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WHITE457 Deferred Compensation Plan Employee Enrollment Form Page 1MA1 1. REQUIRED PERSONAL INFORMATION Employer Plan Number: 303865Employer Plan Name: CITY & BOROUGH OF SITKASocial Security Number

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How to fill out 457 deferred compensation plan

01

Step 1: Obtain the necessary paperwork from your employer or the plan administrator.

02

Step 2: Read and understand the literature provided with the plan, including the plan document, enrollment forms, and investment options.

03

Step 3: Determine the percentage of your salary or the dollar amount you would like to contribute to the plan. Remember that there are limits on the annual contribution amounts.

04

Step 4: Complete the enrollment forms with accurate personal information, such as your name, address, Social Security number, and beneficiary details.

05

Step 5: Select the investment options that align with your financial goals and risk tolerance.

06

Step 6: Determine if you would like to make pre-tax contributions, Roth contributions, or a combination of both. Consult with a financial advisor if you are unsure.

07

Step 7: Submit the completed enrollment forms to your employer or the plan administrator by the specified deadline.

08

Step 8: Monitor your plan and review your investment performance periodically. Make adjustments if necessary.

09

Step 9: Understand the rules and restrictions of the plan, such as the vesting period, withdrawal options, and early withdrawal penalties.

10

Step 10: Consult with a financial advisor or tax professional to fully understand the tax implications and benefits of having a 457 deferred compensation plan.

Who needs 457 deferred compensation plan?

01

Individuals who work for state or local government agencies, as well as some nonprofit organizations, may benefit from a 457 deferred compensation plan.

02

Employees who want to save additional money for retirement, beyond what is provided by their employer-sponsored retirement plans, may find a 457 plan useful.

03

Those who anticipate being in a higher tax bracket during retirement and wish to defer taxes on their contributions until then may find a 457 plan advantageous.

04

Employees who want the flexibility of accessing their funds before age 59 ½ without incurring the usual early withdrawal penalties associated with other retirement plans may consider a 457 plan.

05

People who are comfortable with potential investment risks and want a wide range of investment options to choose from may find a 457 plan suitable.

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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 and non-profit organizations.

Who is required to file 457 deferred compensation plan?

Employees who are eligible for a 457 deferred compensation plan are required to file and contribute to the plan.

How to fill out 457 deferred compensation plan?

To fill out a 457 deferred compensation plan, employees must choose their contribution amount and investment options as provided by the plan administrator.

What is the purpose of 457 deferred compensation plan?

The purpose of a 457 deferred compensation plan is to allow employees to save for retirement and defer a portion of their income on a pre-tax basis.

What information must be reported on 457 deferred compensation plan?

Information such as contribution amounts, investment choices, and participant details must be reported on a 457 deferred compensation plan.

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