IN Governmental 457(b) Application for Catch-Up Form 30 2009-2025 free printable template

Governmental 457(b) Application for Catch-Up The State of Indiana Public Employee Deferred Compensation Plan (Not for use with 457(f) plans) Participant Information 98972-03 Catch-Up Election Only

How to fill out IN Governmental 457b Application for Catch-Up Form 30

How to fill out IN Governmental 457(b) Application for Catch-Up Form 30

1. Obtain the IN Governmental 457(b) Application for Catch-Up Form 30 from the official website or your HR department.
2. Read the instructions carefully to ensure you understand the eligibility criteria and requirements.
3. Fill in your personal information, including your name, address, and employee ID, in the designated sections.
4. Indicate your desire to take advantage of the catch-up provisions under the 457(b) plan in the appropriate section.
5. Calculate the amount you wish to contribute, ensuring it falls within the catch-up limits specified by the IRS.
6. Sign and date the form to certify the information provided is accurate.
7. Submit the completed form to your HR or benefits office for processing.

Who needs IN Governmental 457(b) Application for Catch-Up Form 30?

1. Participants in the IN Governmental 457(b) retirement plan who are nearing retirement age and wish to increase their contributions beyond the standard limits.
2. Employees who have previously deferred contributions and are looking to catch up on their retirement savings.

People Also Ask about

How do I avoid tax on my 457 withdrawal?

Earnings accumulate on a tax-deferred basis, and distributions are tax-free if made five years after the initial contribution to the plan and the employee is over 59½.

Can I withdraw from 457b after leaving job?

You are eligible to withdraw funds from your 457(b) plan when you separate service from your employer (for any reason) or for an approved unforeseeable emergency. After separation from service, you may also rollover your account into an IRA or an existing qualified retirement plan.

What do you do with a 457 after leaving a job?

The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).

When can you collect 457b?

You can withdraw funds from your 457(b) plan penalty-free at any age once you leave your employer or retire. You won't owe an early withdrawal penalty even if you are not yet 59 ½, but you will pay federal and state income taxes on the withdrawal.

What happens to my 457 B when I retire?

Participants are eligible to withdraw funds from their 457(b) plan when separating from service (for any reason) or for an approved unforeseeable emergency. After separation from service, a participant may rollover their account into a traditional IRA or an existing qualified retirement plan.

What is the age limit for 457 catch up contributions?

Special 457(b) catch-up The Age 50+ Catch-up provision automatically allows people to contribute more to their 457(b) account starting in the year they will turn 50.

What is the 457 b catch up for 2023?

To take advantage of the Age 50+ catch up, you could contribute up to $1,154 per biweekly paycheck ($30,000 for the year). If you are eligible and wish to use the full Special 457(b) Catch-up provision, you could contribute up to $1,731 per biweekly paycheck ($45,000 for 2023).

What is the special pre retirement catch up provision 457?

The “Pre-Retirement” catch-up provision allows you to make additional contributions to your 457 plan in order to make up for years in which you did not contribute the maximum permissible amount. You may catch up for any year(s) that you were employed by your current employer going back to January 1, 1979.

Does a 457b 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 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).

Does 457 B have tax-exempt catch up?

If you are a participant in a 457(b) plan sponsored by a tax-exempt, non-governmental employer, you are not eligible for the Age 50+ Catch-Up election. You may only elect the Special Catch-Up during the three consecutive years prior to — but not including — the year you reach your Plan's normal retirement age.

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What is IN Governmental 457(b) Application for Catch-Up Form 30?

The IN Governmental 457(b) Application for Catch-Up Form 30 is a form used by eligible employees of governmental employers in Indiana to apply for catch-up contributions to their 457(b) retirement plans, allowing them to defer additional compensation beyond standard contribution limits.

Who is required to file IN Governmental 457(b) Application for Catch-Up Form 30?

Individuals who are nearing retirement age and have not contributed the maximum allowed to their 457(b) plan in prior years are required to file the IN Governmental 457(b) Application for Catch-Up Form 30 to take advantage of the catch-up contribution provisions.

How to fill out IN Governmental 457(b) Application for Catch-Up Form 30?

To fill out the form, individuals need to provide personal information such as their name, address, and employee ID. They must specify the amount they wish to contribute, indicate their eligibility for catch-up contributions, and provide any required documentation or signatures.

What is the purpose of IN Governmental 457(b) Application for Catch-Up Form 30?

The purpose of the form is to enable eligible participants in a governmental 457(b) retirement plan to request additional contributions to their retirement savings, beyond the standard annual limits, in order to enhance their retirement savings as they approach retirement.

What information must be reported on IN Governmental 457(b) Application for Catch-Up Form 30?

The form must report personal identification details, the amount of catch-up contributions being requested, years of service, prior contribution limits, and any other relevant data required to demonstrate eligibility for the catch-up provision.