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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 at 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 responsibilities regarding accuracy in deferral amounts and compliance with IRS regulations, as well as the employer's rights to manage deferrals and liabilities related to investment performance. It also includes provisions for changes and termination of the agreement.

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Click ‘Get Form’ to open the 457(b) Payroll Reduction Authorization in the editor.
Begin by entering your personal information, including your name, Social Security Number, work location, and position. This ensures that your details are accurately recorded.
In the 'Original Agreement' section, specify the amount you wish to reduce from your compensation per pay period. Enter this amount in the designated field and indicate the starting pay period.
If you need to make changes, navigate to the 'Amendment Agreement' section. Here, you can either increase or decrease your deferral amounts as needed. Fill in the new amounts and effective dates accordingly.
Review the terms outlined in the agreement carefully. Ensure you understand your responsibilities regarding accuracy and compliance with IRS regulations.
Finally, sign and date the document at the bottom of the form. Make sure both you and an employer representative complete this step for validation.

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What is the difference between a 401k and a 457 B plan?

The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59 may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.

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 a 457 salary reduction agreement?

The Salary Reduction Agreement (SRA) is utilized to establish, change, or cancel salary reductions withheld from your paycheck and contributed to the 457(b) plan on your behalf. The SRA is also used to change the investment providers that receive your contributions.

What is a non-governmental 457 B?

Non-governmental 457(b) plans commonly use rabbi trusts to hold employee deferrals. The rabbi trust is funded, but the trust assets remain available to creditors. Employees are lower in priority than general creditors in the event of legal claims against the employer.

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