Nys Deferred Comp Early Withdrawal Penalty In Philadelphia
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FAQ
You can't borrow from an IRA, and early withdrawals could incur taxes and penalties.
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.
Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½.
However, early retirement carries a penalty of a permanent reduction in your retirement benefit at a rate of 6.5% for each year that you have retired prior to age 63.
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).
You can withdraw your Roth NYCE IRA assets at any time. However, if the distribution is a not a Qualified Distribution you will be subject to income taxes on all the earnings along with a 10% early withdrawal penalty. You can leave amounts in your Roth NYCE IRA as long as you live.
