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457(f) DEFERRED COMPENSATION BENEFICIARY DESIGNATION FORM INSTRUCTIONS Complete all sections of this form and submit to: Danforth Benefits Office DC Plan CB 1190 (A) PERSONAL INFORMATION NAME Employee

How to fill out 457f deferred compensation beneficiary

How To Fill Out 457f Deferred Compensation Beneficiary:

1. Obtain the necessary forms: The first step is to acquire the appropriate forms for filling out the 457f deferred compensation beneficiary. These forms can usually be obtained from your employer or plan administrator. Make sure to request the most up-to-date version of the beneficiary designation form.
2. Provide personal information: Start by entering your personal details accurately in the designated sections of the form. This generally includes your full name, address, date of birth, social security number, and contact information. Be sure to double-check the accuracy of the information before proceeding.
3. Designate primary and contingent beneficiaries: In the beneficiary designation section of the form, clearly indicate who your primary beneficiary will be. The primary beneficiary is the person or entity who will be the first to receive the deferred compensation upon your death. You may also have the option to designate contingent beneficiaries who would receive the benefit if the primary beneficiary is unable to do so. Provide the full names and relevant details of each beneficiary.
4. Specify the percentage or allocation: If you have more than one primary or contingent beneficiary, specify the percentage or allocation of the benefit that each beneficiary should receive. Ensure that the total percentage or allocation adds up to 100% to avoid any confusion.
5. Include relevant documentation: Some forms may require additional documentation to support your beneficiary designation. For instance, you might need to attach a copy of your marriage certificate if you have named your spouse as a beneficiary. Read the instructions carefully and include any necessary documents to complete the process.
6. Review and sign the form: Before submitting the form, thoroughly review all the information provided. Ensure that there are no errors or omissions. If you are satisfied with the accuracy, sign and date the form. If required, you may need to have your signature witnessed or notarized.
7. Submit the form: Once you have completed all the necessary steps, submit the filled-out form to your employer or plan administrator. Follow any specific instructions regarding the submission process. It's advisable to retain a copy of the completed form for your records.

Who Needs 457f Deferred Compensation Beneficiary:

1. Employees with 457f deferred compensation plans: Generally, individuals who have a 457f deferred compensation plan provided by their employer need to designate a beneficiary. This ensures that in the event of the employee's death, the deferred compensation benefits will be distributed according to their wishes.
2. High-level executives and key employees: 457f plans are often utilized by high-level executives, key employees, or other highly compensated individuals as part of their overall compensation package. As such, they should consider designating a beneficiary to ensure their chosen individual(s) or entity receives the deferred compensation upon their death.
3. Individuals seeking to protect their loved ones: Designating a beneficiary for a 457f deferred compensation plan is crucial for individuals who wish to protect their loved ones financially. By naming a beneficiary, one can provide financial support to their family or other specified individuals when they are no longer able to do so.

Remember, it is always recommended to consult with a financial advisor or professional when determining how to fill out a 457f deferred compensation beneficiary form to ensure compliance with legal requirements and personal preferences.

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What is 457f deferred compensation beneficiary?

457f deferred compensation beneficiary is a designated individual who will receive the deferred compensation in the event of the participant's death.

Who is required to file 457f deferred compensation beneficiary?

The participant of the 457f deferred compensation plan is required to file the beneficiary designation form.

How to fill out 457f deferred compensation beneficiary?

To fill out the 457f deferred compensation beneficiary form, the participant must include the name, relationship, and percentage allocation to each beneficiary.

What is the purpose of 457f deferred compensation beneficiary?

The purpose of designating a beneficiary for 457f deferred compensation is to ensure that the deferred funds are distributed according to the participant's wishes.

What information must be reported on 457f deferred compensation beneficiary?

The beneficiary form must include the full name, date of birth, social security number, and relationship to the participant.