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DEFERRED COMPENSATION PLAN ROLLOVER OF FUNDS Forms (INCOMING PLAN TRANSFER) (212) 306-7760 TTY (212) 306-7707 (888) DCP-3113 (Outside NYC) nyc.gov/deferredcomp Please Print Black InPreferredre q 457

How to fill out deferred compensation plan rollover

How to fill out a deferred compensation plan rollover:

1. Gather necessary information: Start by collecting all relevant information about your existing deferred compensation plan, including the account number, plan administrator's contact information, and any paperwork required for the rollover process.
2. Understand the rollover options: Familiarize yourself with the different types of rollovers available for deferred compensation plans. Common options include rolling over the funds into an individual retirement account (IRA) or into a new employer's similar plan.
3. Review tax implications: Consult with a tax professional to understand the tax consequences of a deferred compensation plan rollover. Depending on your specific situation, there may be potential tax advantages or implications that you need to consider.
4. Complete required forms: Obtain the necessary forms from the new plan administrator or IRA provider. Fill out the forms accurately and provide any required supporting documentation. Double-check that all information is entered correctly to avoid delays or potential issues.
5. Initiate the transfer: Once you have completed the forms, submit them according to the instructions provided by the new plan administrator or IRA provider. Be aware of any deadlines or specific procedures that need to be followed for a smooth transfer.
6. Monitor the rollover process: Stay in contact with both the old and new plan administrators or IRA providers to ensure the transfer is progressing as expected. Ask for confirmation once the rollover is complete, and verify that all funds have been successfully transferred.

Who needs a deferred compensation plan rollover?

1. Employees with a deferred compensation plan: Individuals who have participated in a deferred compensation plan through their employer may consider a rollover when transitioning to a new job or when reaching retirement.
2. Individuals looking to consolidate retirement savings: Rolling over a deferred compensation plan into an existing retirement account, such as an IRA, can help consolidate retirement savings and make it easier to manage investments.
3. Individuals seeking greater investment options: Some individuals may choose to roll over their deferred compensation plan to gain access to a wider range of investment options offered by an IRA or a new employer's retirement plan.
4. Individuals looking to take advantage of tax benefits: Depending on the circumstances, a deferred compensation plan rollover can provide tax advantages such as potentially reducing taxable income in the year of the rollover or allowing for tax-free growth of funds in a Roth IRA.
5. Those wanting more control over their retirement savings: Rolling over a deferred compensation plan to an IRA can provide individuals with more control over their investment choices and the flexibility to make withdrawals according to their retirement goals and needs.

For pdfFiller’s FAQs

What is deferred compensation plan rollover?

Deferred compensation plan rollover is a tax-advantaged method for transferring retirement savings from one account to another without tax consequences.

Who is required to file deferred compensation plan rollover?

Individuals who are moving funds from one deferred compensation plan to another are required to file a deferred compensation plan rollover.

How to fill out deferred compensation plan rollover?

To fill out a deferred compensation plan rollover, individuals must complete the necessary paperwork provided by the financial institution and ensure all information is accurate.

What is the purpose of deferred compensation plan rollover?

The purpose of deferred compensation plan rollover is to allow individuals to transfer retirement savings between accounts without incurring taxes or penalties.

What information must be reported on deferred compensation plan rollover?

Information such as account details, amount to be rolled over, and reason for the rollover must be reported on a deferred compensation plan rollover form.

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