Rollovers to Savings Plus
Combine your retirement savings into one easy to manage Savings Plus account before and after you retire. You are eligible to rollover your 401(a), 401(k), 403(b), 457(b) or pre-tax IRA into your Savings Plus account. Roth contributions may only be rolled over from another qualified Plan. Rollovers from Roth IRAs are not permitted.
Additionally, you may be able to rollover the following eligible retirement plans to your Savings Plus account after you separate:
- Peace Officers' and Firefighters' (POFF) Supplemental Plan
- Extended Service Incentive Program (ESIP)
- Deferred Retirement Option Plan (DROP)
- Monetary Credits (from the Judges' Retirement System)
Please note, your Savings Plus 457(b) or 401(k) account must be established 60 days prior to separation from service. Contact your previous plan provider for more information.
Factors to consider about rolling over assets
Some key factors to consider that will help you evaluate whether you might roll your assets or leave the money where it's currently invested include:
- Consolidation – weigh the pros and cons of having more than one retirement account versus fewer
- Fees - examine the fees assessed in your existing plan and compare those with the fees in the plan that you are considering rolling assets into. The expenses that you may be paying or would be paying should be evaluated along with the investment and service offering(s) available within the arrangements being considered
- Performance - consider plan performance and returns
- Investment options: review all plan investment lineups to understand the choices for each
- Available services – think about other services or arrangements offered by the plan, such as access to tool, education, resources and managed account services, which assigns oversight to a third party
Types of rollovers
There are two kinds:
- Direct rollover – payment is made payable to the plan and is non-taxable
- Indirect rollover – payment is made payable to you and taxes are withheld. You submit a payment to the plan. Your payment should include an amount equal to the amount of taxes withheld, otherwise the amount may be treated as an early distribution.
To roll money into Savings Plus, submit a Rollover–In Form. Your rollover is invested according to your current investment choices. If you do not have an investment choice, your rollover is invested in the appropriate target date fund based on your birth year.
Not yet enrolled? Enroll now or call the Solutions Center. Once you have created your account, submit a Rollover-In Form.
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Neither Savings Plus nor any of its representatives give legal or tax advice. Contact your legal or tax advisor for such advice.
This material is not a recommendation to buy, sell, hold or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.