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Deferred Compensation Plan 457 Small Account Withdrawal Form - New York City
Deferred Compensation Plan 457 Small Account Withdrawal Form is a legal document that was released by the New York City Office of Labor Relations - a government authority operating within New York City.
FAQ
Q: What is a Deferred Compensation Plan?
A: A Deferred Compensation Plan is a retirement savings plan that allows employees to set aside a portion of their pre-tax income to save for retirement.
Q: What is a 457 Plan?
A: A 457 Plan is a type of Deferred Compensation Plan that is available to employees of state and local governments, as well as certain non-profit organizations.
Q: What is a Small Account Withdrawal Form?
A: A Small Account Withdrawal Form is a form that allows participants in a 457 Plan to withdraw funds from their account if the balance is below a certain threshold, usually defined by the plan.
Q: Who is eligible to use the Small Account Withdrawal Form?
A: Employees who have a 457 Plan with a balance below the specified threshold, as determined by the plan, are typically eligible to use the Small Account Withdrawal Form.
Q: What is the purpose of the Small Account Withdrawal Form?
A: The purpose of the Small Account Withdrawal Form is to provide a way for participants in a 457 Plan to access their retirement savings if they have a relatively small account balance.
Q: What is the process to complete the Small Account Withdrawal Form?
A: The specific process for completing the Small Account Withdrawal Form may vary depending on the plan provider. Generally, participants will need to fill out the form with their personal information, account details, and desired withdrawal amount, and submit it to the plan administrator for processing.
Q: Are there any tax consequences for using the Small Account Withdrawal Form?
A: Yes, there may be tax consequences for using the Small Account Withdrawal Form. Withdrawals from a 457 Plan are generally subject to income tax, and in some cases, early withdrawal penalties may apply.
Q: Is the Small Account Withdrawal Form specific to New York City?
A: The Small Account Withdrawal Form mentioned in the document is specific to New York City's 457 Plan. Other jurisdictions or plan providers may have their own forms and procedures for small account withdrawals.
Form Details:
- Released on February 1, 2012;
- The latest edition currently provided by the New York City Office of Labor Relations;
- Ready to use and print;
- Easy to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a printable version of the form by clicking the link below or browse more documents and templates provided by the New York City Office of Labor Relations.
