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  • 457(b) Plan Administration Services


  • 403(b) Plan Administration Services






  • 457(b) Plan Administration Services



    Go To Your Plan — access your plan specific information and forms.



    A 457(b) plan is a tax deferred retirement savings plan similar but not quite the same as a private company 401(k) plan. 457(b) plans are available to governmental and public school employees. The 457(b) designation refers to the section in the Internal Revenue Code. 457(b) plans offer similar benefits to a 403(b) but do not have the 10% Pre Mature Distribution tax for withdraws prior to age 59 ½. Additionally, 457(b) plans may allow for permanent life insurance as an option under the tax shelter. These plans require either a “trust” or “custodial arrangement” to hold all assets for the exclusive benefit of plan participants and their beneficiaries.



    Benefits To The Employer

    As an Employer, you may offer a valuable tax-deferral program to employees without having to make all of the decisions regarding loans, hardship withdraws and repayments of such for employees. Records keeping and daily operations are done by us. Additionally, we will do compliance limits testing to check for excess contributions by employees.



    Benefits To The Employee

    Participating in your employer’s 457(b) plan allows you to save for retirement on a tax deferred basis. Options may include annuities, life insurance and even variable products for your use. Your Contributions are voluntary and you choose the amount based on your retirement goals. Your contributions are deducted from your paycheck before taxes, thereby reducing your taxable income, which may reduce the federal and state income tax you pay each year. (These deductions are still subject to FICA (social security) tax.)



    Your balance and earnings grow tax deferred until you take the money out at retirement. At that time, both your contributions and earnings are taxed as income. You are always 100% vested in your own contributions and earnings subject to any vendor product penalties!



    Advanced Consulting Group, Inc.

    ACGI serves as a 457(b) Plan’s Third Party Administrator providing plan oversight and administration. ACGI is available to all 457(b) Plan Participants for answering any questions regarding your 457(b) Plan. All plan related transactions (other than investment decisions) must be validated by ACGI. Plan related transactions include all distributions, hardships, loans and the processing of Salary Reduction Agreements for your contributions and require documentation.








    403(b) Plan Administration Services



    Go To Your Plan — access your plan specific information and forms.



    Background

    A 403(b) plan is a tax deferred retirement savings plan similar but not quite the same as a private company 401(k) plan. 403(b) plans are available to governmental and public school employees. The 403(b) designation refers to the section in the Internal Revenue Code. Recent changes in the IRS regulations have required employers to provide compliance oversight and management of all of their employees’ 403(b) accounts effective January 1, 2009. This can be accomplished either by you, the employer, or by a firm such as ours.



    Benefits To The Employer

    The Employer obtains the intangible benefits of providing a valuable tax-deferral program to employees without having to make all of the decisions regarding loans, hardship withdraws and repayments of such for employees. Records keeping and daily operations are done by us.



    Benefits To The Employee

    Participating in your employer’s 403(b) plan allows you to save for retirement on a tax deferred basis. Contributions are voluntary and you choose the amount based on your retirement goals. Your contributions are deducted from your paycheck before taxes, thereby reducing your taxable income, which may reduce the federal and state income tax you pay each year. (These deductions are still subject to FICA (social security) tax.)



    Your balance and earnings grow tax deferred until you take the money out at retirement. At that time, both your contributions and earnings are taxed as income. You are always 100% vested in your own contributions and earnings!



    Advanced Consulting Group, Inc.

    ACGI serves as a 403(b) Plan’s Third Party Administrator providing plan oversight and administration. ACGI is available to all 403(b) Plan Participants for answering any questions regarding your 403(b) Plan. All plan related transactions (other than investment decisions) must be validated by ACGI. Plan related transactions include all distributions, hardships, loans and the processing of Salary Reduction Agreements for your contributions and require documentation.



     
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