Get the free 457 Small Balance Account Distribution Form - cityoflewiston

457 Small Balance Account Distribution Form PLEASE READ THE REVERSE SIDE OF THIS FORM CAREFULLY BEFORE COMPLETING THIS FORM. Your request will not be processed if you fail to meet the 457 Small Balance

How to fill out 457 small balance account

How to fill out 457 small balance account:

1. Determine eligibility: Before filling out the 457 small balance account, make sure you are eligible for this type of account. Generally, individuals who have a 457 plan and have a balance of less than $5,000 are eligible for a small balance account.
2. Contact your plan administrator: Reach out to your plan administrator to inquire about the process of filling out the 457 small balance account. They will provide you with the necessary forms and instructions.
3. Complete the required forms: Fill out the forms provided by your plan administrator accurately and thoroughly. Be sure to provide all the required information, including your personal details, contact information, and any specific instructions regarding the balance transfer.
4. Review and submit the forms: Carefully review all the information you have provided on the forms and make any necessary corrections. Once you are satisfied with the accuracy of the information, submit the forms to your plan administrator. They may require you to submit the forms electronically, by mail, or through an online portal.
5. Wait for confirmation: After submitting the forms, you will need to wait for confirmation from your plan administrator. They will inform you about the successful transfer of your balance to the small balance account. This confirmation may be provided via email, mail, or through your online account.

Who needs a 457 small balance account:

1. Individuals with low 457 account balances: The 457 small balance account is designed for individuals who have a balance of less than $5,000 in their 457 plan. It offers a way for them to manage and consolidate their retirement savings effectively.
2. Those looking for simplified retirement savings management: The 457 small balance account can be beneficial for individuals who prefer to have a consolidated view of their retirement savings. By transferring their smaller balance from a 457 plan to a small balance account, they can easily monitor and manage their funds.
3. People seeking flexibility and control: Opting for a small balance account allows individuals to have more control over their retirement savings. It offers flexibility in terms of investment options and withdrawal choices, making it suitable for those who want more control over their financial future.
4. Those nearing retirement or changing jobs: If you are nearing retirement or changing jobs, a 457 small balance account can provide a convenient way to manage your retirement savings while transitioning. By consolidating your smaller balance into a separate account, you can simplify the process of tracking and accessing your funds.

Overall, the 457 small balance account caters to individuals with lower balances in their 457 plan who are seeking a streamlined approach to managing and optimizing their retirement savings.

For pdfFiller’s FAQs

What is 457 small balance account?

457 small balance account is an account that holds retirement savings from a 457 plan with a low balance.

Who is required to file 457 small balance account?

Employers are required to file 457 small balance account for employees who have retirement savings in a 457 plan with a low balance.

How to fill out 457 small balance account?

To fill out 457 small balance account, employers need to provide information about the employee, their retirement savings balance, and any contributions made.

What is the purpose of 457 small balance account?

The purpose of 457 small balance account is to ensure that retirement savings in a 457 plan with low balances are properly reported and managed.

What information must be reported on 457 small balance account?

Information that must be reported on 457 small balance account includes employee details, retirement savings balance, and contributions made.

How do I complete 457 small balance account online?

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