Nys Deferred Comp Withdrawal Form For Withdrawal In Queens
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Non-Qualified distributions are subject to all applicable taxes and a 10% early withdrawal penalty. Funds can be rolled over to another Roth 401(k), Roth 457, Roth 403(b), or Roth IRA.
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.
You can: Call the HELPLINE at 1-800-422-8463 and an Account Executive will help you.
You can't borrow from an IRA, and early withdrawals could incur taxes and penalties.
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.
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 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.