US Legal Forms
Deferred Compensation Agreement - Long Form

Nys Deferred Comp Withdrawal Form With Two Points In Suffolk

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:

Suffolk

Control #:

US-00418BG

Format:

Instant download

Description

The Nys deferred comp withdrawal form with two points in Suffolk is designed for employees looking to access their deferred compensation benefits provided by their employer. It delineates the essential procedures and conditions for withdrawals in a clear and structured manner. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it outlines the legal implications tied to deferred compensation agreements. Key features include stipulations on retirement benefits, procedures for beneficiary designations, and potential adjustments according to the National Consumer Price Index. Users are instructed on how to fill out the form accurately, ensuring that all necessary information is included to avoid processing delays. The form also provides guidance on addressing potential complications such as non-compliance or disputes over withdrawals. Legal professionals can leverage this form for advising clients on retirement planning or financial settlements, ensuring adherence to the terms defined in the deferred compensation agreement.

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FAQ

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.

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

Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).

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.

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.

You can't borrow from an IRA, and early withdrawals could incur taxes and penalties.