Plan-to-Plan Transfers from Other Retirement Accounts

Below you will find answers to a set of some of the most frequently asked questions about plan-to-plan transfers for the purchase of service credit. Click on the arrows beside the questions to either reveal or hide the answers.

What is a plan-to-plan (trustee-to-trustee) transfer?

A transfer from a 403(b) or 457(b) account without a distributable event. This is also called an in-service transfer because the employee does not have to terminate employment in order to transfer funds to OPERS for purchases of service credit in the Traditional Pension or Combined Plans.

Transferring money from the Ohio Public Employees Deferred Compensation Program, which is a governmental 457(b) plan, while you are an Ohio PERS member and still employed for the employer from which you contributed to the deferred compensation program, is considered a plan-to-plan transfer, not a rollover.

For what can I initiate a plan-to-plan transfer?

You can initiate a plan-to-plan transfer to OPERS to purchase service credit in the Traditional Pension or Combined Plan.

Can OPERS initiate the plan-to-plan transfer or complete needed documents to draw my funds?

No, OPERS cannot act as your financial planner or agent. You will be responsible for obtaining the needed certification from your plan administrator that your plan qualifies for the plan-to-plan transfer. Your plan may require a copy of your Service Purchase Cost Statement. To obtain a Service Purchase Cost Statement, please contact our Member Services Center.

How do I initiate a plan-to-plan transfer to OPERS?

  1. Contact OPERS to obtain a Service Purchase Cost Statement and Service Purchase Funds Transfer Form (SPFT).
  2. Complete any transfer form(s) required by your current plan administrator, then submit these along with a copy of your Service Purchase Cost Statement to your financial institution.
  3. Submit your Service Purchase Payment Option Form (the last page of your cost statement) and a Service Purchase Funds Transfer form to OPERS.
  4. Once OPERS receives your completed forms and the transfer, the funds will be applied and a receipt will be sent to you for your records.

Can I initiate a plan-to-plan transfer for more than the amount due on my Service Purchase Cost Statement?

No, these transfers cannot exceed the cost of your purchase of service credit in the Traditional or Combined Plan.

My plan requires proof that OPERS will accept the transfer. Can OPERS send a Letter of Acceptance?

Yes, OPERS can send you, the member, a Letter of Acceptance. To request a Letter of Acceptance:
  1. Complete and submit a Service Purchase Funds Transfer (SPFT) form and check the box indicating that your plan administrator requires a Letter of Acceptance.
  2. Once you receive the Letter of Acceptance from OPERS, you should sign the letter and forward to your plan administrator.