NYC Retirement Counseling

Thomann Tax, Inc. offers retirement counseling services for New York City employees who are nearing retirement.

NYPD (two choices)

1. NYPD Pension & Option Estimator Report

  • Ten (10) page personalized pension and option report
  • Withdrawal analysis; no withdrawal, excess only, full withdrawal
  • Federal tax withholding; single and married
  • Option cost estimate for options 2, 4-2, 3, and 4-3
  • Additional information; pension annuity rate of return, appreciation of lump-sum, rate of return needed to replicate pension, delayed withdrawals to age 60, and delayed withdrawals to age 70
    -Fee is $125

2. 1-on-1 Retirement Counseling Session AND the NYPD Pension & Option Estimator Report

  • Review and explanation of NYPD Pension & Option Estimator Report
  • Pension tax issues
  • Rollover rules and available retirement plan choices
  • Variable Supplement Funds (VSF)
  • Series of substantially equal periodic payments –IRC 72(t)
  • NYC Deferred Compensation Plans – 457(b), 401(k), 401(a), Roth 457(b), etc.
  • Union Annuity plans
  • Defending Public Safety Employees Retirement Act
  • Fee is $250 and the session lasts for 1 1/2 hours

Note: The retirement counseling fee for NYPD accidental disability pre-retirees is $200 due to the NYPD Pension and Option Estimator Report for accidental disability pensions is not yet available. The session for accidental disability pre-retirees also reviews basic tax planning strategies and other tax issues.


FDNY (one choice)

1.  1-on-1 Retirement Counseling Session

  • Pension tax issues
  • Rollover rules and available retirement plan choices
  • Variable Supplement Funds (VSF)
  • Series of substantially equal periodic payments –IRC 72(t)
  • NYC Deferred Compensation Plans – 457(b), 401(k), 401(a), Roth 457(b), etc.
  • Union Annuity plans
  • Defending Public Safety Employees Retirement Act
  • tax planning strategies re: accidental disability pension
  • Fee is $200 and the session lasts for 1 1/2 hours

Note: The FDNY Pension & Option Estimator Report will be available at a later date.


NYCERS

1-on-1 Retirement Counseling Session

  • Review and explanation of pension estimate
  • Pension tax issues
  • Final withdrawal review
  • Rollover rules and available retirement plan choices
  • Series of substantially equal periodic payments –IRC 72(t)
  • NYC Deferred Compensation Plans – 457(b), 401(k), 401(a), Roth 457(b), etc.
  • Union Annuity plans
  • Fee is $200 and the session lasts for 1 1/2 hours

Note:  For NYPD, FDNY, & NYCERS 1-on-1 Retirement Counseling Sessions the following documents will be needed:

  • Copy of recent pension statement/estimate
  • Copy of recent NYC Deferred Compensation Plan statement
  • Copy of recent Union Annuity Plan statement
  • Copy of recent tax return (optional)

Three ways to schedule a 1-on-1 retirement counseling session:

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