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  1. #1
    Join Date
    Jan 2013
    Posts
    17

    Default Re: IRA Withdrawal Disqualify from Unemployment Insurance: New York State

    Quote Quoting cswanson69
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    Once the money has been rolled over into my IRA, nobody will know where it originated. I'm just wondering if withdrawals from my IRA count as income as far as NYS unemployment is concerned. Thanks for replying.
    No need to complicate this. It's an easy issue.

    The answer is NO. Any withdrawals from a ROLLOVER IRA will have NO EFFECT on your unemployment benefits.

    Quote Quoting cswanson69
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    We might be getting into some specialized legalities. The severance money is called "STP", for special termination program. A couple years ago the Co. got permission to take these funds from their pension fund. I know for sure from the Co. website that I can roll it in its entirety into an IRA. So, does that mean it's not earned income? Thanks for your help.
    Again - the answer this is NOT earned income. Once rolled over, these monies are now your private retirement account and outside the pervue of NYSDOL.

    Quote Quoting comment/ator
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    If it is an employer contribution retirement pension, and you receive it as a pension monthly, it is much more likely to affect your unemployment than an IRA or severance or anything else because for unemployment purposes, sometimes this is considered wages from the employer that they are still paying to you.
    OP has clearly stated this is NOT a pension. It IS or WILL BE a withdrawal from a rollover IRA the source of which was his pension account.

    Once that money is in a private IRA, it is considered personal retirement monies - no matter the employer may be the source.

    The only time this would be considered a "pension" would be if the money was not rolled over, but, instead, came directly from the company to OP as a weekly/monthly pension, or as a direct withdrawal from a 401k to which the employer contributed.

  2. #2
    Join Date
    Jan 2015
    Posts
    1,142

    Default Re: IRA Withdrawal Disqualify from Unemployment Insurance: New York State

    I agree with everything you say, as far as we know from here and from what it sounds like. (Though there is a slight question in my mind about this being from a withdrawal from an employer contribution vehicle and his being old enough to be receiving a pension, and his mentioning needing the money for his current expenses) But he needs to let them tell him this.

  3. #3
    Join Date
    Jan 2013
    Posts
    17

    Default Re: IRA Withdrawal Disqualify from Unemployment Insurance: New York State

    Quote Quoting comment/ator
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    Though there is a slight question in my mind about this being from a withdrawal from an employer contribution vehicle and
    Not relevant once rolled over.

    Quote Quoting comment/ator
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    his being old enough to be receiving a pension,
    Age is irrelevant. "Pension" is the operative word. Many people draw pensions at a very young age - i.e. military. Once rolled over, this is not a "pension."

    Quote Quoting comment/ator
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    and his mentioning needing the money for his current expenses)
    Why he needs the money is not relevant.

    Quote Quoting comment/ator
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    But he needs to let them tell him this.
    In my view, there is absolutely no need to muddy the waters, confuse the issue, and delay payment of benefits when the money (if rolled over) is clearly not a "pension" as that word is defined under UE law.

    If OP is paid directly a company pension or directly withdraws from 401k, it will be reported on a 1099 - which NY will catch. Rollover IRA's and withdrawals therefrom do not interest the NYSDOL.

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