New York State Deferred Compensation Plan Terms Of Withdrawal In Illinois
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FAQ
Retirement withdrawals from pre-tax contributions and earnings are subject to federal income tax. The State of Illinois does not tax retirement income from the Deferred Compensation Plan if taken in ance with plan provisions, at full retirement age, as a legal resident of Illinois.
Once distributions begin, the distributed monies are fully taxable as ordinary income for federal tax purposes. The funds are never taxed by the State of Illinois.
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 Deferred Retirement Option Plan, commonly known as DROP, is a retirement benefit that allows Tier 1 public safety members who are already eligible for retirement to continue working while collecting a salary and accumulating monthly pension benefits that will become available upon retirement.
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.
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.
