Get the free 403(b) Salary Reduction Request - California State University - calstate

RESET Page 1 of 4 THE CALIFORNIA STATE UNIVERSITY 403(b) SALARY REDUCTION REQUEST FORM Complete and return form to Campus Benefits Representative. Retain attached Salary Reduction Agreement for your

How to fill out 403b salary reduction request

How to fill out a 403b salary reduction request:

1. Begin by obtaining the necessary form from your employer or retirement plan administrator. This form is typically titled "403b Salary Reduction Agreement" or something similar.
2. Provide your personal information in the designated sections of the form. This typically includes your full name, address, and social security number.
3. Indicate the contribution amount you wish to deduct from your salary and contribute to your 403b retirement account. This can be a specific dollar amount or a percentage of your salary.
4. Specify the frequency of the contributions, whether they will be deducted from each paycheck or on a different schedule. This is important for proper payroll deductions.
5. Review the designated investment options available for your 403b plan. If you wish to allocate your contributions among different investment options, indicate your desired allocations on the form.
6. If you are transferring funds from another retirement account, such as a previous 403b or a 401k, provide the necessary information and complete any additional required forms or paperwork.
7. Read the terms and conditions section of the form carefully. This section may cover important information about when the contributions will begin, any fees or expenses involved, and any restrictions or conditions that apply to the plan.
8. Sign and date the form in the appropriate spots. Some forms may require a witness signature as well.
9. Submit the completed form to your employer or retirement plan administrator before the deadline specified by your employer or plan. It's recommended to keep a copy of the form for your records.

Who needs a 403b salary reduction request?

1. Employees of eligible organizations: A 403b salary reduction request is typically applicable to employees of public schools, certain tax-exempt organizations, and religious organizations.
2. Individuals looking to save for retirement in a tax-advantaged manner: The purpose of a 403b retirement plan is to allow employees to contribute a portion of their salary towards their retirement savings. By reducing their taxable income, employees can potentially save on taxes while building their retirement nest egg.
3. Employees seeking to take advantage of any employer matching contributions: Some employers offer a matching program where they contribute a certain percentage or dollar amount to an employee's 403b account based on the employee's salary reduction contributions. By filling out a 403b salary reduction request, employees have the opportunity to earn additional contributions towards their retirement savings.

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