tax basis. The amount of your salary that you defer pre-tax to the Plan is not subject to current Federal or New York State income taxes.
Yes. The Plan offers you an opportunity to defer benefit payments until as late as age 72 or as long as you're still working. When you retire you may be in a lower tax bracket. In addition, any earnings on your contributions will accumulate tax deferred until distribution.
For most people, deferred compensation is a good way to use your income earning years as a direct means to supplement your pension and Social Security benefits when you retire and build a bright financial future.
The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $23,000.00 to $23,500, for a combined maximum contribution of $47,000 for calendar year 2025.