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Leave Funds in Savings Plus

Staying with Savings Plus

You are important to Savings Plus and you do not have to say goodbye just because you separate or retire. Here are a few reasons why you may want to stay with the plan:

  • Cost: Savings Plus generally has lower fees than other providers.
  • Convenience: Your life is busy enough. Why complicate matters with extra accounts to monitor? Consolidate your assets and transfer eligible external retirement savings into your Savings Plus account. You will pay lower fees and enjoy the convenience of having everything in one place.

When you stay active in Savings Plus, you can:

  • Watch your money potentially continue to grow, tax-deferred
  • Delay state and federal taxes, until you may be in a lower tax bracket
  • Retain access to your money – if you roll your money into another plan, you are subject to the rules of the new plan, and access to your money may be limited
  • Continue to receive service from licensed and non-commissioned Retirement Specialists

You can leave your money in Savings Plus as long as you like. However, U.S. Treasury regulations generally require you to receive a required minimum distribution in the year you reach age 70½ or the year in which you retire, whichever is later. You have the option to delay your first required minimum distribution until April 1 of the following year. See “Required Minimum Distributions”.

It is important for you to continue to manage your account even after you leave State service, notify us when you move or have a change in your family status. You should also make sure your beneficiary is current and periodically review your account.

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NRW-2884CA-CA.1
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