Get the free Special 457 Catch-up Utilization Worksheet - State of Connecticut bb

S ta the of Connecticut de fer red co compensation n 4 5 7 Plan Helping you invest for your future CATCH UP CONTRIBUTIONS The State of Connecticut Deferred Compensation Section 457(b) Plan (Plan)

How to fill out special 457 catch-up utilization

How to fill out special 457 catch-up utilization:

1. First, obtain the necessary form from your employer or the plan administrator. This form is typically called the "Special 457 Catch-Up Utilization Form."
2. Fill out your personal information accurately and completely. This includes your full name, social security number, and contact information.
3. Indicate the specific year for which you are requesting the catch-up utilization. This is important as it determines the applicable contribution limits and eligibility criteria.
4. Calculate the maximum catch-up contribution allowed for the year. The Internal Revenue Service (IRS) sets annual limits for catch-up contributions, so ensure that your requested amount is within these limits.
5. Provide any additional supporting documentation that may be required. This can include proof of age or eligibility for catch-up contributions.
6. Sign and date the form to certify that the information provided is true and accurate to the best of your knowledge.
7. Submit the completed form to your employer or plan administrator as per their instructions. Ensure that you retain a copy of the form for your records.

Who needs special 457 catch-up utilization:

1. Employees who are eligible for a 457 retirement plan and meet certain age-related criteria may need to utilize the special 457 catch-up provision.
2. Typically, individuals who are at least 50 years old or who will turn 50 during the calendar year may be eligible to make catch-up contributions.
3. The special 457 catch-up utilization can be advantageous for individuals who want to boost their retirement savings beyond the regular contribution limits.
4. It is important to consult with a financial advisor or tax professional to determine if utilizing the special 457 catch-up provision is suitable for your specific financial situation and retirement goals.

For pdfFiller’s FAQs

What is special 457 catch-up utilization?

Special 457 catch-up utilization refers to the ability for eligible individuals to make additional contributions to their 457 retirement plan in order to catch up on previously unused contribution limits.

Who is required to file special 457 catch-up utilization?

Individuals who are eligible and wish to make additional contributions to their 457 retirement plan are required to file special 457 catch-up utilization.

How to fill out special 457 catch-up utilization?

To fill out special 457 catch-up utilization, individuals should consult their plan administrator or the applicable forms and instructions provided by the Internal Revenue Service (IRS).

What is the purpose of special 457 catch-up utilization?

The purpose of special 457 catch-up utilization is to allow individuals who are nearing retirement age to increase their retirement savings by making additional contributions to their 457 retirement plan.

What information must be reported on special 457 catch-up utilization?

The specific information that must be reported on special 457 catch-up utilization may vary depending on the plan and the requirements set by the IRS. Generally, individuals will need to provide personal identifying information and details about their contributions.

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