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Paradise Valley Unified School District # 69, AZ Salary Reduction Agreement for 403(b) Annuity Contract or 403(b)(7) Custodial Account Please Print or Type Legibly 1-Page 1 of 2 2 Employee Name Employee

How to fill out 403b salary reduction agreement

How to fill out a 403b salary reduction agreement:

1. Obtain the necessary forms: First, contact your employer's human resources department or benefits administrator to request the 403b salary reduction agreement forms. These forms may also be available on your employer's website or intranet.
2. Provide personal information: Fill out the required personal information on the form, including your full name, address, social security number, and employee identification number. Make sure to double-check the accuracy of this information before submitting the form.
3. Specify contribution amount: Indicate the desired amount or percentage of your salary that you want to contribute to your 403b retirement plan. This is an important decision that may impact your retirement savings, so consider your financial goals and consult a financial advisor if needed.
4. Determine contribution frequency: Decide how frequently you want to contribute to your 403b plan. Common options include monthly, bi-weekly, or per paycheck. Select the most suitable frequency based on your pay schedule and budget.
5. Review plan options: Your employer may offer various investment options for your 403b plan. Take the time to review the available investment options and select the ones that align with your investment goals and risk tolerance. If you are unsure, seek guidance from a financial advisor.
6. Beneficiary designation: Fill out the required beneficiary information on the form. This ensures that your retirement savings are distributed according to your wishes in the event of your passing. Consider naming both primary and contingent beneficiaries, and ensure their contact information is up to date.
7. Read and sign the agreement: Carefully read through the agreement to understand the terms and conditions of the 403b salary reduction plan. If you have any questions or concerns, reach out to your employer's benefits team for clarification. Once you are satisfied, sign and date the agreement.

Who needs a 403b salary reduction agreement:

1. Employees working in non-profit organizations: 403b retirement plans are specifically designed for employees of tax-exempt organizations, such as schools, hospitals, religious institutions, and other non-profit entities.
2. Individuals seeking tax advantages for retirement savings: A 403b salary reduction agreement allows employees to contribute a portion of their salary on a pre-tax basis, which can lower their taxable income. This arrangement helps individuals save for retirement while potentially reducing their current tax obligations.
3. Those looking for long-term retirement savings: If you are interested in building a retirement nest egg, a 403b plan can be a valuable tool. Contributions to the plan grow tax-deferred until withdrawn during retirement. This allows your savings to potentially grow faster over time compared to taxable savings accounts.

Remember, it is important to consult with a financial advisor or tax professional to fully understand the implications and benefits of a 403b plan based on your specific financial situation and retirement goals.

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