Nys Deferred Comp Withdrawal Form Online In Salt Lake
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You can: Call the HELPLINE at 1-800-422-8463 and an Account Executive will help you.
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).
If you withdraw funds from a 401(k) before age 59½, you could be subject to a 10% penalty tax and lose some tax advantages. There are exceptions (see below). Between ages 73 and 75, depending on your birth year, you must start taking distributions from your 401(k).
State workers and some local government employees can save for retirement through the New York State Deferred Compensation Plan (NYSDCP). The NYSDCP offers traditional pre-tax and Roth 457(b) accounts.
Withdrawals from a 457 plan should be reported in the TaxAct program on Form 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Qualified Distribution from your Roth 457 or Roth 401(k) account is made either before age 59½ or before the fivetaxableyears period of participation has been completed. The earnings from NonQualified Distributions from the Roth 457 are subject to all applicable income taxes.
You can log into your account to request an online distribution or you can call one of our Account Executives or HELPLINE Representatives to discuss which withdrawal option(s) work(s) best for you.
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.
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.