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The Wise Choice for Public Employees b referred compensation sponsored by the Illinois Public Pension Plan Association (IP PFA)The life you want in retirement begins right here, right now. The Wise
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How to fill out 457b deferred compensation plan

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How to fill out 457b deferred compensation plan

01
Contact your employer to obtain the necessary forms to enroll in the 457b deferred compensation plan.
02
Fill out the enrollment form with your personal information, including your name, address, social security number, and contact information.
03
Indicate the percentage of your salary you would like to contribute to the plan each pay period.
04
Choose your investment options by selecting from the list of available funds provided by the plan administrator.
05
Review the completed form for accuracy and sign and date it before submitting it to your employer for processing.

Who needs 457b deferred compensation plan?

01
Employees of state and local governments
02
Certain employees of nonprofit organizations
03
Individuals looking to supplement their retirement savings beyond employer-sponsored plans like 401(k)s
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A 457b deferred compensation plan is a retirement savings plan available to employees of state and local governments, as well as certain tax-exempt organizations.
Employees who are eligible to participate in a 457b deferred compensation plan are required to file the necessary paperwork to enroll in the plan.
To fill out a 457b deferred compensation plan, employees must complete the enrollment form provided by their employer and choose their contribution amount and investment options.
The purpose of a 457b deferred compensation plan is to help employees save for retirement on a tax-deferred basis.
Employees must report their contribution amount, investment selections, and any beneficiary designations on their 457b deferred compensation plan.
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