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Rollovers from Other Retirement Accounts

Below you will find answers to a set of some of the most frequently asked questions about rollovers from other retirement accounts. Click on the arrows beside the questions to either reveal or hide the answers.

1. What is a rollover?

A rollover is a transfer of funds from an eligible retirement plan to another eligible retirement plan. Eligible rollover distributions typically require a distributable event (i.e. retirement, death, or separation from service).

An eligible rollover distribution does not include:
  1. Any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the participant or the joint lives (or joint life expectancies) of the participant and the participant's designated beneficiary, or for a specified period of 10 years or more;
  2. Any distribution to the extent such distribution is required under Code 401(a)(9);
  3. Any distribution which is made upon hardship of the employee; or
  4. The portion of any distribution that is not includible in gross income (except after-tax contributions may be rolled over to a qualified trust in a direct rollover).

2. What can I rollover money for?

You can roll over money to OPERS to:
  • Purchase service credit in the Traditional Pension or Combined Plan;
  • Purchase contributing months in the Member-Directed Plan;
  • Make additional contributions into your Member-Directed or Combined Plan; and
  • Make additional deposits into your Additional Annuity account for Traditional Pension Plan members.

3. From what types of plans can I do a rollover to OPERS?

Eligible rollover distributions from the following plans may be accepted by OPERS:
  • Section 401(a) or 401(k) qualified employer plan;
  • SIMPLE IRA;*
  • Section 403(a) annuity plan;
  • Section 403(b) tax-sheltered annuity program;
  • Section 457(b) governmental deferred compensation program;
  • SEP IRA Plan;
  • A traditional IRA (Section 408); and
  • A KEOGH plan.
* Note: A rollover may be made from a SIMPLE IRA after a two-year period beginning on the first day on which contributions made by your employer are deposited in your SIMPLE IRA.

4. How do I know if my plan qualifies to rollover?

Your plan representative can verify what type of plan you participate in. In addition, you should ask about any withdrawal restrictions before making your rollover decision. Please contact your plan administrator for additional information.

5. Can OPERS initiate the rollover 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 a rollover. We recommend you contact your plan prior to starting the rollover process to confirm the status of your funds, if you qualify under their distribution rules, and to complete their distribution documents.

6. How do I roll over funds to OPERS?

  1. Complete any transfer or rollover distribution form(s) required by your current plan administrator, then submit to your financial institution.
  2. Complete one of the following forms and submit to OPERS:
    If you are rolling over funds to ... Complete the ...
    Purchase service Service Purchase Funds Transfer (SPFT) form
    Make contributions to your Additional Annuity account Additional Annuity Application - Traditional Pension Plan Contributors (AAA-T) form
    Make voluntary contributions to your Member-Directed account Voluntary Contributions - Member-Directed Plan Participants (VOL-MD) form
    Make voluntary contributions to your Combined Plan account Voluntary Contributions - Combined Plan Participants (VOL-CO) form

7. How long does it take to complete a rollover?

A rollover generally takes between three to eight weeks. The amount of time it takes to complete a rollover is affected by such factors as how long it takes your current plan administrator to process a distribution, the forms required by the other financial institution and mail time.

8. My plan requires proof that OPERS will accept the rollover. 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 one of the following forms, making sure that you check the appropriate box to indicate that your plan administrator requires a Letter of Acceptance:
    If you are rolling over funds to ... Complete the ...
    Purchase service Service Purchase Funds Transfer (SPFT) form
    Make contributions to your Additional Annuity account Additional Annuity Application - Traditional Pension Plan Contributors (AAA-T) form
    Make voluntary contributions to your Member-Directed account Voluntary Contributions - Member-Directed Plan Participants (VOL-MD) form
    Make voluntary contributions to your Combined Plan account Voluntary Contributions - Combined Plan Participants (VOL-CO) form
  2. Once you receive the Letter of Acceptance from OPERS, you should sign the letter and forward to your plan administrator.