Pensions from all of the eight defined-benefit pension systems of the State (3) and City of New York (5) are exempt from the personal income tax of the State of New York, the City of New York and the City of Yonkers.
With that said, there is only one defined-contribution plan where the same rule applies. It is the Tax-Deferred Annuity 403(b) plan (TDA) administered by the Teachers’ Retirement System of the City of New York. Distributions, regardless of amount, from this particular retirement savings plan are exempt from the State of New York personal income tax, the City of New York personal income tax and the City of Yonkers personal income tax.
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