Get the free 457 Deferred Comp Plan Annual - specs - columbusga

COLUMBUS CONSOLIDATED GOVERNMENT Georgia's First Consolidated Government FINANCE DEPARTMENT PURCHASING DIVISION 100 TENTH STREET, P. O. BOX 1340 COLUMBUS, GEORGIA 319021340 7066534105, Fax 7066534109

How to fill out 457 deferred comp plan

How to fill out 457 deferred comp plan:

1. Gather relevant information: Start by collecting all the necessary documents and information required to complete the 457 deferred comp plan. This may include your personal details, employment information, beneficiary information, and any specific plan provisions.
2. Understand plan provisions: Carefully read through the plan's provisions and guidelines to understand the eligibility criteria, contribution limits, investment options, and withdrawal rules. This will ensure you make informed decisions while filling out the plan.
3. Complete personal information: Begin by providing your personal information such as your name, address, date of birth, and social security number. This data helps identify you as the plan participant.
4. Employment details: Fill out the sections related to your employment, including your employer's name, address, and contact information. This helps connect your 457 deferred comp plan with your specific job.
5. Contribution elections: Specify the amount or percentage of your salary that you wish to contribute to the 457 deferred comp plan. Some employers may offer matching contributions, so consider taking advantage of this to maximize your retirement savings.
6. Investment choices: Review the investment options available within the plan and select the funds or investment vehicles that align with your financial goals and risk tolerance. Seek professional advice if needed to make informed investment decisions.
7. Beneficiary designation: Designate your beneficiaries who would receive the funds in case of your unfortunate passing. Provide their names, relationships, and other required information. Regularly review and update this section as life circumstances change.
8. Review and sign: After completing the necessary sections, carefully review the entire form to ensure accuracy and completeness. Once satisfied, sign and date the form as required.

Who needs a 457 deferred comp plan:

1. Employees of state and local governments: The 457 deferred comp plan is primarily designed for employees of state and local governments, including public school teachers and certain non-profit organizations. If you work in one of these sectors, you may be eligible to participate in a 457 plan.
2. Individuals seeking additional retirement savings: Even if you have access to other retirement plans, such as a 401(k) or IRA, a 457 deferred comp plan can provide an additional avenue for saving towards retirement. It allows for higher contribution limits and more flexibility in accessing funds compared to other retirement accounts.
3. Those aiming for tax advantages: Contributing to a 457 deferred comp plan offers potential tax advantages. Contributions are made on a pre-tax basis, reducing your taxable income in the year of contribution. Additionally, any investment earnings in the plan are tax-deferred until withdrawal, potentially allowing for more significant growth over time.

Remember, it's always important to consult with a financial advisor or tax professional to determine if a 457 deferred comp plan is suitable for your individual financial situation and retirement goals.

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What is 457 deferred comp plan?

457 deferred comp plan is a retirement savings plan available to certain employees of state and local governments and tax-exempt organizations.

Who is required to file 457 deferred comp plan?

Employees who are eligible for the 457 deferred comp plan are required to file and contribute to the plan.

How to fill out 457 deferred comp plan?

Employees can fill out the 457 deferred comp plan by reviewing their eligibility and contribution options with their employer's human resources department.

What is the purpose of 457 deferred comp plan?

The purpose of the 457 deferred comp plan is to allow eligible employees to save for retirement on a tax-deferred basis.

What information must be reported on 457 deferred comp plan?

The 457 deferred comp plan typically requires information such as employee contributions, investment selections, and beneficiary designations.