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STATE OF CONNECTICUT DEFERRED COMPENSATION SECTION 457 PLAN Restated as of January 1, 2015 3849675v2 STATE OF CONNECTICUT DEFERRED COMPENSATION SECTION 457 PLAN TABLE OF CONTENTS Page Article One

How to fill out deferred compensation section 457

How to fill out deferred compensation section 457:

1. Start by gathering all the necessary information and documents required to complete the form. This may include your personal information, employment details, and any contributions or distributions made to the plan.
2. Carefully review the instructions provided with the deferred compensation section 457 form. This will help you understand the specific requirements and guidelines for filling out the form correctly.
3. Begin by providing your personal information, such as your name, social security number, and contact details. Make sure to accurately enter all the requested information.
4. Move on to the employment details section. Here, you will need to provide information about your employer, including their name, address, and employer identification number (EIN). Double-check these details to ensure accuracy.
5. Next, you may be required to provide information regarding your contributions and distributions to the deferred compensation plan. This may include the amount contributed or distributed, the date of the transaction, and any relevant details.
6. As you fill out the form, it is crucial to pay attention to any supporting documents or attachments that may be required. These documents may include proof of contributions or distributions made, or any other documentation necessary to support the information provided on the form.
7. Once you have completed filling out the deferred compensation section 457 form, review it thoroughly before submitting. Double-check all the information you have entered to minimize the chances of errors or omissions.
8. Finally, sign and date the form as required and submit it according to the instructions provided. Keep a copy of the filled-out form for your records.

Who needs deferred compensation section 457:

1. Employees working for state and local governments, as well as some tax-exempt organizations, may be eligible to participate in a deferred compensation plan under section 457 of the Internal Revenue Code.
2. This section 457 plan allows eligible employees to voluntarily defer a portion of their income into a retirement savings account, usually on a pre-tax basis. These contributions can grow tax-deferred until they are distributed.
3. The deferred compensation section 457 can be beneficial to individuals who want to save for retirement and potentially reduce their current taxable income. It can also provide an additional retirement savings vehicle for those who have already maxed out their contributions to other retirement plans like 401(k)s or IRAs.
4. However, it is important to note that eligibility for the deferred compensation section 457 may vary depending on the employer and the specific plan rules. It is always recommended to consult with your employer or a financial advisor to determine if you qualify for and would benefit from participating in a section 457 plan.

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What is deferred compensation section 457?

Deferred compensation section 457 is a type of retirement plan available to employees of state and local governments, as well as certain tax-exempt organizations.

Who is required to file deferred compensation section 457?

Employees eligible for a deferred compensation plan under section 457 of the Internal Revenue Code are required to file.

How to fill out deferred compensation section 457?

To fill out deferred compensation section 457, employees must provide information such as their contributions, investments, and beneficiary designations.

What is the purpose of deferred compensation section 457?

The purpose of deferred compensation section 457 is to allow employees to save for retirement on a tax-deferred basis.

What information must be reported on deferred compensation section 457?

Information such as contributions, investment gains or losses, distributions, and beneficiary designations must be reported on deferred compensation section 457.