Get the free 457 Withdrawal Application - dhrm utah

Utah Retirement Systems PO Box 1590 Salt Lake City, Utah 84110-1590 801-366-7720 or 800-688-4015 Fax 801-366-7445 or 800-753-7445 Email: DC plans URS.org www.urs.org INSTRUCTIONS: 1. 2. 3. 4. UTAH

How to fill out 457 withdrawal application

How to fill out 457 withdrawal application:

1. Obtain the necessary forms: Contact your 457 plan administrator or visit their website to obtain the withdrawal application forms. These forms may vary depending on your specific plan and the reason for your withdrawal.
2. Fill out personal information: Start by providing your personal details such as your name, address, social security number, and contact information. Make sure to double-check the accuracy of this information to avoid any delays in processing.
3. Specify the reason for withdrawal: Indicate the specific reason for your withdrawal from the 457 plan. Common reasons include retirement, hardship, disability, or separation from service. Some plans may require supporting documentation, such as medical records or proof of financial hardship.
4. Determine withdrawal amount: Based on your reason for withdrawal, determine the amount you wish to withdraw from your 457 plan. This could be a specific dollar amount or a percentage of your account balance. Be aware of any potential tax implications or penalties that may apply, especially if you are withdrawing funds before reaching retirement age.
5. Choose the withdrawal method: Select the method by which you want to receive the funds. Options generally include a lump sum payment, periodic payments, or rolling over the funds into an eligible retirement account. Familiarize yourself with the different options available and their potential impact on taxes and future investments.
6. Review and submit: Carefully review all the information you have provided on the withdrawal application. Ensure that all fields are completed accurately and that you have included any required supporting documentation. Once you are satisfied, submit the application to your plan administrator according to their instructions. It is recommended to keep copies of all the documents for your records.

Who needs 457 withdrawal application?

1. Employees with a 457 plan: Individuals who have participated in a 457 retirement plan, which is typically offered to employees of state and local governments, universities, or certain non-profit organizations, may need to fill out a 457 withdrawal application if they wish to access the funds in their account.
2. Individuals facing specific circumstances: Some individuals may need to fill out a 457 withdrawal application due to various circumstances. This could include those who have reached retirement age and want to start receiving distributions from their plan, individuals facing financial hardship, or those who become permanently disabled.
3. Anyone considering a rollover: If you are considering rolling over the funds from your 457 plan into another eligible retirement account, you may need to complete a withdrawal application to initiate the transfer process.

Note: It is important to consult with a financial advisor or tax professional to understand the specific rules and regulations related to 457 withdrawals and to determine the best course of action based on your individual circumstances.

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What is 457 withdrawal application?

The 457 withdrawal application is a form that allows individuals to request a distribution from their 457 retirement account.

Who is required to file 457 withdrawal application?

Individuals who have a 457 retirement account and wish to make a withdrawal are required to file a 457 withdrawal application.

How to fill out 457 withdrawal application?

To fill out a 457 withdrawal application, individuals must provide personal information, account details, and specify the amount they wish to withdraw.

What is the purpose of 457 withdrawal application?

The purpose of the 457 withdrawal application is to request a distribution of funds from a 457 retirement account for qualified expenses.

What information must be reported on 457 withdrawal application?

Information such as personal details, account information, withdrawal amount, and reason for withdrawal must be reported on a 457 withdrawal application.