Deferred Agreement Sample Format In Bronx
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Please know that your assets that started and grew in your regular Plan account or were rolled over from another 457 deferred compensation plan are not eligible for a withdrawal until you leave public service, become age 59 1/2, or are needed for an unforeseeable emergency withdrawal.
Contributions • 2025 annual limit of $23,500; $31,000 if age 50 or older; $34,750 annual limit applies for participants who attain ages 60, 61, 62 and 63 ($31,000 at age 64 or older) • 2025 annual limit of $23,500; $31,000 if age 50 or older; $34,750 annual limit applies for participants who attain ages 60, 61, 62 and ...
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 Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½.
Indirect Rollover: The Deferred Compensation Plan will accept eligible rollover distributions from an eligible retirement plan. This amount must have been received by you, from the previous plan, no longer than 60 days prior to deposit in the Deferred Compensation Plan.
For most people, deferred compensation is a good way to use your income earning years as a direct means to supplement your pension and Social Security benefits when you retire and build a bright financial future.
The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. DCP is comprised of two programs: a 457 Plan and a 401(k) Plan, both of which offer pre-tax and Roth (after-tax) options.
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.