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Lump Sum Separation Pay Deferral Election Form

Lump Sum Separation Pay Deferral Election Form 2025

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The document outlines options for cashing out or deferring accumulated unused leave time (Lump Sum Separation Pay) upon retirement. It explains the tax implications of cashing out versus contributing to Savings Plus accounts, which can maximize contributions and defer taxes. It details the process for submitting the Lump Sum Separation Pay Deferral Election Form, including deadlines and necessary documentation. Additionally, it provides information on catch-up contributions for previous years and emphasizes the importance of consulting personal counsel for investment decisions.

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