New Hampshire Loan Plan for Key Employees
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How to fill out Loan Plan For Key Employees?
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You can pay off your loan online. Simply log in to your account at empowermyretirement.com and click on Account/Loans & Withdrawals/Loans.
To enroll in the 457(b) deferred compensation plan, you must be an eligible faculty or administrative staff employee with eligible earnings of more than $257,000 in 2023 for 2024 participation. Employees hired in 2024 must be hired with a scheduled annual compensation over $257,000 for 2024 participation.
- You can borrow up to 50% of your account balance, not to exceed $50,000.00. There is a risk of lost savings. - You may lose money due to the cost of not making more money on your investments within the plan.
The NH 457(B) plan allows you to save for retirement, in addition to the NHRS pension and Social Security (if eligible) on a tax-deferred or Roth basis.
457(b) plans are generally available for state and local government employees, as well as certain tax-exempt nonprofits. These plans are very similar to other types of employer-offered retirement accounts. Employees can make contributions up to the annual limit, invest these funds, and grow their retirement nest egg.
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 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
Loans are processed within three to five business days and funds are sent out two business days after processing. Loan funds can be sent via direct deposit to your checking or savings account within two to three business days after processing.
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
