Get the free 457 Deferred Compensation Plan Leave Deferral Election Form
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This form is used to authorize the Commission to defer annual and/or comp leave into the employee\'s 457 Deferred Compensation Plan account. The form must be completed before the employee\'s retirement or separation date, and contributions must adhere to IRS regulations and annual limits.
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What is 457 deferred compensation plan?
A 457 deferred compensation plan is a non-qualified retirement plan that allows employees to defer a portion of their income to a later date, typically upon retirement, to lower their taxable income.
Who is required to file 457 deferred compensation plan?
Employers that offer a 457 deferred compensation plan to their eligible employees are required to file the plan documents and related forms with the appropriate regulatory authority.
How to fill out 457 deferred compensation plan?
To fill out a 457 deferred compensation plan, an employee must complete the enrollment form provided by their employer, indicating their contribution amount, investment choices, and beneficiary designations.
What is the purpose of 457 deferred compensation plan?
The purpose of a 457 deferred compensation plan is to provide employees with a way to save for retirement on a tax-deferred basis, helping them to accumulate funds to supplement their retirement income.
What information must be reported on 457 deferred compensation plan?
The information that must be reported includes participant contributions, earnings on deferred amounts, distributions, and any administrative expenses related to the plan.
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