Retirement Fund Rollovers

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Retirement Fund Rollovers

You can roll over qualified saving into a Rollover Account in the Savings Plan regardless of your age, length of your service, hours worked, or eligibility in the Retirement Plan.

The Savings Plan accepts amounts from qualified plans, tax-deferred annuities, deferred compensation governmental plans and Traditional IRAs. You can also roll over SEP IRAs and SIMPLE IRA plans that were established for you at least two years ago by your previous employer. Rollovers of after-tax contributions from an eligible retirement plan are accepted, but not Roth IRAs.

In general, you may only roll over money that is in your name. However, if you are a surviving spouse and you receive a taxable distribution from your deceased spouse’s pension plan, you may roll it over. There are no limits on the amounts or the frequency with which participants can roll over to the Fund.

While your Rollover Account is in the Savings Plan it will receive the same interest credits as all other accounts at the Fund. And like all other accounts in the Fund, it will be shielded from the volatility of the market.

You may withdraw your Rollover Account at any time, regardless of your age, account balance or whether you are still employed. Unless this money is rolled over to an IRA or eligible employer plan, it is subject to taxes and penalties:

The Fund is required to withhold 20% for federal income taxes (state laws vary). If the account holder is under age 59½, the IRS may require an additional 10% penalty at the time the account holder files year-end income taxes.

If you leave Y employment with more than $5,000 in the Savings Plan, the Rollover Account can stay at the Fund and may be used towards a lifetime annuity when you retire.

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