New York State Deferred Comp Log In In Illinois
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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.
With Roth 401(k)s, income taxes are not owed on the withdrawal of your contributions, but income taxes and the 10% penalty tax may apply on the withdrawal of earnings, unless an exception applies. It's important to keep taxes and penalties in mind when making an early withdrawal.
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.
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.
The Plan is a supplemental retirement savings plan. New York State retirement plans will generally provide your primary retirement income. 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.
Under IRS regulations, workers' compensation-related benefits are exempt from federal income, Social Security and Medicare taxes. Workers' compensation-related benefits are also exempt from New York State and local income taxes, if applicable.
Overseen by the New York State Deferred Compensation Board, the Plan is managed by a professional staff located in Albany, NY. The primary function of the Board office is to provide centralized oversight of all the Plan's operations and manage the Plan to a Board-approved annual administration budget.
Examples of Non-Taxable Items Items and services that are exempt from sales tax include but are not limited to: Food products, dietary foods, certain beverages and health supplements sold by food markets. Diapers. Drugs and medicines for people.
The State of Illinois Deferred Compensation Plan is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals. The combined pre-tax and Roth contributions cannot exceed the limit set by the IRS.
The normal contribution limit for elective deferrals to a 457 deferred compensation plan is $23,500. The annual elective deferral limit for 401(k) plan employee contributions is $23,500. The annual elective deferral limit for 403(b) plan employee contributions is $23,500.