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Nassau County Deferred Compensation Plan Form
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People also ask
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Is NYS deferred comp a good plan?
Yes. When you are ready to take money from your pre-tax account, your withdrawal will be subject to federal income taxes. The payment of state income taxes will depend on your state of residence when you are receiving benefits from your Plan account. Learn more about withdrawals taken from the Plan.
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Can I withdraw money from my deferred compensation plan?
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.
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What is the downside of deferred compensation?
The Risks Of Deferred Compensation Plans The biggest downside to most of these plans is the risk of the company declaring bankruptcy. It is surprising that most, if not all, of these plans aren't in a trust that cannot be touched by creditors.
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Can you withdraw money from deferred compensation?
If you take your deferred compensation payments over a period of 10 years or more, those payments will be taxed in the state where you reside, rather than in the state in which you earned the compensation, possibly reducing your state income taxes.
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