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Get 401457 Plan
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How to fill out the 401457 Plan online
This guide provides a comprehensive overview of how to effectively complete the 401457 Plan online. Follow these steps to ensure that your submission is accurate and complete, enabling you to establish a loan program for your retirement plan.
Follow the steps to fill out the 401457 Plan online.
- Click ‘Get Form’ button to obtain the form. This action allows you to access the 401457 Plan document for completion.
- Carefully read the provided Guide to Implementing a Loan Program included in the packet. This will inform you of the elements necessary for establishing a loan program.
- Complete the Loan Guidelines Agreement by selecting appropriate options regarding eligibility and loan purposes.
- If required, obtain a resolution from your governing body using the Suggested Resolution document as a template.
- Execute the Loan Administration Agreement for Section 457 Plans or the Amendment to Adoption Agreement for Section 401 Plans, whichever is applicable to your situation.
- Return all completed documents, including the Loan Guidelines Agreement, a copy of the resolution (if required), and the applicable Loan Administration or Amendment to Adoption Agreement to ICMA-RC at the specified address.
- Allow for a processing time of 10 business days to set up your plan to allow loans. You can check the status of your submission with the ICMA-RC.
- Once set up, you can inform participants about how to apply for loans online, guiding them to submit requests according to the established procedures.
Start completing your 401457 Plan online to take the next step towards implementing a loan program for your employees.
Unlike 401(k) plans, which require employees to wait until age 59 ½ before making qualified withdrawals, 457 plans allow withdrawals at whatever age the employee retires. And the IRS doesn't impose a 10% early withdrawal penalty on withdrawals made before age 59 ½ if you retire (or take a hardship distribution).
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