Get the free 457 Horizons Plan Document

This document outlines the Deferred Compensation and Thrift Plan for Eligible Employees of Los Angeles County, detailing provisions for participation, contribution limits, matching contributions,

How to fill out 457 horizons plan document

How to fill out 457 Horizons Plan Document

1. Begin by obtaining the 457 Horizons Plan Document from your employer or the designated provider.
2. Carefully read the introduction section to understand the purpose and benefits of the plan.
3. Complete the applicant information field, including your name, address, and contact information.
4. Provide details about your employment status, including your employer's name and your position.
5. Review the contribution options available and select the amount you wish to contribute to your plan.
6. Fill out the beneficiary designation section, selecting an individual or organization to receive benefits in case of your death.
7. Sign and date the document to confirm the accuracy of the information provided.
8. Submit the completed document to your HR department or the plan administrator for processing.

Who needs 457 Horizons Plan Document?

1. Individuals who are eligible employees of state or local governments and wish to save for retirement.
2. Employees who seek tax-deferred savings options to complement their retirement plans.
3. Those looking for a voluntary retirement savings plan with potential employer matching contributions.

People Also Ask about

What is the Los Angeles pension savings plan?

The City of Los Angeles Pension Savings Plan (PSP) is the City's retirement savings plan for part-time, temporary, or seasonal employees. The Pension Savings Plan is administered by the City's Personnel Department, which has contracted with MissionSquare Retirement to provide administrative and investment services.

Can I roll my 401k into my 457 plan?

Yes, but funds must be rolled to a Roth offered within the plan (an “in-plan” rollover) and must be declared as income in the year of the rollover. There are no limitations on a rollover – you can roll over some or all of your funds – but the process will differ from plan to plan.

Which one is better, a 401k or a 457 plan?

A 401(k) has an edge when it comes to regular contributions, since employer matches don't count against your annual contribution limit. But if you have a 457 plan, you could benefit from the special catch-up contribution provision which you don't get with a 401(k).

Which type of 401k is better?

Each offers a different type of tax advantage, and choosing the right plan is one of the biggest questions workers have about their 401(k) plans. It can be a surprisingly complicated choice, but many experts prefer the Roth 401(k) because you'll never pay taxes on qualified withdrawals.

What is the maximum contribution to a 457 deferred compensation plan?

How do 457(b) plans work? Employers or employees through salary reductions contribute up to the IRC 402(g) limit-$23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2021 and in 2020; $19,000 in 2019) on behalf of participants under the plan.

What investment is better than a 401k?

An IRA is better if your top priority is investment selection, and you don't want your retirement plan tied to an employer. Since you can use both accounts, it could be worth splitting your funds between each to get the best of both worlds. A financial advisor can help you make this decision.

What is a deferred compensation plan?

A deferred compensation plan allows employees to defer payment of an agreed-upon portion of their earned income to a future date, usually retirement. In many cases, the taxes owed on the income are also deferred.

For pdfFiller’s FAQs

What is 457 Horizons Plan Document?

The 457 Horizons Plan Document is a formal document that outlines the terms, conditions, and details of a 457 deferred compensation plan, which is designed to allow employees of state and local governments to defer compensation.

Who is required to file 457 Horizons Plan Document?

Employers, typically state or local government entities and certain non-profit organizations offering a 457 deferred compensation plan, are required to file the 457 Horizons Plan Document.

How to fill out 457 Horizons Plan Document?

To fill out the 457 Horizons Plan Document, an employer must provide necessary details about the plan's structure, participant eligibility, contribution limits, and distribution options, following specific regulatory guidelines.

What is the purpose of 457 Horizons Plan Document?

The purpose of the 457 Horizons Plan Document is to provide a comprehensive framework for the administration of the 457 deferred compensation plan, ensuring compliance with applicable laws and regulations.

What information must be reported on 457 Horizons Plan Document?

The information reported on the 457 Horizons Plan Document includes plan eligibility requirements, contribution amounts, investment options, distribution conditions, and any associated fees and charges.