IRC414H indicates a contribution to a New York pension plan. Pension contributions are not subject to federal income tax, but are subject to state, city, Social Security, and Medicare taxes.
How much of this amount do we allocate to the state and how much to the city?
Unless you are preparing a New York State tax return, there's nothing to select for Box 14. Box 14 is informational only. Neither a 414(H) nor fringe benefits have relevant Box 14 dropdowns. The tax treatment is already in your W2, and you don't adjust anything. If you choose a dropdown, it won't go anywhere or mean anything.
You can ignore it, or enter as Other-Not on List. Both have the same effect, which is no effect.
If you live or work in NY, choose NY IRC 414(H) exempt or not exempt based on whether your contributions are taxable and added back for New York State purposes.
Public employees in New York State generally select "Subject to NYS tax" on their 414H contributions.
The fringe benefit notation is purely informational..
Per @khossain31