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URS 401(k)/457 Loan Program you have a 401(k) or 457 This brochure is designed to answer your questions regarding loans from your URS 401(k) and/or 457 Savings Plans. It also outlines points you should consider

How to fill out 401k457

How to fill out a 401k457:

1. Start by gathering necessary information: Before filling out a 401k457 plan, you'll need to gather essential information such as your social security number, employment details, and beneficiary information. Make sure to have these details on hand to streamline the process.
2. Understand the contribution limits: Familiarize yourself with the contribution limits set for 401k457 plans. As of 2021, the maximum contribution limit for both plans is $19,500. However, individuals aged 50 and above can make additional catch-up contributions of up to $6,500.
3. Determine your contribution amount: Decide on the amount you wish to contribute to your 401k457 plan. It's advisable to contribute at least the minimum amount required to take full advantage of any employer matching contributions, if available.
4. Complete the enrollment paperwork: Obtain the necessary enrollment paperwork from your employer or plan administrator. Fill out the form accurately, ensuring that all the information provided is correct and up to date. Double-check the details to avoid any errors that may cause issues later on.
5. Designate your investment options: Once you have successfully enrolled in the 401k457 plan, you will need to choose your investment options. Review the available investment choices and select those that align with your financial goals and risk tolerance. If needed, seek guidance from a financial advisor to make an informed decision.

Who needs a 401k457:

1. Government and non-profit employees: 401k457 plans are typically available to employees of state and local governments, as well as certain tax-exempt organizations. If you work in these sectors, you may be eligible for a 401k457 plan.
2. Individuals looking to save for retirement: Just like any other retirement plan, a 401k457 can be an excellent tool for individuals who want to save for their retirement. By contributing regularly, you can build a substantial nest egg to support your financial needs during retirement.
3. Those seeking tax advantages: 401k457 plans offer tax benefits that can help individuals lower their taxable income. Contributions made to these plans are typically tax-deferred, meaning they are not taxed until withdrawal, allowing for potential tax savings in the present.
4. Employees with employer matching contributions: If your employer offers a matching contribution program, it's particularly beneficial to participate in a 401k457 plan. By contributing to the plan, you can maximize your savings potential by taking advantage of the employer's contribution match, essentially providing you with free money for retirement.

Remember, it's always crucial to consult with a financial advisor or tax professional to ensure that a 401k457 plan is suitable for your specific circumstances and long-term financial goals.

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What is 401k457?

401k457 is a retirement savings plan, also known as a deferred compensation plan, for employees of state and local governments and some tax-exempt organizations.

Who is required to file 401k457?

Only eligible employees, who are employed by qualifying government or tax-exempt organizations, can enroll and contribute to a 401k457 plan.

How to fill out 401k457?

To enroll in a 401k457 plan, eligible employees need to contact their employer's human resources department and complete the necessary paperwork to establish an account and select contribution amounts.

What is the purpose of 401k457?

The purpose of a 401k457 plan is to provide eligible employees with a tax-advantaged way to save for retirement, allowing them to contribute a portion of their salary on a pre-tax basis or through Roth contributions, and potentially receive employer matching contributions.

What information must be reported on 401k457?

401k457 plan administrators must report contributions, distributions, and other relevant information for each participant, including the participant's name, Social Security number, contributions made, and any distributions or withdrawals.