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A 98980-01 State of Vermont Deferred Compensation Plan B Participant Information Paycheck Contribution Election Governmental 457(b) Plan Use black or blue ink when completing this form. For questions

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What is 457 salary deferral agreement?

A 457 salary deferral agreement is a written agreement between an employee and their employer that allows the employee to defer a portion of their salary into a qualified retirement plan or account, such as a 457(b) plan.

Who is required to file 457 salary deferral agreement?

The employee is required to file a 457 salary deferral agreement with their employer if they want to defer a portion of their salary into a 457(b) plan.

How to fill out 457 salary deferral agreement?

To fill out a 457 salary deferral agreement, the employee needs to provide their personal information, such as name and Social Security number, specify the amount or percentage of salary they want to defer, and indicate the frequency of the deferral (per paycheck, monthly, etc.). The agreement may also require the employee to choose investments within the 457(b) plan.

What is the purpose of 457 salary deferral agreement?

The purpose of a 457 salary deferral agreement is to allow employees to save for retirement by deferring a portion of their salary into a tax-advantaged retirement plan. It can also provide potential tax benefits and help employees to achieve their long-term financial goals.

What information must be reported on 457 salary deferral agreement?

The 457 salary deferral agreement typically requires the employee to report their personal information, including their name, Social Security number, and contact details. They also need to specify the amount or percentage of salary they want to defer and the investment options they choose within the 457(b) plan.

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