Nys Deferred Comp Early Withdrawal Penalty In Wayne
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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).
Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½.
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.
A team of 17 regional Account Executives who offer local on-site educational programs to employees of participating employers. A team of HELPLINE Representatives located in Troy, New York that is available Monday through Friday 8am until 11pm and Saturday from 9am until 6pm.
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.
As always, you can speak with a Customer Service Representative about the Plan and your account(s) on the phone by calling at (212) 306-7760.
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.