Get the free Connecticut Deferred Compensation 457 Plan

This booklet provides detailed information about the eligibility requirements for making Age 50+ Catch-up Contributions and Special 457 Catch-up Contributions under the Connecticut Deferred Compensation

How to fill out connecticut deferred compensation 457

How to fill out Connecticut Deferred Compensation 457 Plan

1. Obtain the Connecticut Deferred Compensation 457 Plan enrollment forms from the official website or your HR department.
2. Fill out personal information including name, address, and Social Security number.
3. Indicate your employment details, such as your job title and department.
4. Choose your contribution amount: specify a percentage from your salary or a fixed dollar amount.
5. Select your investment options from the available choices provided in the plan.
6. Review the plan terms and conditions carefully.
7. Sign and date the enrollment form to certify your participation.
8. Submit the completed form to your HR department or the plan administrator as instructed.

Who needs Connecticut Deferred Compensation 457 Plan?

1. Public employees in Connecticut looking to supplement their retirement savings.
2. Individuals seeking tax-deferred growth on their investments.
3. Employees wanting to prepare for retirement while minimizing current taxable income.
4. Those interested in a flexible savings plan that can accommodate different investment options.

People Also Ask about

What are the downsides of a 457 plan?

Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.

What is a deferred compensation plan 457?

The CalPERS 457 Plan is a voluntary deferred retirement savings plan that allows you to defer any amount, subject to annual limits, from your paycheck on a pre-tax and/or Roth after-tax basis. Roth contributions, and their earnings, can benefit from the power of tax-deferred compounding.

At what age can I withdraw from 457 without penalty?

Traditional 457(b) Catch-Up: If you are within the three years prior to your Normal Retirement Age, you may be eligible to make a one-time election to defer additional money into your retirement plan.

What is the 3 year catch-up on a 457?

For 2025, this higher catch-up contribution limit is $11,250. This option is effective as of January 1, 2025 for plans that elect to adopt it. Limitations may apply as defined by the plan. Please contact your plan administrator should you require additional information.

What is the 3 year rule for 457 catch-up?

Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).

For pdfFiller’s FAQs

What is Connecticut Deferred Compensation 457 Plan?

The Connecticut Deferred Compensation 457 Plan is a retirement savings plan that allows state and local government employees to save for retirement on a tax-deferred basis.

Who is required to file Connecticut Deferred Compensation 457 Plan?

Employees of the State of Connecticut and certain local municipalities are eligible to participate in the plan; however, filing is typically not required unless specific transactions such as withdrawals or rollovers occur.

How to fill out Connecticut Deferred Compensation 457 Plan?

To fill out the Connecticut Deferred Compensation 457 Plan, participants need to complete the enrollment forms provided by the plan administrator, indicating their contribution amount and investment options.

What is the purpose of Connecticut Deferred Compensation 457 Plan?

The purpose of the Connecticut Deferred Compensation 457 Plan is to provide a method for employees to save for retirement while lowering their taxable income during their working years.

What information must be reported on Connecticut Deferred Compensation 457 Plan?

Participants must report their contribution amounts, investment choices, distributions received, and any changes in employment status that affect their participation in the plan.