Get the free Governmental 457(b) Application for Catch-Up

Este formulario es para que los empleados del Ayuntamiento de Riverside soliciten la opción de recaptura para el plan de compensación diferida 457(b). Incluye información sobre las elecciones de

How to fill out governmental 457b application for

How to fill out Governmental 457(b) Application for Catch-Up

1. Obtain the Governmental 457(b) Application for Catch-Up form from your employer or state’s retirement system website.
2. Read through the instructions carefully to understand eligibility and requirements.
3. Fill out your personal information at the top of the application including your name, address, and social security number.
4. Indicate your current employment position and the agency you work for.
5. Provide your current contribution amount and previous contribution limits if applicable.
6. Specify the catch-up contribution amount you wish to apply for, ensuring it aligns with the limits set by the IRS.
7. Sign and date the application to certify that all the information provided is accurate and truthful.
8. Submit the completed application to your HR department or the designated retirement plan administrator.

Who needs Governmental 457(b) Application for Catch-Up?

1. Government employees who are nearing retirement age and wish to contribute additional funds to boost their retirement savings.
2. Individuals who have previously deferred contributions to a 457(b) plan and want to catch up on their retirement savings.
3. Employees who want to take advantage of catch-up provisions provided by the IRS to maximize their retirement contributions.

People Also Ask about

What is the catch-up contribution for 457b in 2025?

If you have additional questions about 457(b) catch-up deferrals, contact MissionSquare. *As per a change via SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62 and 63. For 2025, this higher catch-up contribution limit is $11,250.

Does a 457 B allow catch-up contributions?

Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).

What is the maximum contribution to a 457 B for 2025?

Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).

What is the difference between a governmental and non-governmental 457b?

Unlike 401(k)s, savings in non-governmental 457(b)s are at risk from creditors if the sponsoring employer goes bankrupt. Governmental 457(b) plans are protected from creditors.

How do I make a catch-up contribution?

Individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions. Annual catch-up contributions up to $7,500 in 2023 and 2024 ($6,500 in 2021-2020; $6,000 in 2015 - 2019) may be permitted by these plans: 401(k) (other than a SIMPLE 401(k)) 403(b)

For pdfFiller’s FAQs

What is Governmental 457(b) Application for Catch-Up?

The Governmental 457(b) Application for Catch-Up is a form that allows eligible employees of governmental entities to make additional contributions to their 457(b) retirement savings plan if they are nearing retirement age and wish to increase their retirement savings.

Who is required to file Governmental 457(b) Application for Catch-Up?

Individuals who are participants in a governmental 457(b) plan and are nearing retirement age, specifically those who have reached the age of 50 or who are within three years of normal retirement age, are generally required to file the application.

How to fill out Governmental 457(b) Application for Catch-Up?

To fill out the Governmental 457(b) Application for Catch-Up, participants should complete the application form by providing personal information, specifying their contribution amounts, confirming their eligibility, and signing the form. It may also require the approval of their employer or plan administrator.

What is the purpose of Governmental 457(b) Application for Catch-Up?

The purpose of the Governmental 457(b) Application for Catch-Up is to allow eligible individuals to maximize their retirement savings by contributing more than the usual annual contribution limits, aiding them in preparing for retirement.

What information must be reported on Governmental 457(b) Application for Catch-Up?

The information that must be reported includes the participant's name, Social Security number, amount of catch-up contributions, confirmation of eligibility for catch-up provisions, and any other requested personal and employment details.