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RESET Annuities 457(b) DEFERRED COMPENSATION PLAN WITHDRAWAL REQUEST Register Life Insurance Company (the Company) A member of the ING family of companies Home Office: Minneapolis, MN ING Service

How to fill out 457b deferred compensation plan

How to fill out 457b deferred compensation plan:

1. Start by gathering necessary information: Before filling out the 457b deferred compensation plan, gather all the relevant information such as your personal details, employment information, and any specific plan details provided by your employer.
2. Understand the plan structure: Familiarize yourself with the structure of the 457b plan, including the contribution options, investment choices, and any withdrawal rules or restrictions that may apply.
3. Determine your contribution amount: Decide on the amount you wish to contribute to your 457b plan. This can be a fixed dollar amount or a percentage of your income. Consider factors such as your financial goals, budget, and any employer matching contributions that may be available.
4. Complete the enrollment or contribution form: Obtain the appropriate form from your employer or plan administrator. Fill out the form accurately, providing all the required information. Be sure to include your contribution amount, frequency of contributions, and any investment allocation instructions.
5. Review beneficiary designations: Consider designating beneficiaries for your 457b plan. This ensures that in the event of your death, your assets will be distributed according to your wishes. Review and update your beneficiary designations as needed.
6. Submit the form: Once you have filled out the form, double-check all the information for accuracy. Sign and date the form, and submit it to your employer or plan administrator as instructed. Retain a copy of the form for your records.

Who needs a 457b deferred compensation plan:

1. Government employees: 457b plans are typically offered to employees of state and local governments, including teachers, firefighters, police officers, and other public service personnel.
2. Non-profit organization employees: Some non-profit organizations, such as hospitals and universities, may offer 457b plans to their employees. These plans provide a tax-advantaged retirement savings option for eligible employees.
3. High-income earners: 457b plans can be particularly beneficial for high-income earners who want to contribute more to their retirement savings beyond the limits of other retirement plans, such as 401(k) or IRA.
4. Those looking for tax advantages: Contributions to 457b plans are made on a pre-tax basis, reducing your taxable income in the year of contribution. This can result in immediate tax savings, allowing you to potentially save more for retirement.
5. Individuals seeking flexibility: Unlike other retirement plans, 457b plans do not impose the same early withdrawal penalties for accessing funds before reaching age 59½. This flexibility can be advantageous for individuals who may need access to funds in emergencies or for other financial needs.

Overall, anyone who meets the eligibility requirements and desires additional retirement savings options with potential tax advantages may benefit from a 457b deferred compensation plan. It is important to consult with a financial advisor or plan administrator to understand how the plan works and determine if it aligns with your financial goals.

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What is 457b deferred compensation plan?

457b deferred compensation plan is a type of retirement plan available to certain employees of state and local governments.

Who is required to file 457b deferred compensation plan?

Employees who have access to a 457b deferred compensation plan through their employer are required to file the plan.

How to fill out 457b deferred compensation plan?

To fill out a 457b deferred compensation plan, employees need to provide information about their contribution amounts and investment choices.

What is the purpose of 457b deferred compensation plan?

The purpose of a 457b deferred compensation plan is to help employees save for retirement by deferring a portion of their income.

What information must be reported on 457b deferred compensation plan?

Information such as contribution amounts, investment choices, and personal details of the employee must be reported on a 457b deferred compensation plan.