New York State Deferred Compensation Plan Login In Michigan
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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.
All local governments in New York State have the authority to sponsor a deferred compensation plan for their employees. Deferred compensation plans are authorized by Section 457 of the Internal Revenue Code and permit employees to save a portion of their current income for retirement.
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.
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.
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).
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½.
Deferred annuities provide a lump sum or income stream at retirement or a specified time. They have an accumulation phase for growth and a payout phase for withdrawals or annuitization. Types include fixed, variable, and fixed indexed annuities, each with varying levels of risk and guarantees.
Types of Tax-Deferred Accounts The most common tax-deferred retirement accounts in the United States are traditional IRAs and 401(k) plans. In Canada, the most common tax-deferred retirement account is a registered retirement savings plan (RRSP). With this type of account, taxes on income are deferred to a later date.
