Contribution Election Information and Instructions
This file provides detailed information on electing before-tax, Roth, and after-tax contributions to the Personal Investment Plan (PIP). It outlines eligibility requirements and contribution limits for participants. Useful for both clergy and lay individuals looking to manage their retirement savings.
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How do I fill this out?
To fill out this form, start by providing your personal information in Part 1. In the subsequent parts, indicate your contribution preferences for before-tax, Roth, and after-tax contributions. Make sure to sign the form and submit it as directed to complete the process.
How to fill out the Contribution Election Information and Instructions?
1
Complete Part 1 - Personal Information.
2
Select contribution amounts in Parts 2, 3, and 4.
3
Check the box for automatic contributions if applicable.
4
Sign and date the form in Part 5.
5
Submit the completed form to your employer or plan sponsor.
Who needs the Contribution Election Information and Instructions?
1
Clergy members who wish to manage their retirement savings effectively.
2
Lay personnel who are part of the retirement plan and need to adjust their contributions.
3
Plan sponsors who administer the retirement plans for their employees.
4
Financial advisors assisting clients with retirement planning.
5
Human resources staff who handle employee benefits and paperwork.
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2
Select the fields you want to edit and input your information.
3
Adjust any other sections as necessary—including contributions.
4
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5
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What are the important dates for this form in 2024 and 2025?
Important dates for the form submission include the open enrollment period beginning January 1, 2024, and the final deadline for changes on December 31, 2024. Keep track of any changes in contribution limits set by the IRS for the year 2025. Monitor these dates to make informed retirement planning decisions.
What is the purpose of this form?
The purpose of this form is to enable participants in the Personal Investment Plan to elect their contribution preferences. It facilitates the selection of before-tax, Roth, and after-tax contributions tailored to individual financial situations. Ultimately, it plays a crucial role in retirement planning and savings management.
Tell me about this form and its components and fields line-by-line.
- 1. Personal Information: Includes name, address, contact details, and other personal identifiers.
- 2. Before-Tax Contribution: Fields to specify the amount or percentage to be contributed before taxes.
- 3. Roth Contribution: Spaces to declare the desired contributions to Roth accounts.
- 4. After-Tax Contribution: Options for indicating after-tax contribution amounts.
- 5. Signature: A space for participants to sign and date the form.
What happens if I fail to submit this form?
Failure to submit this form can lead to missed contribution preferences, possibly resulting in less effective retirement savings. Default contribution rates may apply, which may not align with your financial goals.
- Missed Contribution Adjustments: You won’t have the opportunity to tailor your contributions as per your needs.
- Default Rates Apply: Default rates may not reflect your actual financial situation, limiting your savings potential.
How do I know when to use this form?
- 1. Open Enrollment Period: When participants can elect or modify their contribution amounts.
- 2. Life Changes: In cases of employment changes, marital status updates, or financial shifts.
Frequently Asked Question
What types of contributions can I elect?
You can elect before-tax, Roth, and after-tax contributions to your Personal Investment Plan.
Is there a maximum contribution limit?
Yes, for 2024, contributions are limited to $23,000 if under 50 years, or $30,500 if 50 and older.
How do I submit the completed form?
You can submit the form to your employer or plan sponsor for processing.
Can I make changes to my contribution after submitting?
Yes, you can make changes as long as you do so before the plan's deadlines.
What happens if I don’t submit this form?
You may not be able to set your contribution amounts, and default rates may apply.
Is there automatic enrollment in PIP?
Yes, check if your plan sponsor has adopted automatic enrollment features.
Can I withdraw funds from my PIP account?
Funds can only be withdrawn under specific circumstances such as financial hardship.
What is the purpose of the Roth contribution?
Roth contributions are made after-tax, allowing for tax-free withdrawals in retirement.
How do automatic contribution escalations work?
If selected, your contribution amounts may increase automatically over time.
Do I need to keep a copy of my submitted form?
Yes, it's recommended to keep a copy for your records.
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