Form Nys-50 - Employer'S Guide To Unemployment Insurance, Wage Reporting, And Withholding Tax Page 39
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52NYS-50 (1/14) Page 39 of 52
Unemployment insurance, wage reporting, and
withholding tax requirements for certain items of income
(continued)
Unemployment insurance and
Income item
Withholding tax requirement
wage reporting requirement
Employee’s distributions from pensions and
other retirement plans
No
No**
1. 401(k) plan
No
No**
2. 403(b) plan (NYS organization or public
school)
No
3. SEP plan
No**
4. 457 plan (state and local governments)
No
No**
5. 457 plan (non-governmental
Yes
No
tax-exempt entities)
6. Qualified annuity (403(a) plan)
No
No**
7. Public employee 414(h) retirement
No
No
distribution
8. New York City IRC 125 flexible benefits
No
No
program
9. Nonqualified plans
No
No**
+ Employer contributions are subject to UI
Employer’s and/or employee elective
contributions to pensions and other retirement
contributions unless the payment is to a plan to be
benefits
used exclusively for retirement, sickness, accident,
medical, hospital, or death benefits covering all or
a class of employees.
Yes +
1. 401(k) plan
No, unless subject to federal income tax
withholding.
Yes +
2. 403(b) plan (NYS organization or public
No, unless subject to federal income tax
school)
withholding.
Yes +
No, unless subject to federal income tax
3. SEP plan
withholding.
Yes +
No
4. Simple retirement account provided
under IRC 408(p) (employee salary
reduction or contribution to)
Yes +
5. 457 plan (state and local governments,
No
and tax-exempt organizations)
Yes +
No
6. Qualified annuity (403(a)) plan
Yes +
7. Public employee 414(h) retirement
Yes
contributions (members of the New York State
and Local Retirement Systems [including
the New York State Employees’ Retirement
System and the New York State Police and
Fire Retirement System], New York State
Teachers’ Retirement System, or an Employee
of the State or City University of New York
who belongs to the TIAA/CREF Optional
Retirement System or any Tier member of the
New York City Employees’ Retirement System,
the New York City Teachers’ Retirement
System, the New York City Board of Education
Retirement System, Manhattan and Bronx
Surface Transit Operating Authority, the New
York City Police Pension Fund, or the New
York City Fire Department Pension Fund)
Yes +
Yes
8. New York City IRC 125 flexible benefits
program (established by New York City and
certain other New York City public employers
[City University of New York, New York City
Health and Hospitals Corporation, New York
City Transit Authority, New York City Housing
Authority, New York City Off-Track Betting
Corporation, New York City Rehabilitation
Mortgage Insurance Corporation, New York
City Board of Education, New York City
School Construction Authority, Manhattan
and Bronx Surface Transit Operating
Authority, or the Staten Island Rapid Transit
Authority], on the employees’ behalf)
Yes +
No, unless subject to federal income tax withholding.
9. Nonqualified plans
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