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A 98971-01 Wisconsin Deferred Compensation Program B Participant Information Beneficiary Designation Governmental 457(b) Plan Use black or blue ink when completing this form. For questions regarding.

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Wisconsin Deferred Compensation Program | ETF
The Wisconsin Deferred Compensation Program is an optional, supplemental retirement...
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Maximum Deferral — Section 457 plan participants may contribute 100% of taxable income to their accounts, up to a federal maximum that is adjusted annually. In 2021, this maximum was $19,500. Note: This amount was raised to $20,500 for 2022.

You can take penalty-free withdrawals from your 457 account at any age after you leave your job.

You don't have to wait until 59 1/2 to start taking withdrawals. Nor are there mandatory minimum withdrawals when you hit 70 1/2. You can take the distribution in a lump sum or regular installments, paying tax when you receive the income.

Is there a time when I must withdraw money from my Deferred Compensation Plan? If you have separated from service with New York State or a participating employer, you must begin receiving payments no later than April 1 following the close of the calendar year in which you turn age 72.

*In the event of either retirement or termination, your earnings can be withdrawn tax free as long as it has been five tax years since your first Roth governmental 457(b) contribution and you are at least 59½ years old.

457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.

The Wisconsin Deferred Compensation Program (WDC) 457 Program is a supplemental retirement savings plan, regulated by Section 457 of the Internal Revenue Code. Through the WDC program employees can invest a portion of their income for retirement either on a pre-tax or post-tax (Roth) basis or a combination of both.

The IRS allows penalty-free withdrawals from retirement accounts after age 59½ and requires withdrawals after age 72. (These are called required minimum distributions, or RMDs). There are some exceptions to these rules for 401(k) plans and other qualified plans.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232