To determine if you qualify for a Coronavirus-Related Distribution, please visit the COVID-19 resource page. 2. The CARES Act also allows a qualified individual with an outstanding loan from the 457 Plan or 401(k) Plan to extend the due date for any loan repayments that occur during the period March 27, 2020 - December 31, 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 …your salary that you defer pre-tax to the Plan is not subject to current Federal or New York State income taxes. The result is that the amount that you are investing for your retirement is greater than the reduction in your take-home-pay. Pre-tax deferrals reduce your taxable income and, therefore, lower your Federal or New York State …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 eligibility for certain tax credits, and provide assistance to taxpayers and businesses affected by 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 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 Loan to be Withdrawn Pro -Rata from Existing Investments Your loan amount will be withdrawn from your investment options on a pro …The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of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 Sign 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 See pages 4 and 5 for important information and instructions. Before choosing a loan type, call our automated information phone line toll-free at (866) 805-0990 or (518) 474-7736 in the Albany, New York area. Once you access the loan menu, you can receive specific information relating to your account for multiple and refinanced loans. 3) Loan Type
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