Nyc Deferred Comp Withdrawal Rules In Dallas
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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.
The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. This plan is administered by The Office of Labor Relations (OLR).
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.
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).
Please know that your assets that started and grew in your regular Plan account or were rolled over from another 457 deferred compensation plan are not eligible for a withdrawal until you leave public service, become age 59 1/2, or are needed for an unforeseeable emergency withdrawal.
All employees, non-Medicare retirees, and their non-Medicare dependents enrolled in a health plan offered by the City's Health Benefits Program receive coverage for certain categories of prescription drugs. For questions regarding the PICA prescription drug benefit program please call 1-800-467-2006.
If you have any questions, please email only to: ZoningVerificationLetter@planning.nyc. ATTENTION: As the Department of City Planning takes precautions against the spread of COVID-19, please expect some delays in processing times for zoning verification letters. We apologize for the inconvenience.
To withdraw your membership, you should apply no earlier than 15 days after you leave public employment. Sign in to your Retirement Online account, go to the 'My Account Summary' area of your Account Homepage and click “Withdraw My Membership.” You can also apply by mail by submitting a Withdrawal Application (RS5014).
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).