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Lump Sum Deferral Form Complete this form if you wish to defer all or part of your Lump Sum Payout to either your Mission Square (fka ICMARC) or your Ohio 457 Deferred Compensation plan account. Check

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How to fill out 457 deferred compensation plans

01

Enroll in a 457 deferred compensation plan offered by your employer

02

Determine how much of your salary you would like to contribute to the plan

03

Choose the investment options that are available within the plan

04

Fill out the necessary paperwork provided by your employer to set up your account

05

Monitor and adjust your contributions and investments as needed

Who needs 457 deferred compensation plans?

01

457 deferred compensation plans are typically offered to employees of state and local governments, as well as certain nonprofit organizations

02

Individuals who want to supplement their retirement savings beyond traditional employer-sponsored plans like 401(k) and pension plans may benefit from a 457 deferred compensation plan

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What is 457 deferred compensation plans?

457 deferred compensation plans are tax-advantaged retirement savings plans available to certain governmental and non-profit employers that allow employees to defer a portion of their salary to save for retirement.

Who is required to file 457 deferred compensation plans?

Employers that offer 457 plans are responsible for filing the required documents, typically including governmental units and non-profit employers.

How to fill out 457 deferred compensation plans?

To fill out a 457 deferred compensation plan, participants must complete the enrollment forms provided by their employer, indicating the amount they wish to defer and selecting investment options.

What is the purpose of 457 deferred compensation plans?

The purpose of 457 deferred compensation plans is to provide employees with a means to save for retirement on a tax-deferred basis, allowing them to grow their savings without immediate taxation.

What information must be reported on 457 deferred compensation plans?

Typically, information reported on 457 deferred compensation plans includes contributions made, account balances, investment performance, and distributions taken.

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