Lump Sum Final Check Contribution to Deferred Compensation

Transcripción

1 Memo To: ERF Members The Employees Retirement Fund has been asked by Deferred Compensation to provide everyone that has signed up to retire with the attached information. Please read the information from Deferred Compensation carefully, to see how you may benefit from deferring your lump sum final check.

2 Lump Sum Final Check Contribution to Deferred Compensation Q. What is a lump sum final check contribution to deferred compensation? A. You may elect to contribute up to 99% of your lump sum final check, net of all other required deductions, to your 401(k) or 457 Plan account, or both. A contribution of no more than 80% to 85% is recommended to ensure there is enough to cover mandatory deductions (e.g., Medicare, pension plan) and your check is greater than zero. Q. How do I make a contribution from my lump sum check? A. To contribute from your lump sum check to either or both plans, you must be enrolled in the plan to which you wish to contribute complete a Lump Sum Check Contribution Form submit the Contribution Form to the Deferred Compensation Office, City Hall 2CS, no later than the end of the month immediately preceding your termination date for 457 Plan contributions and no later than your termination date for the 401(k) Plan. Q. Where can I get a Lump Sum Contribution Form? A. A Contribution Form has been made available to you at the end of this document, once you have filled out the form send it to the Deferred Compensation Office at their City Hall address; 1500 Marilla, 2CS Dallas, Texas If you have any questions call Deferred Compensation at Q. I am already contributing to the 401(k) and 457 plans. Will my specified contribution amounts be automatically deducted from my lump sum check? A. No. Deferred compensation contributions are not automatically deducted from lump sum checks.

3 Memo Para: Miembros de ERF La Fundación de el Retiro de empleados ha sido preguntado por la compensación diferida (401K y 457) para proveer a todas las personas que se han inscrito para el retiro con la información conectada. Por favor lea la información muy cuidadosamente de la compensación diferida, para ver como usted puede beneficiarse al deferir la suma de su cheque final.

4 Suma de Cheque Final Contribuciones para la Compensación Deferida P. Que es la suma de cheque final para la compensación deferida? R. Usted puede contribuir hasta el 99% de la suma de cheque final al 401(K) o al plan del 401 (K), o a los dos. Una contribución de ningún más de 80% a 85% es recomendada para asegurar allí deberá cubrir bastante las deducciones obligatorias (por ejemplo, el cuidado Médico, el plan de pensiones) y su cheque es más que cero. P. Cómo puedo hacer las contribuciones de la suma de mi cheque final? R. Para contribuir a cualquier plan de su cheque final usted debe: Apuntarse en el plan en el cual usted desea contribuir Llenar la forma de contribuciones de la suma final. Someter la forma de contribuciones a la oficina de compensación deferida, City Hall 2CS, a mas tardar a fin de mes, inmediatamente procediendo la fecha de terminación para el plan de contribuciones 457, y a mas tardar el día de su terminación para el plan 401 (K). P. Donde puedo conseguir la forma de contribuciones de el cheque final? A. Usted puede tener acceso a la forma en este sitio al final de este documento, una vez que haga llenado esta forma debe mandarla a la oficina de Compensación Deferida a la dirección de City Hall que es: 1500 Marilla, 2CS Dallas, Texas Para cualquier pregunta comuníquese al P. En momento estoy contribuyendo al plan 401(K) y al plan 457. La cantidad especifica de mis contribuciones seria descontado automáticamente de mi cheque final? A. No, Las contribuciones de la Compensación Deferida no son descontadas automáticamente de la suma del cheche final.

5 City of Dallas 401(k) and 457 Deferred Compensation Plans Contributions to Deferred Compensation Plans from Lump Sum Final Payment Employee Name: Social Security Number: Employee Number Termination Date: I hereby authorize the following contributions from my final lump sum payment: 457 Plan: % (minimum contribution of 1%) 401(k) Plan: % (minimum contribution of 1%) *TOTAL % *Up to 99% is allowable for both plans combined, subject to the annual limits. A contribution of no more than 80% to 85% is recommended to ensure there is enough to cover other mandatory deductions (e.g., Medicare, pension plan) and your check is greater than zero. Contributions authorized with this form plus the contributions made during the calendar year through payroll deductions cannot exceed the annual dollar amount limits for 401(k) and 457 Plans. Employees are encouraged to discuss lump sum final payment contributions with Cathy Tamez, Fidelity Retirement Counselor for the City of Dallas. Cathy s office is in the Deferred Compensation Office, City Hall, Room 2CS and Cathy can be reached by at [email protected] or by calling Employee Signature Date Work Phone: Home Phone: Note: The deadline for submitting a contribution amount for the 457 Plan is the end of the month immediately preceding the employee s termination date and the employee s termination date for the 401(k) Plan. SUBMIT FORM TO DEFERRED COMPENSATION OFFICE, CITY HALL, 2CS For Deferred Compensation Office Staff Use Only Uniform Civilian Staff Signature Date Check One