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457 Deferred Compensation Agreement First Financial Administrators, Inc. PART 1: EMPLOYEE INFORMATION (Please Print) FIRST NAME MI ADDRESS (PO Box Unacceptable) DOB LAST NAME SSN CITY Driver's LICENSE

How to fill out 457 deferred compensation agreement

How to fill out a 457 deferred compensation agreement:

1. Start by obtaining the necessary documents: Locate the 457 deferred compensation agreement form provided by your employer or the financial institution managing your plan.
2. Review the form carefully: Take the time to read through the agreement thoroughly, ensuring you understand the terms and conditions of the plan.
3. Provide personal information: Fill in your name, address, date of birth, and other required personal details accurately.
4. Select contribution amounts: Determine the amount you wish to contribute to your deferred compensation plan and indicate this on the form. Keep in mind any maximum limits set by the Internal Revenue Service (IRS).
5. Choose investment options: If your plan offers different investment options, select the ones that align with your financial goals and risk tolerance. If you are unsure, consider seeking advice from a financial professional.
6. Nominate beneficiaries: Indicate the individuals or organizations who will receive your deferred compensation in the event of your death.
7. Review and sign the agreement: Carefully recheck all the information you have provided for accuracy. Once you are satisfied, sign and date the form.
8. Submit the form: Return the completed 457 deferred compensation agreement to your employer or the designated financial institution managing your plan. Retain a copy of the agreement for your records.

Who needs a 457 deferred compensation agreement:

1. Employees of governmental organizations: 457 deferred compensation plans are typically available to individuals working for state and local governments and certain tax-exempt organizations.
2. Individuals seeking additional retirement savings: If you are looking to supplement your retirement savings beyond what is offered by a traditional pension or 401(k) plan, a 457 deferred compensation agreement can be beneficial.
3. Those interested in tax-deferred growth: Contributions made to a 457 deferred compensation plan are typically tax-deferred, meaning you won't pay taxes on the contributions or investment earnings until you withdraw the funds in the future.
4. Individuals wanting to control their retirement funds: Unlike some retirement plans, 457 deferred compensation agreements often provide more control over investment choices, allowing individuals to tailor their portfolio to their specific needs and goals.
5. Those desiring flexibility in retirement planning: 457 plans can offer flexibility in accessing funds before traditional retirement age without penalty, making them attractive to individuals who may need to retire earlier or have other financial needs.
6. Employees looking for potential employer matching contributions: Some governmental employers may offer matching contributions to their employees' 457 deferred compensation plans, providing an additional incentive to participate.

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What is 457 deferred compensation agreement?

A 457 deferred compensation agreement is a type of retirement savings plan available to certain employees of state and local governments, as well as certain non-governmental entities.

Who is required to file 457 deferred compensation agreement?

Employees who are eligible to participate in a 457 deferred compensation plan are required to file the agreement.

How to fill out 457 deferred compensation agreement?

To fill out a 457 deferred compensation agreement, employees must provide information such as their personal details, contribution amounts, investment options, and beneficiary designations.

What is the purpose of 457 deferred compensation agreement?

The purpose of a 457 deferred compensation agreement is to allow employees to save for retirement on a tax-deferred basis.

What information must be reported on 457 deferred compensation agreement?

Information such as personal details, contribution amounts, investment options, and beneficiary designations must be reported on a 457 deferred compensation agreement.