What is the New York State Deferred Compensation Plan?
The New York State Deferred Compensation Plan gives public employees an additional retirement savings plan with a variety of investment options, investment educational programs and related services to help State and local public employees achieve their retirement savings goals. You can invest a portion of your salary through payroll deductions before federal or New York State income tax is calculated. That gives you less taxable income and, therefore, lowers your current income tax. At the same time, you are building retirement savings for your future.
Related Questions
- If I am receiving distributions from my New York State Deferred Compensation Plan account and an IRA, can I deduct $40,000 (if at least $20,000 is received from each account)?
- If both my spouse and I are receiving distributions from the New York State Deferred Compensation Plan and we file jointly, can we deduct up to $40,000?
- What is the New York State Deferred Compensation Plan?
