Get the free VOLUNTARY ADDITIONAL CONTRIBUTIONS (VAC) - imrf

REQUEST FOR REFUND OF VOLUNTARY ADDITIONAL CONTRIBUTIONS (VAC) Exhibit 6 2 IMF Form VARY (11/2010) Please print or type in black ink. Do not use highlighter on form. SECTION 1 MEMBER INFORMATION FIRST

How to fill out voluntary additional contributions vac

How to fill out voluntary additional contributions (VAC):

1. Obtain the necessary form: To fill out VAC, you will need to obtain the specific form provided by your financial institution or retirement plan administrator. This form can usually be found on their website or can be requested in person or over the phone.
2. Provide personal information: Begin by providing your personal information, such as your name, address, and contact details. This will help ensure that your contributions are correctly attributed to your account.
3. Indicate contribution amount: Specify the amount you wish to contribute voluntarily. This can usually be done by either entering a specific dollar amount or indicating a percentage of your income.
4. Choose the contribution frequency: Decide how often you want to make these contributions. Options may include monthly, quarterly, or yearly. Select the frequency that aligns with your financial goals and budget.
5. Select contribution source: Determine the source from which you will make your voluntary contributions. You may have the option to contribute from your paycheck, bank account, or any other available funds.
6. Verify investment choices: Review the investment options provided by your financial institution or retirement plan administrator. Decide how you want your contributions to be invested, considering your long-term financial goals, risk tolerance, and investment preferences.
7. Designate beneficiary (if applicable): If you wish to designate a beneficiary for your voluntary contributions, provide the necessary information required for this designation. This step ensures that your contributions pass on to your chosen individual(s) in the event of your passing.
8. Review and sign the form: Carefully review all the information you have entered to ensure its accuracy. Once satisfied, sign and date the form as required.

Who needs voluntary additional contributions (VAC)?

1. Individuals planning for retirement: VAC allows individuals who want to boost their retirement savings to make additional contributions beyond the mandatory requirements. It is suitable for those who have the financial ability and desire to enhance their retirement funds.
2. Employees with an employer-sponsored retirement plan: If you have access to a retirement plan offered by your employer, you may be eligible to make voluntary additional contributions. This provides an opportunity to prioritize retirement savings and potentially benefit from any employer matching contributions.
3. Self-employed individuals: Self-employed individuals often do not have access to employer-sponsored retirement plans. Thus, VAC becomes particularly relevant for them as a means to supplement their retirement savings and take advantage of the tax benefits associated with retirement contributions.

Note: It is important to consult with a financial advisor or retirement plan specialist who can provide personalized advice based on your specific financial situation and goals when considering voluntary additional contributions.

For pdfFiller’s FAQs

What is voluntary additional contributions (VAC)?

VAC refers to additional contributions that an individual can choose to make to their retirement savings plan on a voluntary basis.

Who is required to file voluntary additional contributions (VAC)?

Individuals who want to increase their retirement savings by making additional contributions voluntarily are required to file VAC.

How to fill out voluntary additional contributions (VAC)?

To fill out VAC, individuals need to complete the necessary forms provided by their retirement savings plan provider and indicate the amount they wish to contribute voluntarily.

What is the purpose of voluntary additional contributions (VAC)?

The purpose of VAC is to allow individuals to boost their retirement savings beyond the mandatory contributions in order to better prepare for retirement.

What information must be reported on voluntary additional contributions (VAC)?

The information that must be reported on VAC includes the amount of the voluntary contribution, the individual's personal details, and any specific instructions regarding the use of the additional funds.

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