Oklahoma Profit Sharing Plan
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How to fill out Profit Sharing Plan?
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FAQ
Just like a 401(k) or 403(b) retirement savings plan, a 457 plan allows you to invest a portion of your salary on a pretax basis. The money grows, tax-deferred, waiting for you to decide what to do with it when you retire. You're about to retire.
For all intents and purposes, a 457(b) is just as good as a 401(k) plan. If you're employer is a public agency or a nonprofit, it's probably your best option for retirement savings. On the downside, your contributions will probably not be matched by your employer.
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.
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
Oklahoma offers an income tax exemption of up to $10,000 to retirees age 65 and older. There is no state estate or inheritance tax in Oklahoma. The highest income tax bracket is lower in Oklahoma than in many other states, but most Oklahoma taxpayers fall into the state's highest bracket.
Commonly called a 457 plan, the Deferred Compensation Plan allows eligible employees to supplement any existing retirement/pension benefits by contributing and investing pre- tax dollars through voluntary salary deferrals.
State & Local Government Employees Age 62 ? You can begin receiving full, unreduced retirement benefits when you are at least age 62, with six* full years of full-time-equivalent employment; or.
90 Points ? You can begin receiving full, unreduced retirement benefits when you are at least 60 years of age and the sum of your age and years of service equals 90.