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403(b) and 457 CUSTODIAL ACCOUNT DISTRIBUTION REQUEST Institutional Advisor Services SECTION 1: Request Type Select one: TCA Account Number ONE-TIME OR SYSTEMATIC ESTABLISHMENT/CHANGE SECTION 4: Distribution

How to fill out 403b and 457 custodial

How to fill out 403b and 457 custodial:

1. Obtain the necessary forms: Begin by reaching out to the custodial institution or your employer's human resources department to obtain the required forms for the 403b and 457 custodial accounts. These forms typically include account application forms and beneficiary designation forms.
2. Provide personal information: Fill out the account application forms with accurate and up-to-date personal information, including your full name, social security number, address, contact information, and employment details. Make sure to double-check the accuracy of this information before submitting the forms.
3. Understand contribution limits: Familiarize yourself with the contribution limits for both the 403b and 457 custodial accounts. These limits are set by the Internal Revenue Service (IRS) and may change annually. Ensure that your contributions align with the current limits to avoid any IRS penalties.
4. Determine contribution amounts: Decide on the amount you wish to contribute to each account. Keep in mind that contributing to both accounts may offer additional retirement benefits, such as a higher match or increased tax advantages.
5. Complete beneficiary designation: Fill out the beneficiary designation forms with the names and contact information of the individuals or entities you wish to inherit your account balance in case of your untimely demise. Review and update these designations periodically or after any major life events to ensure they reflect your current wishes.
6. Submit the forms: Once you have accurately completed all the necessary forms, submit them to the custodial institution or your employer's human resources department. Ensure that you comply with any deadlines or submission requirements specified by the institution or your employer.

Who needs 403b and 457 custodial accounts:

1. Nonprofit employees: 403b custodial accounts are typically available to employees of certain eligible tax-exempt organizations, such as public schools, colleges, universities, hospitals, and charitable institutions. Therefore, if you work in any of these sectors, you may need a 403b custodial account to save for retirement.
2. Government workers: 457 custodial accounts are generally offered to state and local government employees, including firefighters, police officers, teachers, and other public servants. If you are employed by a government entity, you may need a 457 custodial account to save for your retirement.
3. Employees seeking additional retirement savings: Even if you are already participating in other retirement plans, such as a 401k or individual retirement account (IRA), having a 403b and/or 457 custodial account can provide you with additional retirement savings options. These accounts allow for pre-tax contributions and potential tax-deferred growth, which can enhance your overall retirement savings strategy.

It is important to consult with a financial advisor or tax professional to determine if a 403b and/or 457 custodial account is suitable for your specific financial situation and retirement goals.

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