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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.
19 Ιουλ 2024 · Learn how withdrawals from 457 deferred-compensation plans are taxable but not subject to the same rules and restrictions as 401(k) and 403(b) plans.
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.
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 • Contributions and any investment earnings accumulate on a tax-deferred basis until withdrawn and then are taxed as ordinary income.
Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).
The Plan offers both traditional pre-tax and Roth 457(b) accounts to provide you with retirement savings choices. Here are some frequently asked questions about the Plan: What sets this Plan apart from other retirement plans?
The New York City Deferred Compensation Plan (DCP) is a tax-favored retirement savings program available to New York City employees. The Plan is comprised of two programs: a 457 Plan and a 401 (k) Plan. Eligible employees may choose to enroll in either the 457, the 401 (k), or both. There are two different types of contributions that can be ...
