New York State Deferred Compensation Plan Annual Report In San Jose
Description
Form popularity
FAQ
The purpose of the PTC Plan is to provide part-time, temporary and contract employees, and Council Assistants (who are not members of a City retirement plan other than an eligible deferred compensation plan) with a retirement program by requiring them to enter into agreement with the City of San José which will provide ...
Receiving your deferred compensation in installments over several years can reduce your tax bill, because the smaller installment payments will typically be taxed at a lower rate than a larger lump-sum payment will be.
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.
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.
The City of San José Deferred Compensation plan allows you to roll over retirement plan assets you may hold from either a past or future employer into the plan if you receive an eligible rollover distribution. Currently, the City of San José 457 Plan accepts rollovers from 457(b), 401(a), 403(b), and 401(k) plans.
The New York City Deferred Compensation Plan is a voluntary program that allows city employees to set aside a portion of their salary for retirement, thereby reducing their taxable income in the present.
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 Plan is a supplemental retirement savings plan. New York State retirement plans will generally provide your primary retirement income. 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.