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51501 457 DEFERRED COMPENSATION CATCH-UP WORKSHEET/CERTIFICATION NORTH DAKOTA PUBLIC EMPLOYEES RETIREMENT SYSTEM SON 51501 (Rev. 01-2014) PAPERS PO Box 1657 Bismarck North Dakota 58502-1657 (701)

How to fill out 457 deferred compensation catch-up

How to fill out 457 deferred compensation catch-up:

1. Determine eligibility: First, check if you are eligible to make catch-up contributions to your 457 deferred compensation plan. Generally, individuals who are age 50 or older and have not reached the maximum contribution limit can make catch-up contributions.
2. Gather the necessary information: Collect all the required documents and information needed to complete the catch-up contribution process. This may include your 457 plan provider's forms, your personal identification information, and the specific amount you wish to contribute.
3. Contact your plan administrator: Reach out to your 457 plan administrator to obtain the necessary forms and instructions for making catch-up contributions. They will be able to guide you through the process and provide any additional information you may need.
4. Complete the forms: Fill out the provided forms accurately and thoroughly. Make sure to provide all the requested information, including your personal details, contribution amount, and any specific instructions regarding the allocation of your catch-up contributions.
5. Review and double-check: Before submitting the forms, carefully review all the information you have provided to ensure accuracy and completeness. It's essential to avoid any mistakes that could potentially delay or affect your catch-up contributions.
6. Submit the forms: Once you are confident with the information provided, submit the completed forms to your 457 plan administrator. Follow any submission instructions they have provided, making sure to retain a copy of the forms for your records.

Who needs 457 deferred compensation catch-up?

1. Individuals approaching retirement age: The 457 deferred compensation catch-up option exists for individuals who are age 50 or older. It provides an opportunity for them to contribute additional funds to their 457 plan as they near retirement.
2. Those who have not reached the maximum contribution limit: If you have not yet reached the maximum amount you are allowed to contribute to your 457 plan, you may consider utilizing the catch-up option. This allows you to make additional contributions beyond the standard limits.
3. Individuals with the financial capacity to contribute more: Those who have the financial means and a desire to boost their retirement savings may choose to take advantage of the catch-up option. It's an opportunity to accelerate your retirement savings by contributing more than the regular annual limit.

Remember, it is always advisable to consult with a financial advisor or tax professional to understand the specific implications and benefits of utilizing the 457 deferred compensation catch-up option in your unique financial situation.

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