Tax-Deferred Annuity Program
E717423
The Tax-Deferred Annuity Program is a retirement savings plan that allows eligible New York City educators and employees to contribute pre-tax income to build additional tax-advantaged retirement benefits alongside their pension.
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf |
retirement savings plan
ⓘ
tax-deferred annuity ⓘ |
| beneficiaryProvision | allows designation of beneficiaries ⓘ |
| benefitPhase | provides income in retirement ⓘ |
| benefitType | account balance based on contributions and investment returns ⓘ |
| contributionMethod | payroll deduction ⓘ |
| contributionTaxTreatment |
pre-tax
ⓘ
tax-deferred growth ⓘ |
| contributionType | employee contributions ⓘ |
| coordinationWith |
New York City Board of Education Retirement System pension
NERFINISHED
ⓘ
New York City Teachers' Retirement System pension NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| distributionOption |
annuity income options
ⓘ
lump-sum withdrawals ⓘ systematic withdrawals ⓘ |
| eligibilityCriterion | employment by New York City Department of Education or eligible NYC agency ⓘ |
| feature |
contributions reduce current taxable income
ⓘ
investment earnings are not taxed until withdrawal ⓘ may offer hardship withdrawals subject to IRS rules ⓘ may offer loan provisions subject to plan rules ⓘ participants choose among multiple investment funds ⓘ subject to IRS annual contribution limits ⓘ |
| governedBy | plan document of the Teachers' Retirement System of the City of New York ⓘ |
| legalBasis |
Internal Revenue Code Section 403(b)
NERFINISHED
ⓘ
Internal Revenue Code Section 457(b) NERFINISHED ⓘ |
| offers |
fixed-return investment options
ⓘ
variable-return investment options ⓘ various investment options ⓘ |
| operatedBy | Teachers' Retirement System of the City of New York NERFINISHED ⓘ |
| operatedInJurisdiction | New York City NERFINISHED ⓘ |
| participantType | public sector employees ⓘ |
| penalty | early withdrawal may be subject to IRS penalties ⓘ |
| planSponsor | City of New York NERFINISHED ⓘ |
| purpose |
allow participants to save on a tax-deferred basis
ⓘ
complement defined benefit pension benefits ⓘ provide supplemental retirement income ⓘ |
| regulator |
Internal Revenue Service
NERFINISHED
ⓘ
U.S. Department of the Treasury NERFINISHED ⓘ |
| relatedTo |
403(b) plan
ⓘ
457(b) deferred compensation plan ⓘ |
| targetGroup |
New York City educators
ⓘ
New York City public school employees ⓘ eligible New York City employees ⓘ |
| taxAdvantage | tax deferral on contributions and earnings ⓘ |
| withdrawalTaxTreatment | taxable as ordinary income when distributed ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.