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457(b)Payroll Reduction Authorization

457(b)Payroll Reduction Authorization 2025

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The document outlines the Participation Agreement for the Section 457(b) Deferred Compensation Program for employees of Brevard Public Schools, Florida. It details the terms under which an employee can defer compensation, including options to increase, decrease, or suspend contributions. The agreement emphasizes the employee's responsibility for accurate reporting and compliance with IRS regulations, as well as the employer's authority to manage deferrals to avoid exceeding annual limits. It also includes provisions for termination of the agreement and specifies ownership and beneficiary designations.

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What contributions are exempt from FICA tax?

FICA Tax Exemptions For example, college students are exempt from paying FICA taxes on the wages they earn from an on-campus job. Exemptions also apply to some nonresident noncitizens, including foreign government employees and teachers.

What are the disadvantages of a 457 B plan?

Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.

What is the 3 year rule for 457b?

IRC Section 457(b) plans may permit special 457 catch-up contributions during the last three taxable years before a participants normal retirement age.

Are 457 B employer contributions taxable?

Contributions to the 457(b) Plan are reported annually on em- ployees W-2 forms. Pretax contributions reduce a participants taxable income and are not included in income subject to taxa- tion.

Do you pay FICA on 457B contributions?

Employer contributions to section 457(b) plans may be subject to Social Security and Medicare (FICA) tax.

What happens to 457b when you leave your employer?

A 457(b) plan allows you to save and invest money for retirement with tax benefits. Assets in a 457(b) Deferred Compensation Plan typically become available for withdrawal once an employee leaves employment.

Does 457b affect Social Security?

(Money distributed from the plan will be taxed as ordinary income in the year the money is distributed). Thats usually at retirement when you may be in a lower tax bracket. Your employers 457(b) deferred compensation plan has no effect on the benefits you will receive from Social Security.

Are 457 B contributions subject to FICA?

Employer contributions to 457(b) plans are tax deferred up to annual limits. Employee elective contributions are deferred from income tax. They are subject to FICA.

457(b)Payroll Reduction Authorization 2025

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