As per a recent NYC Deferred Compensation Plan Board meeting it is reported that participants have withdrawn $300,000,000 as in-service distributions so far for the year. For the month of October alone $110,000,000 was for CARES Act distributions. There are two main reasons for these significant distributions; the SECURE Act & the CARES Act. In Thomann Tax’s opinion other reasons are due to the recordkeeper change to Voya Financial and more participants (active or retired) are realizing that they do not need to keep their money at NYC Deferred Comp if they are older than 59 1/2.
https://www.thomanntax.com/wp-content/uploads/2017/07/logo1.png 79 77 Peter Thomann, EA, CFP®, CDFA® http://www.thomanntax.com/wp-content/uploads/2017/07/logo.png Peter Thomann, EA, CFP®, CDFA®2020-12-03 10:56:332020-12-30 14:31:02The Flood Gates Have Opened at NYC Deferred Comp