Delay of Required Minimum Distributions (RMD) until February 1, 2013
Due to Hurricane Sandy, participants of the New York City Deferred Compensation Plan and the NYCE IRA are eligible for disaster relief under IRS guidance. As such, participants may delay taking RMDs until February 1, 2013, without triggering the 50% excise tax under Code section 4974. These delayed RMD payments will be reported as taxable income to participants and beneficiaries in the year in which the RMDs are actually paid.
Good News! Spouses of current and former NYC Employees can now have their own NYCE IRA account.
If you are a current or former NYC employee (with a termination date of 1985 or after), or the spouse of a current or former NYC employee, you can now open a New York City Employee IRA (NYCE IRA), and enjoy the convenience, professionalism, and performance of a program that has been designed with only you in mind. No commissions, no sales charges, no self-interest. Our only interest is your interest.