It's a good idea to review your Plan account at least once a year. (Use your birthday date as a reminder.)
As you continue to contribute to your account, you may experience significant life changes that can impact
you financially—buying a new home, getting married, getting divorced, starting a family, etc.
As you age, your long-term goals may change too. So it's important to make sure that your deferred compensation
plan is in line with your goals. Not only can the Plan's financial professionals give you insightful resources and education to help make your retirement decisions easier, but you get real people and personal service to help you manage your planning up to and throughout your retirement.
If you have questions about your current account or if you are interested in setting up a deferred compensation account, please call the Helpline at (800) 422-8463. You can also set up an appointment to meet with a Deferred Comp Representative in person at their office on the NYS Concourse. Please inquire about this by calling the helpline and they can assist you.
Features of a traditional 457 account
Features of a Roth 457 account
Your contributions are tax-deferred – so your federally taxable income is as well as your New York State taxable income reduced by the amount of money you contribute to your plan.
You pay federal and New York State income taxes on your contributions.
Your contributions and any earnings are tax-deferred until you make withdrawals – so there's more growth potential.
Withdraw your contributions and any earnings tax-free – as long as the distribution is made after 5 consecutive tax years since the first contribution was made and the distribution is made after age 59½, or because of death, or disability.
All withdrawals are taxed as ordinary income.
Your money can stay tax-deferred in your account – even when you separate from service or retire. This allows you to leverage the “buying power” of low-cost investing through the NYSDCP as you continue managing your retirement assets.
Your money can stay in your account – even when you separate from service or retire. This allows you to leverage the “buying power” of low-cost investing through the NYSDCP as you continue managing your retirement assets.
New York State residents who are at least 59½ and take periodic payments are entitled to a New York State income tax deduction of up to $20,000 each calendar year on payments received from the Plan.