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Your deferred comp plan will work for you whether you're approaching retirement or just getting started investing – putting away money in a tax-deferred account can offer several benefits. See how your investment can potentially grow due to the power of time and compounding .
If your new employer sponsors a Section 457(b) eligible deferred compensation plan, you may also transfer all or a portion of your Plan account balance directly to that employer's plan as long as the other plan will accept the transfer.
The following are highlights of the New York State Deferred Compensation Plan. Tax-deferred benefits • Federal and New York state income taxes are deferred on contributions to the Plan. • Contributions and any investment earnings accumulate on a tax-deferred basis until withdrawn and then are taxed as ordinary income.
A 457 (b) plan is a tax-deferred retirement savings plan that lets you defer part of your wages and save them for retirement. Learn more here.
5 Φεβ 2024 · 457(b) Plans are deferred compensation plans that provide employees with the opportunity to defer a portion of their income for future use. By participating in a 457(b) Plan, employees can enjoy tax advantages, as the deferred money remains untaxed until it is withdrawn.
Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f).
The three member Deferred Compensation Board is the regulatory authority for all public sector 457 plans in the State of New York, including the State Plan and deferred compensation plans that are approved by the Board but are not a part of the State Plan. Procurement Opportunities and Information.
