Salary Deferral Agreement - State of Montana 457(B) Deferred Compensation - Montana

Salary Deferral Agreement - State of Montana 457(B) Deferred Compensation is a legal document that was released by the Montana Public Employee Retirement Administration - a government authority operating within Montana.

FAQ

Q: What is a Salary Deferral Agreement?
A: A Salary Deferral Agreement is a legal agreement that allows an employee to defer a portion of their salary into a retirement plan.

Q: What is the State of Montana 457(B) Deferred Compensation?
A: The State of Montana 457(B) Deferred Compensation is a retirement savings plan that allows Montana state employees to defer a portion of their salary for future retirement.

Q: How does a Salary Deferral Agreement work?
A: Under a Salary Deferral Agreement, the employee agrees to have a specific amount of their salary withheld by their employer and deposited into a retirement account on their behalf.

Q: Who is eligible for the State of Montana 457(B) Deferred Compensation?
A: Montana state employees are generally eligible for the State of Montana 457(B) Deferred Compensation, but eligibility may vary based on employment status.

Q: What are the benefits of participating in a Salary Deferral Agreement?
A: Participating in a Salary Deferral Agreement allows employees to save for retirement with pre-tax dollars, potentially lowering their taxable income and providing tax advantages.

Q: Can I withdraw money from my State of Montana 457(B) Deferred Compensation account before retirement?
A: In most cases, withdrawals from a 457(B) Deferred Compensation account can only be made after retirement or separation from service.

Q: Are the contributions to a 457(B) Deferred Compensation account tax-deductible?
A: Contributions to a 457(B) Deferred Compensation account are typically tax-deferred, meaning taxes are not immediately due on the contributed amount.

Q: How can I enroll in the State of Montana 457(B) Deferred Compensation Plan?
A: To enroll in the State of Montana 457(B) Deferred Compensation Plan, employees should contact their employer's human resources or benefits department for enrollment information.