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We suggest that you read carefully this application, which describes the applicable Internal Revenue Code IRC regulations, before submitting an application. You must complete the application and submit documentation showing that your request meets the IRC definition of an unforeseeable emergency before the Deferred Compensation Board can review your case.
Only pre-tax accounts are eligible for emergency withdrawals. Initially, your application will be reviewed and you will be notified in writing if your circumstances clearly match cases which did not meet the IRC definition of an unforeseeable emergency, as determined by the Board, in the past.
Otherwise, your request for a withdrawal will be reviewed by the Board at the next regularly scheduled meeting. You will be responsible for any additional federal taxes and applicable state and local taxes. You will be issued a form R for income tax purposes.
If after reading the enclosed application you feel your circumstances do not meet the IRC definition of an unforeseeable emergency, you can still reduce or stop your payroll deductions by accessing KeyTalk through the Plan s automated telephone voice response system ator through the Plan s Web site at nyc.
This may help alleviate any financial burden you are experiencing. You may reinstate your Deferred Compensation contributions at any time either through KeyTalk or through the Web site. Deferred Compensation Plan assets are your final resort. Your application will not be presented to the Board if you fail to document that you have exhausted all possible alternative sources for funds.
You are required to document the unforeseeable event that caused your hardship. Emergency withdrawal requests are reviewed by the Deferred Compensation Board on a monthly basis.
You must submit your application and supporting documentation at least one week before the date the Board reviews requests. Generally, reviews take place on the first Wednesday of each month. However, dates are subject to change.
Please contact the Plan at for more information. Only complete applications with supporting documentation will be reviewed by the Board. Deferred Compensation Plan assets are your final resort! Generally, an unforeseeable financial emergency is considered a circumstance for which you could not logically have planned or budgeted, yet is so compelling as to present a justifiable reason for taking all or part of your money out of the Plan, even though you continue employment with the City.
This might be extremely high medical costs from a sudden illness, a disabling injury, or property damage from a natural catastrophe. However, if such costs are covered by insurance or other compensation, or if other assets could be used for payment of such expenses, they are not grounds for an emergency withdrawal.
The Internal Revenue Service has set down guidelines which provide that normally budgetable expenses do not qualify as hardships. These might be an auto payment or repairs, a down payment on a house, college tuition, or major appliance repairs or replacement.
Under normal circumstances, these can be expected from time to time and should be provided for in ways other than a Deferred Compensation withdrawal.
Consideration is made on the basis of the employee s total circumstances. In addition, emergency withdrawals will not be allowed in cases where the participant had significant control and failed to exercise prudent judgment as to the cause of the emergency.
Examples of this are an inordinately expensive or extensive vacation, the need to make additional payments for federal or state taxes or property taxes, the cost of remodeling a home, abuse of the use of credit cards or other credit devices, or any other situation over which the employee had significant control and failed to exercise proper judgment.
Should you find yourself in a situation which you believe qualifies for an emergency withdrawal, the first thing to do is suspend contributions to the Plan as soon as possible. Immediately determine what other sources can be used to offset the expenses. If you still find that the situation warrants an emergency withdrawal of Deferred Compensation funds, you can complete this application.Business owners who are interested in promoting employee retention, on the other hand, may want to select a plan that allows for the segregation of employees for funding purposes — for instance, a plan that provides greater corporate contributions for more senior employees who serve in leadership roles.
The New York City Deferred Compensation Plan/NYCE IRA (the “Plan”) is seeking qualified vendors to provide daily or as necessary liquidity through the use of a low duration wrapped bond.
If you recently lost a loved one, or are helping someone who has, you may face new responsibilities and questions around an inherited retirement account. Take a few minutes to view this video to learn more about inheriting a retirement account and be aware of the associated financial.
The NYCE IRA has the same low management fee investment options as the New York City Deferred Compensation Plan. The NYCE IRA offers two different strategies for investing your money: (1) investing in one of the Pre-Arranged Portfolios, or (2) creating your own portfolio using a combination of the core investment options.
The NYCE IRA has the same low management fee investment options as the New York City Deferred Compensation Plan. The NYCE IRA offers two different strategies for investing your money: (1) investing in one of the Pre-Arranged Portfolios, or (2) creating your own portfolio using a combination of the core investment options. City of New York Deferred Compensation Plan/NYCE IRA. An Umbrella Program The Deferred Compensation Plan is an umbrella program for three defined contribution plans, the Plan, (k) Plan, and (a) unusual programs to help improve their participants’ retirement incomes. 3 The City of New York Deferred Compensation Plan/New York City Employee IRA Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, Prepared by: Georgette Gestely Director Joan Barrow Chief Accountant Sections , (k) and (a) Plans and Section (q) New York City Employee IRA (NYCE IRA) reported within The.
Since you won't have to take a taxable distribution using this structure, you can Over $4 Billion Funded · We Never Sell Your Info · 16k+ Biz Owners Funded · Over $4 Billion Funded. NYCE IRA accounts are ineligible for hardship withdrawals.
In the event you are granted a hardship withdrawal from your (k) account, an amount equaling 10% of the amount approved for withdrawal will be withheld for federal tax purposes.