What is the earliest age you can withdraw from a 457?

Pre-Tax 457: Upon severance from City employment, or upon reaching age 59 , 457 Plan participants can receive direct payments, without penalty, regardless of age.

US Legal Forms
Deferred Compensation Agreement - Long Form

Nys Deferred Comp Withdrawal Age In Alameda

Q: Can I borrow from my IRA?

You can&#039;t borrow from an IRA, and early withdrawals could incur taxes and penalties.

Q: What is the minimum distribution age for 457?

For 457(b) and other retirement plans that require RMDs which means non-Roth plans RMDs must start at these ages: 70 if you were born before July 1, 1949. 72 if you were born between July 1, 1949, and Dec. 31, 1950. 73 if you were born Jan. 1, 1951, through Dec. 31, 1959. 75 if you were born in 1960 or later.

Category:

Employment - Compensation

State:

Multi-State

County:

Alameda

Control #:

US-00418BG

Format:

Instant download

Description

The Deferred Compensation Agreement outlines the terms between an employer and employee regarding post-retirement income. Specifically, it defines the Nys deferred comp withdrawal age in Alameda, allowing employees to access funds upon reaching retirement age as specified in the agreement. The agreement includes essential features such as monthly payment amounts, provisions for beneficiary designations upon the employee's death, and conditions that may terminate the agreement. Filling out the form requires the employer and employee to provide specific details, including retirement age, payment amounts, and personal information. This agreement is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as they manage and review employee benefits and comply with legal requirements. The language is designed to be straightforward, enabling users with varying legal experience to navigate the document easily. It emphasizes compliance with applicable laws, protecting both parties' interests while creating a framework for future compensation post-retirement.

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FAQ

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.

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.

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.

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.

For 457(b) and other retirement plans that require RMDs—which means non-Roth plans—RMDs must start at these ages: 70½ if you were born before July 1, 1949. 72 if you were born between July 1, 1949, and Dec. 31, 1950. 73 if you were born Jan. 1, 1951, through Dec. 31, 1959. 75 if you were born in 1960 or later.

If you resign or are laid off at 57 years of age, you may begin withdrawing from the 401(k) that you were contributing to when you left your company. Alternatively, if you resign from your job and retire at age 55, you may start taking distributions from the 401(k) plan you had with your now-former employer.

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 may keep your contributions in the Plan and continue to build savings for retirement. However, you may withdraw your contributions if you: Have a Plan account balance of less than $5,000, exclusive of any assets you may have in a rollover account, AND. Have not contributed to the Plan in the last two years, AND.