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Draft #1 Supplemental Retirement Plan and Trust for Police Employees of the Town of Herndon, Virginia Effective as of December 11, 1979, Amended and restated effective July 1, 2013, Supplemental Retirement

How to fill out supplemental retirement plan and

How to fill out a supplemental retirement plan:

1. Before starting to fill out a supplemental retirement plan, gather all the necessary information and documents such as your current retirement plan details, income information, and retirement goals.
2. Begin by reviewing the instructions provided with the supplemental retirement plan form. Familiarize yourself with any specific requirements or guidelines mentioned in the instructions.
3. Start filling out the personal information section, which typically includes your name, address, contact details, and social security number. Ensure that all the information provided is accurate and up to date.
4. Move on to the section that requires you to specify your retirement goals and objectives. Think about the age at which you plan to retire, the level of income you wish to maintain during retirement, and any specific financial goals you have in mind.
5. Provide details about your current retirement plan(s) in the relevant section of the form. This will include the name of the plan, the account or policy number, and the balance or current value of the plan.
6. If you have any additional income sources during retirement, such as rental properties or side businesses, disclose these details in the income section. This will help in determining an accurate estimate of your retirement income.
7. Move on to the investment section where you will specify how you want your retirement funds to be invested. This may include choosing between different investment options offered by the plan, specifying asset allocation percentages, or selecting specific funds or stocks.
8. Some supplemental retirement plans require beneficiaries to be named. If applicable, provide the details of the beneficiaries in the designated section. This ensures that in the event of your death, the funds will be distributed according to your wishes.
9. Review the completed form to ensure all the information provided is accurate, legible, and complete. Double-check for any errors or missing sections that need to be filled in.

Who needs a supplemental retirement plan:

1. Individuals with an existing retirement plan who want to boost their retirement savings may find a supplemental retirement plan beneficial. It allows for additional contributions on top of their primary retirement plan.
2. Employees with access to a workplace retirement plan, such as a 401(k), who are looking to maximize their retirement savings may consider a supplemental retirement plan.
3. Self-employed individuals or small business owners who do not have access to a traditional employer-sponsored retirement plan can use a supplemental retirement plan to save for their future.
4. People who anticipate needing more retirement income than what their current retirement plan will provide might find a supplemental retirement plan helpful in achieving their desired financial goals.

Remember, it is always advisable to consult with a financial advisor before making any decisions regarding supplemental retirement plans to ensure they align with your unique financial situation and retirement goals.

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