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Independent School District #885 11343 50th Street NE Albertville, MN 55301Salary Reduction Agreement403(b), 403(b) Roth, 457, 457 Roth457 Enrollment forms available at www.mndcp.comPart 1. Employee

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What is Minnesota deferred compensation plan?

The Minnesota Deferred Compensation Plan is a retirement savings plan that allows state and local government employees to save for retirement on a tax-deferred basis, helping them to build a financial nest egg for their future.

Who is required to file Minnesota deferred compensation plan?

Employees of the state of Minnesota and local government entities who wish to participate in the plan are required to file the necessary paperwork to enroll and contribute to the Minnesota Deferred Compensation Plan.

How to fill out Minnesota deferred compensation plan?

To fill out the Minnesota deferred compensation plan, participants typically need to complete an enrollment form that includes personal information, contribution amounts, and investment choices. It may also require submitting the form to the plan administrator or online through a secure portal.

What is the purpose of Minnesota deferred compensation plan?

The purpose of the Minnesota Deferred Compensation Plan is to provide employees with a tax-advantaged way to save for retirement, thereby encouraging them to set aside funds for their future financial security.

What information must be reported on Minnesota deferred compensation plan?

Participants must report information such as their annual contributions, investment selections, and any distributions taken from the plan. Additionally, employers may need to report payroll deductions for contributions.

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