Get the free Transfers from 457 Plans to RSA-1 - Retirement Systems of Alabama - rsa-al

INCOMING TRANSFER FROM OTHER SECTION 457 PLANS TO RSA-1 457 IN TRANS 07/11 RSA-1 DEFERRED COMPENSATION PLAN Retirement Systems of Alabama P. O. Box 302150 ? Montgomery, AL 36130-2150 334-517-7000

How to fill out transfers from 457 plans

How to fill out transfers from 457 plans:

1. Gather necessary documents: Start by collecting all the required paperwork for transferring your funds from a 457 plan. This may include account statements, transfer forms, identification documents, and any other documents specific to your plan provider.
2. Understand the transfer process: Familiarize yourself with the transfer process outlined by your plan provider. Read through the instructions provided or contact a representative to clarify any doubts or questions you may have.
3. Check eligibility: Ensure that you are eligible to transfer funds from your 457 plan. Typically, transfers are allowed for certain qualifying events such as retirement, job change, or reaching the age of distribution. Confirm if you meet the eligibility criteria specified by your plan.
4. Research transfer options: Explore the different transfer options available to you. There may be various investment vehicles or retirement accounts where you can transfer your funds. Compare these options based on factors like fees, tax implications, investment choices, and customer satisfaction.
5. Consult a financial advisor: If you are uncertain about the best course of action for your specific financial situation, seek guidance from a financial advisor. They can provide personalized advice and help you make informed decisions when it comes to transferring funds from your 457 plan.
6. Complete the necessary paperwork: Fill out the required transfer forms accurately and thoroughly. Be sure to double-check all the information provided before submitting the paperwork. Any errors or missing information can delay or even invalidate the transfer process.
7. Submit the transfer request: Send the completed transfer forms and any supporting documents to your plan provider according to their instructions. It is advisable to make copies of all documents for your records and to track the progress of your transfer.

Who needs transfers from 457 plans:

1. Employees changing jobs: If you are switching employers and have a 457 plan with your current employer, you may consider transferring the funds to a new retirement account that aligns with your future financial goals.
2. Retirees: When you retire, you may want to transfer the funds from your 457 plan to another account that provides more flexibility in managing your retirement savings or offers better investment options.
3. Consolidating retirement accounts: Individuals looking to streamline their retirement savings and simplify their financial portfolio may opt for transferring their 457 plan funds to a different retirement account, such as an individual retirement account (IRA), to have all their retirement savings in one place.
4. Beneficiaries of inherited accounts: In the unfortunate event of the account owner's death, beneficiaries may choose to transfer the funds from the 457 plan to an inherited IRA or another eligible retirement account to continue the tax-advantaged growth of the assets.
5. Individuals seeking investment diversification: Some investors may desire more control over their investments or may prefer different investment options than what the 457 plan provides. In such cases, transferring the funds to another account with broader investment choices can be advantageous.

Remember, while these scenarios may indicate a need for transfers from 457 plans, each individual's financial situation is unique. It is essential to evaluate your specific circumstances and consult with professionals before making any decisions regarding the transfer of funds from your 457 plan.

For pdfFiller’s FAQs

What is transfers from 457 plans?

Transfers from 457 plans refer to moving assets from one 457 plan to another without incurring any tax liability.

Who is required to file transfers from 457 plans?

Participants of 457 plans who are transferring assets from one plan to another are required to file transfers from 457 plans.

How to fill out transfers from 457 plans?

Transfers from 457 plans can be filled out by submitting the necessary forms provided by the plan administrator, specifying the amount to be transferred and the receiving plan.

What is the purpose of transfers from 457 plans?

The purpose of transfers from 457 plans is to allow participants to consolidate their retirement savings or take advantage of better investment options offered by another plan.

What information must be reported on transfers from 457 plans?

Information such as the amount being transferred, the receiving plan's details, and the reason for the transfer must be reported on transfers from 457 plans.

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