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This document is an application for the 457(b) Catch-Up contribution, allowing participants to contribute additional amounts to their 457 plans under specific eligibility conditions.
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How to fill out governmental 457b application for
How to fill out Governmental 457(b) Application for Catch-Up
01
Obtain the Governmental 457(b) Application for Catch-Up form from your employer or relevant agency.
02
Read the instructions carefully to ensure you understand the requirements.
03
Fill out personal information, including your name, address, and social security number.
04
Indicate your participation in the 457(b) plan and your eligibility for catch-up contributions.
05
Provide any required documentation, such as proof of age or prior contributions.
06
Specify the amount you wish to contribute under the catch-up provisions.
07
Review your application for accuracy and completeness.
08
Submit the completed application form to your employer or the plan administrator.
Who needs Governmental 457(b) Application for Catch-Up?
01
Employees who are nearing retirement age and wish to increase their retirement savings.
02
Participants in a Governmental 457(b) plan who have less than the maximum allowable contributions in previous years.
03
Individuals who are 50 years old or older and want to take advantage of catch-up contributions.
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People Also Ask about
What is the catch-up contribution for 457b in 2025?
If you have additional questions about 457(b) catch-up deferrals, contact MissionSquare. *As per a change via SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62 and 63. For 2025, this higher catch-up contribution limit is $11,250.
Does a 457 B allow catch-up contributions?
Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).
What is the maximum contribution to a 457 B for 2025?
Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).
What is the difference between a governmental and non-governmental 457b?
Unlike 401(k)s, savings in non-governmental 457(b)s are at risk from creditors if the sponsoring employer goes bankrupt. Governmental 457(b) plans are protected from creditors.
How do I make a catch-up contribution?
Individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions. Annual catch-up contributions up to $7,500 in 2023 and 2024 ($6,500 in 2021-2020; $6,000 in 2015 - 2019) may be permitted by these plans: 401(k) (other than a SIMPLE 401(k)) 403(b)
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What is Governmental 457(b) Application for Catch-Up?
The Governmental 457(b) Application for Catch-Up is a provision that allows eligible employees of governmental employers to contribute additional funds to their 457(b) retirement plan, beyond regular contribution limits, to accelerate retirement savings.
Who is required to file Governmental 457(b) Application for Catch-Up?
Participants in a Governmental 457(b) plan who are nearing retirement age and wish to take advantage of increased contribution limits are required to file the Governmental 457(b) Application for Catch-Up.
How to fill out Governmental 457(b) Application for Catch-Up?
To fill out the Governmental 457(b) Application for Catch-Up, participants typically need to complete a designated form provided by their plan administrator, indicating their intent to use catch-up contributions, along with any required personal and employment information.
What is the purpose of Governmental 457(b) Application for Catch-Up?
The purpose of the Governmental 457(b) Application for Catch-Up is to allow eligible employees to increase their retirement savings in the years leading up to retirement, thereby providing greater financial security.
What information must be reported on Governmental 457(b) Application for Catch-Up?
The information typically required includes the participant's name, social security number, employer details, the amount of catch-up contributions desired, and acknowledgement of eligibility under the catch-up provisions.
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