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SALARY DEFERRAL AGREEMENT IRC SECTION 457 Louisiana Public Employees Deferred Compensation Plan FAX: 225-296-6832 www.louisianadcp.com TELEPHONE: 800-937-7604 EMPLOYER /AGENCY NAME EMPLOYER ADDRESS/LOCATION

How to fill out salary deferral agreement

How to Fill Out a Salary Deferral Agreement:

1. Start by obtaining the salary deferral agreement form from your employer or by downloading it from their website.
2. Read through the agreement carefully, paying attention to the terms and conditions outlined. Make sure you understand all the provisions, obligations, and potential benefits involved.
3. Fill in your personal details such as your name, employee identification number, and contact information in the designated fields on the form.
4. Specify the exact amount or percentage of your salary that you wish to defer. This could be a fixed amount or a percentage of your total earnings.
5. Indicate the duration or timeframe for which you want the deferral to be in effect. This could be a specific number of years, until retirement, or until another predefined event occurs.
6. If there are any investment options available for your deferred salary, make sure to select the desired investment vehicle or indicate your preferences.
7. If there are any specific conditions or restrictions for accessing the deferred salary, make sure to review them carefully and provide any necessary information or consent.
8. Sign and date the salary deferral agreement, and obtain any required witness signatures if applicable.
9. Submit the completed agreement to the designated HR or benefits department within your organization.

Who Needs a Salary Deferral Agreement:

1. Employees who wish to defer a portion of their salary for various purposes such as retirement savings, future investments, or to achieve specific financial goals.
2. Companies that offer salary deferral programs as part of their employee benefits package.
3. Individuals looking for a tax-efficient way to defer income and potentially reduce their current tax liability while planning for the future.

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What is salary deferral agreement?

A salary deferral agreement is a written arrangement between an employer and an employee that allows the employee to defer a portion of their salary into a retirement plan.

Who is required to file salary deferral agreement?

Employers are required to file salary deferral agreements for employees who choose to defer a portion of their salary into a retirement plan.

How to fill out salary deferral agreement?

To fill out a salary deferral agreement, both the employer and employee must enter their information, the amount to be deferred, and the timing of the deferral.

What is the purpose of salary deferral agreement?

The purpose of a salary deferral agreement is to allow employees to save for retirement by deferring a portion of their salary into a retirement plan, such as a 401(k) or 403(b).

What information must be reported on salary deferral agreement?

The salary deferral agreement must include the employee's and employer's information, the amount to be deferred, the timing of the deferral, and the retirement plan in which the deferral will be deposited.