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This document is a form for participants in the Section 457 Deferred Compensation Plan to authorize a Plan-to-Plan Transfer of their account to the Kentucky Public Employees’ Deferred Compensation

How to fill out 457 plan to plan

How to fill out 457 PLAN TO PLAN TRANSFER

1. Gather all necessary documents related to your current 457 plan.
2. Contact your current plan administrator to request a transfer form.
3. Fill out the transfer form with accurate details about your current plan and the receiving plan.
4. Provide any additional information or documentation required by the receiving plan.
5. Review the completed form to ensure all information is correct.
6. Submit the transfer form to your current plan administrator and the receiving plan.
7. Follow up with both administrators to confirm the transfer is being processed.

Who needs 457 PLAN TO PLAN TRANSFER?

1. Individuals who have a 457 plan and wish to transfer their funds to another 457 plan.
2. Employees changing jobs and needing to move their retirement funds to a new employer's plan.
3. Individuals seeking better investment options or lower fees in a new 457 plan.

People Also Ask about

What is plan to plan transfer?

A qualified plan-to-plan transfer is the process of moving money from a qualified (as defined by the IRS) pretax investment account/retirement plan to another qualified plan without incurring taxes or penalties on the money being transferred.

Are 457 plans transferable?

Most 457(b) plans allow a direct rollover. In this scenario, the retirement funds are transferred directly from your old account to another retirement plan. In an indirect rollover, you would receive a check for the amount in your 457(b) plan.

What are the disadvantages of rolling over a 401k to an IRA?

What is the difference between a transfer and a rollover? A transfer is used to move funds from one institution to another without changing the account type. A direct rollover is used to move funds from an employer plan to another account type like an IRA, without having to pay taxes.

What is the difference between a plan to plan transfer and a rollover?

Retirement withdrawal (457b) Retirement withdrawal (457b) If you had left the money from employer 1 in employer 1's plan, you would be allowed to withdraw it after separating from service (subject to regular income tax plus a 10% penalty.)

What is an example of a plan to?

'Plan to' describes something that you would like to do in the near future. Here are some examples: "I plan to find a new apartment." "I plan to relax on vacation."

For pdfFiller’s FAQs

What is 457 PLAN TO PLAN TRANSFER?

A 457 Plan to Plan Transfer is the process of moving assets from one 457(b) deferred compensation plan to another while maintaining the tax-deferred status of the funds.

Who is required to file 457 PLAN TO PLAN TRANSFER?

Participants who wish to transfer their retirement savings from one 457 plan to another are required to complete and file the 457 Plan to Plan Transfer documentation.

How to fill out 457 PLAN TO PLAN TRANSFER?

To fill out the 457 Plan to Plan Transfer form, participants should provide their personal details, the current plan information, the recipient plan's details, and the amount to be transferred. It's important to follow instructions specific to the forms provided by both plans.

What is the purpose of 457 PLAN TO PLAN TRANSFER?

The purpose of a 457 Plan to Plan Transfer is to allow participants to consolidate their retirement savings into a single plan, changing providers or plans without incurring taxes or penalties.

What information must be reported on 457 PLAN TO PLAN TRANSFER?

The information that must be reported includes participant's name, Social Security Number, details of both the sending and receiving plans, and financial details such as the amount being transferred.