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Tucson Unified School District, Arizona Participation Agreement for Internal Revenue Code Section 457(b) Deferred Compensation Program Please Print or Type Legibly 1-Page 1 of 2 Employee Name 2 Employee

How to fill out 457b enrollment form

How to Fill Out a 457b Enrollment Form:

1. Obtain the enrollment form: Contact your employer or human resources department to obtain a copy of the 457b enrollment form. They should provide you with the necessary paperwork or direct you to the appropriate online portal.
2. Read the instructions carefully: Take the time to read through the instructions provided with the enrollment form. This will help you understand the process and any specific requirements or guidelines associated with filling out the form.
3. Provide personal information: Start by filling in your personal information accurately. This typically includes your full name, address, social security number, date of birth, and other relevant details. Make sure to double-check the accuracy of this information before proceeding.
4. Choose your contribution amount: Decide on the amount or percentage of your salary that you would like to contribute to your 457b plan. This information is crucial as it determines how much will be deducted from your paycheck and allocated towards your retirement savings.
5. Select your investment options: Some 457b plans offer a range of investment options. Review the available choices and select those that best align with your investment goals and risk tolerance. This step may require some knowledge of investment terminology, so don't hesitate to seek guidance if needed.
6. Designate your beneficiaries: It's important to designate who will receive your 457b plan assets in the event of your death. Ensure you provide complete and accurate information about your primary and contingent beneficiaries. Consider seeking legal advice if you have complex beneficiary designations.
7. Sign and date the form: Once you have completed all the necessary sections of the enrollment form, sign and date it. This confirms your agreement to the terms and conditions of the 457b plan and serves as your official submission.

Who Needs a 457b Enrollment Form:

1. Employees in eligible organizations: A 457b enrollment form is typically required for employees of certain tax-exempt organizations, state and local governments, public schools, and other qualified employers. Eligibility criteria may vary, so consult your employer to determine if you are eligible for a 457b plan.
2. Individuals looking for retirement savings options: A 457b plan allows individuals to save for retirement on a tax-advantaged basis. If you are seeking a retirement savings plan beyond what is offered through traditional IRAs or 401(k) plans, a 457b plan could be a viable option for you.
3. Those seeking additional tax benefits: Contributions made to a 457b plan are generally made on a pre-tax basis, meaning they can lower your taxable income for the year. If you are looking for additional tax deductions or strategies to reduce your taxable income, a 457b plan may be worth considering.

Remember, it is always recommended to seek advice from a financial professional or retirement plan specialist to ensure you make informed decisions based on your specific circumstances.

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What is 457b enrollment form?

457b enrollment form is a document that allows eligible employees to participate in a deferred compensation plan.

Who is required to file 457b enrollment form?

Employees who are eligible to participate in a 457b plan are required to file the enrollment form.

How to fill out 457b enrollment form?

To fill out the 457b enrollment form, employees must provide personal information, select contribution amounts, and designate beneficiaries.

What is the purpose of 457b enrollment form?

The purpose of the 457b enrollment form is to enroll eligible employees in a deferred compensation plan.

What information must be reported on 457b enrollment form?

The 457b enrollment form must include personal information, contribution amounts, beneficiary designations, and investment choices.