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STATE OF CONNECTICUT DEFERRED COMPENSATION SECTION 457 PLAN Restated as of January 1, 2006, STATE OF CONNECTICUT DEFERRED COMPENSATION SECTION 457 PLAN TABLE OF CONTENTS Page Article One Introduction

How to fill out deferred compensation section 457

How to fill out deferred compensation section 457:

1. Start by obtaining the necessary forms from your employer or the plan administrator. These forms may also be available online.
2. Review the instructions provided with the forms to understand the requirements and deadlines for filling out the deferred compensation section 457.
3. Begin filling out the forms by entering your personal information, such as your name, Social Security number, and contact details.
4. Specify the time period for which you want to defer your compensation. This could be a specific number of years or until a certain event occurs, such as retirement.
5. Determine the percentage or amount of your compensation that you would like to defer into the plan. Keep in mind any restrictions or limits imposed by the plan.
6. Consider any additional features or options offered by the plan, such as catch-up contributions or Roth deferrals, and indicate your preferences accordingly.
7. If your plan allows for investment options, choose the investment funds or strategies that align with your financial goals and risk tolerance.
8. Review all the information you have entered for accuracy and completeness before submitting the forms.
9. Submit the completed forms to your employer or the plan administrator within the specified deadline.
10. After submission, keep a copy of the filled-out forms for your own records.

Who needs deferred compensation section 457:

1. Public employees, such as government workers (state and local), teachers, firefighters, police officers, and other public service professionals, may be eligible for deferred compensation section 457.
2. Individuals who want to supplement their retirement savings and potentially defer taxes on a portion of their income may find deferred compensation section 457 beneficial.
3. Employees who wish to have control over when and how they receive their earned compensation, allowing for potential tax advantages or delayed income distribution, may opt for deferred compensation section 457.
4. Those who want to take advantage of the pre-tax or tax-deferred nature of this retirement plan to build financial security for their future may consider deferred compensation section 457.

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