Αποτελέσματα Αναζήτησης
Taking a loan from his/her Deferred Compensation Plan account can greatly impact ones future account balance. Therefore, a participant should consider other ways to cover unexpected expenses. The minimum loan amount available from either the 457 or the 401(k) Plan is $2,500. The maximum loan amount a participant may obtain is the lesser of:
DCP Guides and Forms. Loan Requests - The Plan has been receiving an unusually large number of loan requests. As a result it may take up to 4 weeks for your loan application to be reviewed and processed. Please plan accordingly when submitting your application.
If you need a Separation from Withdrawal Form for your SERS Defined Contribution Plan or SERS Deferred Compensation Plan, please contact Empower at (866) 737-7457. If you need assistance resolving an Agency Debt that is holding up payment of your withdrawal, please contact your HR Department.
Any active employee who is a participant in either the 457 or 401 (k) plan is eligible to apply for a loan if the plan for which the loan is taken has an account balance of $5,000 or more at time of application. 401 (k) Roth accounts are not available for loans.
If you are retired or receive payments from SERS as a beneficiary or survivor of a deceased SERS member, you can now produce a pension verification reflecting the payment data pulled from your member record.
Under IRS regulations a loan from NYCERS and a loan from your NYC Deferred Compensation 457 and/or 401 K account(s) are considered to be loans from the “same employer” and are subject to all tax rules concerning loans.
Deferred comp accounts have certain tax advantages as outlined in Section 457 (b) of the IRS tax code. The SERS board has contracted with Empower Retirement as the third-party administrator of this investment plan. Defer Your Leave Payout. According to the IRS, leave payouts are eligible for deferral into deferred comp accounts.
