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457(b) Salary Reduction Agreement Tax Year 2018 Community Unit School District #200 130 West Park Avenue Wheaton, IL 60189 Part 1 Employee Information (Please Print)**Payroll Use Only** Location:
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How to fill out 457b salary reduction agreement
How to fill out 457b salary reduction agreement
01
To fill out a 457b salary reduction agreement, follow these steps:
02
Obtain the necessary forms from your employer or retirement plan administrator.
03
Provide your personal information, including your name, address, and Social Security number.
04
Indicate the effective date of the agreement.
05
Specify the amount or percentage of your salary you wish to contribute to the 457b plan.
06
Choose your investment options for your contributed funds, if applicable.
07
Review and sign the agreement.
08
Submit the completed agreement to your employer or retirement plan administrator.
09
Keep a copy of the agreement for your records.
Who needs 457b salary reduction agreement?
01
A 457b salary reduction agreement is typically needed by employees who are eligible to participate in a 457b retirement plan. This type of plan is available to employees of certain nonprofit organizations, state and local governments, and some other tax-exempt organizations. It allows employees to make pre-tax contributions from their salary to save for retirement.
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What is 457b salary reduction agreement?
A 457b salary reduction agreement is a voluntary agreement between an employer and an employee to reduce the employee's salary by a certain amount and contribute that amount to a 457b retirement savings plan.
Who is required to file 457b salary reduction agreement?
Both the employer and the employee are required to file the 457b salary reduction agreement.
How to fill out 457b salary reduction agreement?
To fill out a 457b salary reduction agreement, the employer and employee must agree on the reduction amount, complete the necessary forms provided by the employer, and submit them to the appropriate department within the organization.
What is the purpose of 457b salary reduction agreement?
The purpose of a 457b salary reduction agreement is to allow employees to save for retirement by contributing a portion of their salary to a retirement savings plan on a pre-tax basis.
What information must be reported on 457b salary reduction agreement?
The 457b salary reduction agreement must include the employee's name, employee ID number, reduction amount, effective date, and agreement period.
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