Reply To: 403(b) => Roth IRA after age 59-1/2

Home Fairmark Forum Retirement Savings and Benefits 403(b) => Roth IRA after age 59-1/2 Reply To: 403(b) => Roth IRA after age 59-1/2

#71286
thales
Participant

Thank you, Alan, for the reply and for linking the Q&A, which I find very helpful. I should have mentioned I have both 401(a) and 403(b). 401(a) is employer sponsored Retirement Annuity (RA), withdrawable only after retirement, while 403(b) is Supplemental Retirement Annuinty (SRA) completely contributed by me (employee) from voluntary salary reduction, withdrawable after 59-1/2 even before retirement. After reading your explanations and the Q&A that you linked, it seems to me that the 401(a) gets full subtraction, but the 403(a) is still subject to the $20,000/year limit, according to the bottom of p.2 of the Q&A:

Q: Do TIAA/CREF retirement payments attributable to a person’s employment in SUNY, CUNY, or the NYS Board of Education system qualify for full exclusion as a NYS pension?
A: SUNY, CUNY, and NYS Board of Education employees who opted to join TIAA/CREF as part of the Optional Retirement Plan qualify to exclude their retirement annuity pension income that was contributed by the public employer.
However, distributions from the following don’t qualify for full exclusion as a NYS pension since the
contributions were made by the employee:

TIAA/CREF Supplemental Retirement Annuities (SRA);
403B plans;
Group Supplemental Retirement Annuities (GSRA);
• IRAs; or
• Roth IRAs.
These distributions would qualify for the $20,000 pension and annuity income exclusion under
Tax Law section 612(c)(3-a).

I think the bold faced part apply to my 403(b) (which is SRA or GSRA, and is also 403(b)). The SUNY/CUNY and TIAA/CREF apply to my case.

Did I miss something, or did the plan rep miss something?