How do I contact NYS deferred compensation?

Contact us Phone. Helpline: 1-800-422-8463. Monday-Friday 8 a.m. 11 p.m. ET. Saturday 9 a.m. 6 p.m. ET. Email. participant.service nysdcp. Don't include personal information such as Social Security number. 1 on 1 support. Meet your Account Executives, attend a webinar or schedule an appointment.

When can you withdraw from NYS deferred compensation?

If you remain employed with New York State or a participating employer when you are 59 , you may receive your Plan distributions while you are employed or continue to defer distributions until you retire.

US Legal Forms
Deferred Compensation Agreement - Long Form

Nys Deferred Comp Withdrawal Form Online In Nassau

Q: Can I borrow from my IRA?

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

Category:

Employment - Compensation

State:

Multi-State

County:

Nassau

Control #:

US-00418BG

Format:

Instant download

Description

The NYS deferred comp withdrawal form online in Nassau is a crucial document for employees looking to access retiree benefits or make financial decisions regarding deferred compensation. This form allows eligible employees to request withdrawals from their deferred compensation plans, streamlining the process for those who may be transitioning into retirement or needing funds earlier. Key features include filling out personal information sections, selecting withdrawal amounts, and specifying payment methods. Users should carefully follow the instructions to ensure all required information is accurately provided, avoiding any delays in processing. The form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants, as it helps them manage client or firm financial planning effectively. It offers clear guidance on possible withdrawal scenarios, including retirement or unforeseen circumstances, making it a pivotal tool in facilitating post-employment financial strategies. Moreover, the online format promotes ease of access and completion, essential for busy professionals managing multiple cases or clients.

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FAQ

Contact us Phone. Helpline: 1-800-422-8463. Monday-Friday 8 a.m. – 11 p.m. ET. Saturday 9 a.m. – 6 p.m. ET. Email. participant.service@nysdcp. Don't include personal information such as Social Security number. 1 on 1 support. Meet your Account Executives, attend a webinar or schedule an appointment.

If you remain employed with New York State or a participating employer when you are 59½, you may receive your Plan distributions while you are employed or continue to defer distributions until you retire.

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.

You can: Call the HELPLINE at 1-800-422-8463 and an Account Executive will help you.

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.

The New York State Deferred Compensation Plan is a state-sponsored employee benefit for state employees and employees of participating employers. Available 24 hours a day. Personalized assistance is available 8 a.m. to 11 p.m. Monday through Friday and 9 a.m. to 6 p.m. Saturdays, except holidays.

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.