Get the free 457(b) Deferred Compensation Agreement Form - Human Resources - hr emory

Elective Deferred Compensation Agreement The Emory Clinic, Inc. Section 457(b) Deferred Compensation Plan By this Agreement, made between The Emory Clinic, Inc. (the Employer) and Employee), the parties

How to fill out 457b deferred compensation agreement

How to fill out a 457b deferred compensation agreement:

1. Gather necessary information: Before filling out the form, gather all the required information such as your personal details, employment information, beneficiary details, and any other relevant information.
2. Read the instructions carefully: It is important to carefully read the instructions provided with the 457b deferred compensation agreement form. These instructions will guide you on how to properly fill out the form and provide any specific requirements or documentation.
3. Complete personal information: Fill in all the required personal information accurately. This includes your full name, address, social security number, date of birth, and contact information. Make sure to double-check the accuracy of the information provided.
4. Provide employment details: Depending on the form, you may need to provide information about your employer, such as the name of the organization, address, and employer identification number. Additionally, you may need to provide details regarding your employment status, start date, and any other relevant employment information.
5. Designate beneficiaries: In the 457b deferred compensation agreement form, there is usually a section to designate beneficiaries who will receive the deferred compensation in the event of your death. Provide the necessary details for each beneficiary, including their full name, relationship to you, and contact information.
6. Review and sign the agreement: Once you have completed all the required sections and reviewed your information for accuracy, carefully read the agreement terms and conditions. Ensure that you understand the implications and responsibilities associated with the agreement. If you agree to the terms, sign and date the form.

Who needs a 457b deferred compensation agreement:

1. Employees of state and local governments: A 457b deferred compensation agreement is typically available to employees of state and local government organizations, as well as certain tax-exempt organizations. These employees can opt for deferred compensation through this agreement, allowing them to contribute to a retirement savings plan.
2. Individuals looking for additional retirement savings options: A 457b deferred compensation agreement provides an opportunity for individuals to save for retirement beyond traditional pension plans or 401(k) plans. It allows for pre-tax contributions, potential tax-deferred growth, and flexibility in the timing of distributions.
3. Those seeking tax advantages: One of the main benefits of a 457b deferred compensation agreement is the potential for tax advantages. Contributions made to the plan are typically tax-deferred, which means they are not taxed until the funds are distributed. This can result in tax savings and potentially lower overall tax liability.
4. Individuals with long-term financial goals: If you have long-term financial goals, such as saving for retirement or building a nest egg, a 457b deferred compensation agreement can be a valuable tool. The funds contributed to the plan have the potential to grow over time, providing a source of income during retirement.

Remember, it is important to consult with a financial advisor or tax professional before making any decisions regarding a 457b deferred compensation agreement. They can provide personalized advice based on your specific financial situation and goals.

For pdfFiller’s FAQs

What is 457b deferred compensation agreement?

A 457b deferred compensation agreement is a retirement plan available to employees of state and local governments, as well as tax-exempt organizations.

Who is required to file 457b deferred compensation agreement?

Employees of state and local governments, as well as tax-exempt organizations, may be required to file a 457b deferred compensation agreement.

How to fill out 457b deferred compensation agreement?

To fill out a 457b deferred compensation agreement, employees must provide information about their salary deferrals and investment options.

What is the purpose of 457b deferred compensation agreement?

The purpose of a 457b deferred compensation agreement is to allow employees to save for retirement using pre-tax dollars.

What information must be reported on 457b deferred compensation agreement?

Information such as salary deferrals, investment options, and beneficiary designations must be reported on a 457b deferred compensation agreement.

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