Due to the financial impact of COVID-19, the CARES increases the maximum loan amount to $100,000 (currently $50,000) and permits loans of 100% (currently 50%) of the present value of the participant's account. To determine if you qualify for a Coronavirus-Related Distribution, please visit the COVID-19 resource page. one of the Plan’s Financial Planners to discuss the pros and cons in more detail. Send a message to: dcp_financial_planning@ Call us at: (212)306-5050 Monday through Friday 9AM – 5PM. A coronavirus-related distribution from the 401 (k) and 401 (a) is not subject to …Compensation account to process the loan. If the assets in your Deferred Compensation account are insufficient to meet your loan request, yo u may take a loan from your Rollover Account, if you have one. Loan to be Withdrawn Pro -Rata from Existing Investments Your loan amount will be withdrawn from your investment options on a pro -rata ;· When COVID-19 hit, New York State Deferred Compensation Plan executives acted quickly to maintain investment services to participants. Deferred Comp plan offers a lifeline during virus The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers. Our Mission: A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services to help State and local public employees achieve their New York State tax implications of recent federal COVID relief. The federal Coronavirus Aid, Relief and Economic Security Act (CARES ACT), Consolidated Appropriations Act, 2021, and American Rescue Plan Act of 2021 contained a number of tax provisions that impact the computation of taxable income for individuals and businesses, modify The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers. Our Mission: A voluntary retirement savings plan that provides quality investment options, investment educational programs and related services to help State and local public employees achieve their Summary of the Deferred Compensation Plan- Loan Provision On June 26, 2012, the Board of Supervisors adopted Resolution 2012/298 amending the Deferred Compensation Plan to include a Loan Provision. This amendment and loan provision are effective July 1, 2012. The following is a summary of the loan provision: Loan type: General Purpose LoansSign in to your account and select ‘Manage my Loans’ to see a list of your loans and to choose which one you want to pay. You can also check your loan balance by calling our automated phone service at 866-805-0990 (518-474-7736 in the Albany, New York area). Press 2 for members, then follow the ;· Loan amount: $300 to $1,500. APR: 5% for all approved borrowers. Term: 15 months, with payments starting after the first three months. Payments can be deferred further if the COVID-19 crisis
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