Get the free 457 Plan Automatic Enrollment 90-Day Permissible Withdrawal Form

457 Plan Automatic Enrollment 90-Day Permissible Withdrawal Form Use blue or black ink only Commonwealth of Virginia Deferred Compensation Plan Commonwealth of Virginia Cash Match Plan 98987-01 98987-02

How to fill out 457 plan automatic enrollment

How to fill out 457 plan automatic enrollment:

1. Start by obtaining the necessary enrollment forms from your employer or plan administrator. These forms may also be available online on your company's benefits portal.
2. Carefully read through the enrollment forms, paying attention to any instructions or requirements mentioned. Fill in the personal information section, providing accurate details about yourself.
3. Determine the contribution percentage or amount you wish to allocate towards your 457 plan. This may vary based on your financial goals and budget. Remember that contributions made to a 457 plan are generally taken from your pre-tax income.
4. If your employer offers a matching contribution, consider taking advantage of this benefit by contributing enough to receive the full match. This can maximize your retirement savings.
5. Review the investment options available within the 457 plan. Consider your risk tolerance and investment goals before selecting the funds or assets in which you want to invest your contributions.
6. Complete any additional sections or questions on the enrollment forms, such as beneficiary designations or any specific savings or withdrawal preferences.
7. Once you have completed all the necessary sections of the enrollment forms, review them carefully to ensure accuracy and completeness. Make sure to sign and date the forms where required.
8. Submit the enrollment forms to your employer or plan administrator within the designated timeframe. Keep a copy of the completed forms for your records.
9. After enrollment, monitor and review your 457 plan periodically. Assess your contributions, investment performance, and overall retirement savings strategy to ensure they align with your financial goals.

Who needs 457 plan automatic enrollment?

1. Employees in certain public sector jobs, such as state or local government employees, federal government employees, or employees of certain tax-exempt organizations, may be eligible for a 457 plan.
2. Those who desire to save for retirement with pre-tax dollars and take advantage of potential tax benefits associated with a 457 plan.
3. Individuals seeking an additional retirement savings option beyond other available retirement plans, such as a 401(k) or IRA.
4. Those who anticipate needing access to their retirement funds before reaching the age of 59½, as a 457 plan may offer additional flexibility in terms of penalty-free withdrawals in certain situations.

Note: It is important to consult with a financial advisor or tax professional to fully understand the specific details and implications of a 457 plan in your individual situation.

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What is 457 plan automatic enrollment?

457 plan automatic enrollment is when an employer automatically enrolls eligible employees in a 457 retirement savings plan.

Who is required to file 457 plan automatic enrollment?

Employers offering a 457 retirement savings plan are required to file 457 plan automatic enrollment for eligible employees.

How to fill out 457 plan automatic enrollment?

Employers must collect relevant information from eligible employees and submit it to the plan administrator.

What is the purpose of 457 plan automatic enrollment?

The purpose of 457 plan automatic enrollment is to encourage retirement savings and make it easier for employees to participate in the plan.

What information must be reported on 457 plan automatic enrollment?

Information such as employee name, contact information, salary, contribution rate, and investment choices must be reported on 457 plan automatic enrollment.