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Beneficiary Designation Governmental 457(b) Plan City of Nashua74478601For My Information For questions regarding this form, visit the website at empowermyretirement.com or contact Service Provider

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What is wwwirsgovretirement-plansirc-457b-deferredirc 457b deferred compensation?

The 457(b) deferred compensation plan is a type of non-qualified retirement plan that allows eligible employees to defer a portion of their salary to be paid out at a later date, typically upon retirement or termination of employment.

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Eligible employers who sponsor a 457(b) plan are required to file relevant forms with the IRS, including governmental and certain tax-exempt employers.

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To fill out the 457(b) deferred compensation forms, employers must follow IRS guidelines, report contributions made by employees, and include necessary information concerning participants' accounts.

What is the purpose of wwwirsgovretirement-plansirc-457b-deferredirc 457b deferred compensation?

The purpose of the 457(b) deferred compensation plan is to provide employees with tax-advantaged savings for retirement, allowing them to defer income and potentially reduce their taxable income.

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Information that must be reported includes total contributions, distributions, account balances, and rollovers associated with the 457(b) plan.

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