Get the free 457 Deferred Compensation Plan Employee Enrollment Form Page 1

WHITE 457 Deferred Compensation Plan Employee Enrollment Form Page 1 MA 1 1. REQUIRED PERSONAL INFORMATION Employer Plan Number: 303406 Employer Plan Name: CITY OF ALAMEDA Social Security Number (for

How to fill out 457 deferred compensation plan

How to fill out 457 deferred compensation plan:

1. Research the available investment options: Before filling out the plan, it is important to understand the investment options that the 457 deferred compensation plan offers. Research different funds or investment vehicles to determine which ones align with your financial goals and risk tolerance.
2. Enroll in the plan: Contact your employer or plan administrator to enroll in the 457 deferred compensation plan. They will provide you with the necessary forms and instructions to get started. Follow their guidelines carefully and provide all the required information accurately.
3. Determine your contribution amount: Decide how much you want to contribute to your 457 plan. Consider your financial situation, goals, and any matching contributions offered by your employer. It's important to contribute regularly to maximize the benefits of the plan.
4. Complete the enrollment form: Fill out the enrollment form provided by your employer or plan administrator. Provide personal information such as your name, address, Social Security number, and beneficiary designation. Make sure to review the form for accuracy and completeness before submitting it.
5. Select your investment options: Once enrolled, you will have the opportunity to choose from the available investment options. Consider your investment goals, time horizon, and risk tolerance when making your selections. It may be helpful to consult with a financial advisor to make the best investment choices for your needs.
6. Review contribution limits: Be aware of the contribution limits set by the Internal Revenue Service (IRS) for 457 deferred compensation plans. As of 2021, the maximum contribution limit is $19,500 for individuals under age 50. There may be additional catch-up contributions allowed for those age 50 and older.

Who needs 457 deferred compensation plan:

1. Employees of state and local governments: The 457 deferred compensation plan is typically offered to employees of state and local governments, including public school employees, police officers, firefighters, and other government workers. It can be a valuable retirement savings tool for these individuals.
2. Individuals seeking additional retirement savings: Even if you have access to other retirement plans, such as a 401(k) or IRA, the 457 deferred compensation plan can provide an additional avenue for retirement savings. It allows for pre-tax contributions, potential employer matching, and tax-deferred growth, making it attractive to individuals looking to maximize their retirement savings.
3. Those looking for flexibility: One advantage of the 457 deferred compensation plan is its flexibility. Unlike many other retirement plans, there is no penalty for early withdrawals before age 59½. This can be beneficial for individuals who may need access to their funds before traditional retirement age.
4. Individuals interested in tax planning: The 457 deferred compensation plan offers tax advantages, as contributions are made on a pre-tax basis, potentially reducing your current taxable income. Additionally, the plan allows for tax-deferred growth, meaning you won't pay taxes on your investment earnings until you withdraw the funds.

It is important to consult with a financial advisor or tax professional to fully understand the specific benefits, rules, and implications of a 457 deferred compensation plan based on your personal circumstances.

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What is 457 deferred compensation plan?

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

Who is required to file 457 deferred compensation plan?

Employees of state and local governments, as well as tax-exempt organizations, who are eligible to participate in the 457 deferred compensation plan are required to file.

How to fill out 457 deferred compensation plan?

To fill out a 457 deferred compensation plan, employees need to provide information about their contributions, investment options, and beneficiaries.

What is the purpose of 457 deferred compensation plan?

The purpose of a 457 deferred compensation plan is to help employees save for retirement and provide a source of income in their post-retirement years.

What information must be reported on 457 deferred compensation plan?

Information such as employee contributions, investment earnings, withdrawals, and beneficiary designations must be reported on a 457 deferred compensation plan.