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Cook County Deferred Compensation Plan Direct Rollover/Transfer Request For incoming assets Please complete all sections of this form. All information on this document must be completed and returned.

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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.

If your deferred compensation plan is a qualified plan, then it can be rolled over to a retirement account such as a Roth IRA or a traditional IRA or other qualified retirement plans.

You can make rollovers between tax-deferred retirement plans – a 457(b) to an IRA, for example – without paying tax, assuming you cross every T and dot every I. If you transferred ​$125,000​ to a Roth IRA, however, you'd pay tax on that money and then withdraw it tax-free down the road.

Now, as a result of recent tax law changes, you can move — or roll over — the money from your 457(b) plan into an IRA, once you have left your place of employment. While you work at your government job, your 457(b) plan offers you a significant benefit – tax deferral.

If you have a 457 plan, you can max it out and still make a full contribution to a Roth IRA as long as you meet the income rules. 5 Doing so makes financial sense if you have the money to spare. In fact, having both types of retirement accounts can serve as a hedge against the unpredictability of future tax rates.

Most 457(b) plans allow a direct rollover. In this scenario, the retirement funds are transferred directly from your old account to another retirement plan. In an indirect rollover, you would receive a check for the amount in your 457(b) plan.

If you have savings and investments in another retirement plan, you may be able to roll over those funds into the Deferred Compensation Plan (DCP). A rollover, if made directly from your former employer's plan to the DCP, is not considered a taxable event if conducted in ance with IRS rules.

The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).

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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
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
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