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457 SALARY REDUCTION AGREEMENT FORM (SRA) For Tax Sheltered Annuities and Custodial Accounts 457 ? Please supply the information requested below. ? Read all agreements on this form before submitting.

How to fill out 457 salary reduction agreement

How to fill out a 457 salary reduction agreement:

1. Obtain the necessary forms: Contact your employer or human resources department to request the 457 salary reduction agreement forms. They can provide you with the necessary paperwork or direct you to an online portal where you can download the forms.
2. Read the instructions: Before filling out the agreement, carefully read through the instructions provided. This will help you understand the purpose and requirements of the agreement.
3. Personal information: Fill in your personal details such as your full name, employee identification number, contact information, and social security number. Ensure all information provided is accurate and up-to-date.
4. Employer information: Enter your employer's name, address, and contact details. This section confirms the employer's participation in the 457 salary reduction plan.
5. Agreement terms: Review the terms and conditions of the salary reduction agreement. This section outlines the specifics of the reduction, including the percentage or dollar amount of the reduction and the duration of the agreement.
6. Contribution elections: Indicate your desired contribution amount or percentage from your salary that you wish to direct towards the 457 plan. This may be a fixed amount or a percentage of your salary.
7. Beneficiary designation: Name the individual(s) who will receive the funds in the event of your death. Provide their full name, relationship to you, and their contact information. You may be required to provide any relevant documentation supporting your beneficiary designation.
8. Signature: Sign and date the agreement. Ensure that you carefully read through the agreement and understand its implications before signing. By signing, you acknowledge that you have read and agreed to the terms outlined in the agreement.
9. Submission: Once you have completed the agreement, return it to your employer or human resources department as instructed. Keep a copy for your records.

Who needs a 457 salary reduction agreement?

1. Employees eligible for a 457 plan: Individuals who are eligible for a 457 deferred compensation plan may need to fill out a 457 salary reduction agreement. This plan is offered to employees of government agencies, non-profit organizations, and certain other eligible employers.
2. Those who wish to contribute to a 457 plan: If you want to contribute a portion of your salary towards a 457 plan, you will need to fill out a salary reduction agreement. This agreement allows your employer to withhold the specified amount from your salary and direct it towards your retirement account.
3. Individuals wanting to take advantage of pre-tax contributions: A 457 salary reduction agreement allows employees to make pre-tax contributions to their retirement account. By participating in a 457 plan, individuals can potentially lower their taxable income while saving for retirement.

Note: It is essential to consult with a financial advisor or tax professional to understand the specific rules and regulations regarding 457 plans and salary reduction agreements. These professionals can provide personalized guidance based on your individual circumstances.

For pdfFiller’s FAQs

What is 457 salary reduction agreement?

A 457 salary reduction agreement is a written agreement between an employer and employee to reduce the employee's salary and contribute that amount to a 457 retirement plan.

Who is required to file 457 salary reduction agreement?

Both the employer and employee are required to file a 457 salary reduction agreement.

How to fill out 457 salary reduction agreement?

The 457 salary reduction agreement can be filled out by both the employer and employee, specifying the agreed-upon reduction amount and the terms of the agreement.

What is the purpose of 457 salary reduction agreement?

The purpose of a 457 salary reduction agreement is to allow employees to contribute a portion of their salary towards their retirement savings in a tax-efficient manner.

What information must be reported on 457 salary reduction agreement?

The 457 salary reduction agreement must include details such as the employee's name, employer's name, reduction amount, effective date, and any other terms agreed upon.

How do I complete 457 salary reduction agreement online?

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