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CITY OF CORPUS CHRISTI CONTRACTS AND PROCUREMENT DEPARTMENTREQUEST FOR PROPOSAL (RFP)457(b) Deferred Compensation Plan RFP No. 2266 Release Date: August 16, 2019Table of ContentsSection 1 Notice of

How to fill out 457b deferred compensation plan

How to fill out 457b deferred compensation plan

1. To fill out a 457b deferred compensation plan, follow these steps:
2. Obtain the necessary forms from your employer or plan administrator.
3. Provide your personal information, including your name, address, and social security number.
4. Choose the contribution amount or percentage of your salary that you wish to defer into the plan.
5. Indicate the frequency of your contributions, such as bi-weekly or monthly.
6. Decide whether you want to make pre-tax or after-tax contributions.
7. Select the investment options available within the plan.
8. Designate your beneficiaries in case of your death.
9. Review the terms and conditions of the plan and any applicable fees.
10. Sign and date the form, and submit it to your employer or plan administrator.
11. Keep a copy of the filled-out form for your records.

Who needs 457b deferred compensation plan?

1. A 457b deferred compensation plan is typically available to employees of state and local governments, as well as certain tax-exempt organizations, such as public schools and non-profit hospitals.
2. It is designed for individuals who want to save for retirement while enjoying potential tax advantages.
3. Specifically, those who may benefit from a 457b plan include government employees, educators, healthcare professionals, and other eligible employees who desire to defer a portion of their income for retirement purposes.
4. It is important to consult with a financial advisor or tax professional to determine if a 457b plan is suitable for your individual financial goals and circumstances.

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What is 457b deferred compensation plan?

A 457b deferred compensation plan is a type of retirement savings plan that allows employees of state and local governments, as well as certain non-profit organizations, to defer a portion of their salary into a retirement vehicle that grows tax-deferred until withdrawal.

Who is required to file 457b deferred compensation plan?

Employers that offer a 457b plan are required to file certain forms with the IRS, typically including tax-exempt entities like state and local governments and certain non-profits.

How to fill out 457b deferred compensation plan?

To fill out a 457b deferred compensation plan, participants typically need to provide personal information, select contribution amounts, and may need to choose investment options offered by the plan. Employers usually provide forms to assist in this process.

What is the purpose of 457b deferred compensation plan?

The purpose of a 457b deferred compensation plan is to provide employees with a tax-advantaged way to save for retirement, allowing for salary deferral that reduces taxable income in the present.

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

Information such as participant contributions, employer contributions, plan earnings, withdrawals, and the overall plan balance must be reported on the 457b deferred compensation plan.