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DIVISION 2.5. DEFERRED COMPENSATION* ___ *Editor\'s note: ORD. No. 1156, 13, adopted March 23, 1981, did not expressly amend this Code; hence, inclusion as Div. 2.5, 21212123, has been at the editor\'s

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How to fill out 457 plan - what

01

Understand the eligibility criteria for a 457 plan, typically available for state and local government employees and some non-profit organizations.

02

Enroll in the plan by completing the necessary forms provided by your employer.

03

Decide on the percentage of your salary to contribute to the plan, keeping in mind any matching contributions offered by your employer.

04

Choose your investment options based on your risk tolerance and retirement goals.

05

Monitor and adjust your contributions and investments regularly to ensure they align with your financial objectives.

Who needs 457 plan - what?

01

State and local government employees

02

Some non-profit organization employees

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What is 457 plan?

A 457 plan is a type of retirement plan typically available to state and local government employees, as well as certain non-profit organizations.

Who is required to file 457 plan?

Employees who work for eligible employers that offer a 457 plan may choose to contribute to it.

How to fill out 457 plan?

To fill out a 457 plan, an employee must decide how much of their salary they want to contribute to the plan and complete the necessary paperwork provided by their employer.

What is the purpose of 457 plan?

The purpose of a 457 plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

What information must be reported on 457 plan?

Information such as the employee's contribution amount, investment choices, and beneficiary designations must be reported on a 457 plan.

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