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How to fill out 457 deferred compensation plan

How to fill out 457 deferred compensation plan

1. Obtain the necessary forms for filling out the 457 deferred compensation plan from your employer or the plan provider.
2. Review the instructions provided with the forms to understand the required information and documentation.
3. Fill out the personal information section, including your name, address, social security number, and beneficiary information.
4. Indicate the amount of money you wish to contribute to the plan and specify whether it will be a percentage of your salary or a fixed dollar amount.
5. Determine the investment options available within the plan and select the allocation percentages for each option.
6. If applicable, decide whether you want to make catch-up contributions if you are within three years of the plan's normal retirement age.
7. Consider if you want to make additional voluntary contributions beyond the regular salary deferrals.
8. Sign and date the form, indicating your agreement to participate in the 457 deferred compensation plan.
9. Submit the completed form to your employer or the plan provider, following any additional submission instructions provided.

Who needs 457 deferred compensation plan?

1. Employees of state and local governments: 457 deferred compensation plans are primarily offered to government employees, including firefighters, police officers, teachers, and other public servants.
2. Employees of certain tax-exempt organizations: Some nonprofit organizations may offer 457 deferred compensation plans to their employees.
3. Highly compensated individuals: Individuals who have exceeded the contribution limits of other retirement plans, such as 401(k) or 403(b) plans, may benefit from a 457 deferred compensation plan as it allows for additional contributions.
4. Individuals seeking tax advantages: Contributions to a 457 deferred compensation plan are typically made on a pre-tax basis, reducing your taxable income for the year. This can result in potential tax savings.
5. Those looking for flexible retirement savings: Unlike other retirement plans, 457 deferred compensation plans do not have an early withdrawal penalty if you separate from service. This provides flexibility in accessing funds before reaching the age of 59 ½.

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What is 457 deferred compensation plan?

A 457 deferred compensation plan is a type of non-qualified, tax-advantaged retirement savings plan that allows state and local government employees, as well as some non-profit organization employees, to defer a portion of their salary into the plan for retirement.

Who is required to file 457 deferred compensation plan?

Eligible employers, including state and local governmental entities, and certain non-profit organizations that sponsor a 457 plan are required to file any necessary documents related to the plan.

How to fill out 457 deferred compensation plan?

To fill out a 457 deferred compensation plan, employees typically need to complete an enrollment form provided by their employer, specifying the amount they wish to defer from their salary, and indicating their investment choices.

What is the purpose of 457 deferred compensation plan?

The purpose of a 457 deferred compensation plan is to help eligible employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis, reducing taxable income during their working years.

What information must be reported on 457 deferred compensation plan?

Employers must report contributions made to the plan, distributions taken by participants, and any other relevant financial information required by the IRS or ERISA.