Get Dcp Distribution Request - Dcprovider.com

If you retire or leave service early, there is no penalty for withdrawals; however, you will pay taxes on the amount that you withdraw. In the event of your death, designated beneficiaries are entitled to receive all remaining funds in your account.

Pre-Tax 457: Upon severance from City employment, or upon reaching age 59½, 457 Plan participants can receive direct payments, without penalty, regardless of age.

1) Inquries and questions can be sent via email to the Plan. 2) Forms/documents can be sent via email to NEWYRK@VOYAPLANS.com. Please only include the last 4 digits of your Social Security number, along with your name and address on all forms. Forms can also be faxed to 844-299-2362.

Withdrawals typically are subject to a 20% mandatory federal tax withholding if the participant elects to directly receive funds eligible for rollover to another employer plan or an IRA.

You can process a distribution request by logging in to your account and navigating to Loans & Withdrawals > Taking a Withdrawal > Request a Withdrawal. If you have questions about distributions, call the Service Center at 844-523-2457.

Key Takeaways If you are a government or non-profit employee, you may have a 457(b). In this case, your savings in this plan can be rolled over, like assets in a 401(k). ... There is no penalty for early withdrawals but you must take a minimum distribution in the year you turn 72 (or 73, starting in 2023).

You can take penalty-free withdrawals from your 457 account at any age after you leave your job. Most other types of retirement-savings plans assess a 10% penalty if you withdraw money before age 55 or 59½, depending on when you leave your job.

Yes. When you are ready to take money from your pre-tax account, your withdrawal will be subject to federal income taxes. The payment of state income taxes will depend on your state of residence when you are receiving benefits from your Plan account. Learn more about withdrawals taken from the Plan.