Get the free My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program

This document provides a detailed comparison between the 401(k) and 457(b) plans, including provisions related to contributions, distributions, taxation, and eligibility for state and higher education

How to fill out my money my future

How to fill out My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program

1. Gather necessary information: Have your personal details, employment information, and financial goals at hand.
2. Access the program website: Go to the official My Money, My Future, My Tennessee® portal.
3. Create an account or log in: If you’re a new user, register for an account; otherwise, log in with your existing credentials.
4. Review program options: Familiarize yourself with the benefits of the 401(k) and 457 plans.
5. Fill out personal information: Complete the demographic and employment information fields accurately.
6. Choose your contribution amount: Decide how much you want to contribute from each paycheck.
7. Select investment choices: Review and select from the various investment options available within the program.
8. Confirm beneficiary details: Designate a beneficiary for your account in case of emergencies.
9. Review and submit: Double-check all the entered information for accuracy and submit your enrollment.
10. Monitor your account: Regularly check your account for performance and adjust your contributions and investments as necessary.

Who needs My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program?

1. Employees of the State of Tennessee looking to save for retirement.
2. Individuals seeking to supplement their retirement income beyond Social Security.
3. Those who want to take advantage of tax-deferred savings options.
4. People planning for long-term financial stability and growth.
5. Anyone looking for a flexible retirement savings plan that allows for a range of investment choices.

People Also Ask about

How many years do you have to work for the state of Tennessee to retire?

Full-time state employees are automatically a member of the Tennessee Consolidated Retirement System (TCRS). However, you must accrue five years of creditable state service before you are vested (guaranteed retirement benefits when age requirements are met).

How does the Tennessee Consolidated Retirement System work?

TCRS provides retirement benefits for public employees in Tennessee, including public school employees. The system provides a defined benefit (DB) pension, a retirement plan that typically offers a modest but stable monthly retirement income that lasts the remainder of a retiree's life.

How do I check my 401k?

Here are 7 places to find old 401(k)s and regain access to your savings. Your previous employer. Your previous plan administrator. Your state's unclaimed property database. The Pension Benefit Guaranty Corporation (PBGC) The Employee Benefits Security Administration (EBSA) Abandoned Plan Program.

What is the difference between 401k and 403b and 457b?

What Is the Difference Between a 401(k), a 403(b), and a 457(b)? The main difference between a 401(k), a 403(b) and a 457(b) is who offers these plans. Private employers offer 401(k)s, whereas 403(b)s and 457(b)s are generally offered by public sector employers.

What is the Tennessee 457 plan?

Additional savings opportunity As an added benefit, the State of Tennessee offers the ability to save through a 457 deferred compensation plan. The 457 has the same investment options as the 401(k) and does not share a contribution limit with other retirement plans.

What is the difference between 401k and 401k deferral?

Deferred compensation plans are funded informally. There's essentially a promise from the employer to pay the deferred funds, plus any investment earnings, to the employee at the time specified. In contrast, with a 401(k), a formally established account exists.

What is a Tennessee 457 plan?

Additional savings opportunity As an added benefit, the State of Tennessee offers the ability to save through a 457 deferred compensation plan. The 457 has the same investment options as the 401(k) and does not share a contribution limit with other retirement plans.

How many years do you have to work for the state of TN to retire?

Service Retirement Eligibility – A member becomes eligible for unreduced service retirement benefits upon attainment of age 65 and completion of five years of creditable service or reaching the Rule of 90. The Rule of 90 means the attainment of a combination of age and years of creditable service as to equal 90.

For pdfFiller’s FAQs

What is My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program?

My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program is a retirement savings plan that allows employees of the state of Tennessee to save money for retirement on a tax-deferred basis through 401(k) and 457 plans.

Who is required to file My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program?

Employees of the state of Tennessee who participate in the 401(k) and 457 Deferred Compensation Program are required to file My Money, My Future, My Tennessee® documentation as part of their retirement savings process.

How to fill out My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program?

To fill out the program, participants must complete the designated forms provided by their employer or the program's administering entity, ensuring that all required personal and financial information is accurately recorded.

What is the purpose of My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program?

The purpose of the program is to help employees save for retirement in a tax-advantaged manner, promoting financial security and stability in their post-employment years.

What information must be reported on My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program?

Participants must report personal identification information, employment details, contribution amounts, and any beneficiary designations when completing the My Money, My Future, My Tennessee® 401(k) and 457 Deferred Compensation Program forms.