Get the free Prior 457 Deferred Compensatio Plan - Distribution Agreement December 2010 - ers sta...

EMPLOYEES RETIREMENT SYSTEM OF TEXAS P. O. Box 13207, Austin, Texas 787113207 (512) 8677711 or (877) 2754377 (toll-free) PRIOR 457 DEFERRED COMPENSATION PLAN DISTRIBUTION AGREEMENT Information provided

How to fill out prior 457 deferred compensatio

How to fill out prior 457 deferred compensation:

1. Gather all necessary documents: Before filling out the form, make sure you have all the required information and documents ready. This may include your personal details, employment details, and financial information.
2. Understand the form instructions: Read through the instructions provided with the prior 457 deferred compensation form. Familiarize yourself with the terms and steps involved in completing the form correctly.
3. Provide personal information: Begin by filling out your personal details such as your name, address, social security number, and contact information. Ensure accuracy and clarity while providing this information.
4. Employment details: Provide information related to your current or previous employment. This may include the name of your employer, date of hire, job title, and salary details. It's essential to accurately report this information to prevent any delays or complications.
5. Contribution details: Indicate the amount and the frequency of your contributions to the prior 457 deferred compensation plan. This may include your employer's contribution if applicable.
6. Investment choices: If required, specify your investment choices within the plan. This could include selecting specific funds or investment options for your contributions. If you are unsure, seek guidance from the plan provider or a financial advisor.
7. Beneficiary designation: Designate the beneficiaries for your prior 457 deferred compensation plan. This ensures that in the event of your death, the plan assets will be passed on to the individuals or entities you have chosen.
8. Review and sign: Carefully review the information you have provided on the form. Make sure all the sections are complete and accurate. Sign and date the form in the designated areas.

Who needs prior 457 deferred compensation?

1. Employees of government and tax-exempt organizations: Prior 457 deferred compensation plans are typically offered to employees of governmental entities and certain tax-exempt organizations. This includes state and local government employees, public school employees, and employees of non-profit organizations.
2. Individuals seeking tax advantages: Prior 457 deferred compensation plans offer tax advantages to participants. If you are looking to reduce your taxable income now and defer taxes until you receive distributions from the plan in the future, a prior 457 deferred compensation plan may be suitable for you.
3. Retirement savers: Prior 457 deferred compensation plans provide an opportunity for retirement savings outside of traditional retirement plans such as 401(k) or 403(b) plans. If you are aiming to accumulate additional retirement savings, a prior 457 deferred compensation plan can be a valuable tool.

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What is prior 457 deferred compensation?

Prior 457 deferred compensation refers to money set aside in a retirement account before it is paid out to the individual.

Who is required to file prior 457 deferred compensation?

Individuals who have contributed to a 457 retirement plan are required to file prior 457 deferred compensation.

How to fill out prior 457 deferred compensation?

Prior 457 deferred compensation can be filled out on the appropriate tax forms provided by the IRS or through an online tax filing service.

What is the purpose of prior 457 deferred compensation?

The purpose of prior 457 deferred compensation is to allow individuals to save for retirement while deferring taxes on the contributions.

What information must be reported on prior 457 deferred compensation?

Information such as contributions, gains, and withdrawals made from the 457 plan must be reported on prior 457 deferred compensation.