Additional Annuity Program
For Traditional Pension Plan participants and Money Purchase Plan contributors
The Additional Annuity Program is designed to supplement your retirement income. It provides an additional opportunity to invest money specifically for supplementing pension benefits. The program is an account, independent of your OPERS contributions, that allows you to deposit funds while you are a member of OPERS.
As of Jan. 1, 2008, your deposits will purchase investment shares in the OPERS Stable Value Fund. As you work toward retirement your account is subject to the daily gains or losses of the Stable Value Fund and your potential earnings are tax-deferred until you retire or refund your account. Traditional Pension Plan contributors and re-employed retirees contributing to a Money Purchase Account are eligible to participate in the program.
After-tax deposits of $15 or more may be made anytime with a personal check, money order or cashier's check payable to the OPERS.
In addition to voluntary after-tax deposits, other retirement accounts may be rolled over to your additional annuity account. Once you have established an account, you may roll funds over to your OPERS Additional Annuity account with no maximum deposit limits.
OPERS can accept eligible rollover distributions from the following plans:
- Section 401(a) or 401(k) qualified employer plan
- SIMPLE IRA
- Section 403(a) annuity plan
- Simplified Employee Pension (SEP) IRA plan
- Traditional IRA (Section 408)
- Keogh plan
Section 403(b) accounts or Section 457(b) accounts (such as the Ohio Public Employees Deferred Compensation Program) may also be rolled over without limits, provided that the rollover of funds to your OPERS Additional Annuity account is completed within 120 days after retirement or termination of your employment. These funds will retain their tax-deferred status as long as they are left with OPERS.
You must complete a Additional Annuity Deposit-Traditional Pension Plan Contributors (AAA-T) depending on the plan in which you participate. This form is used for both types of deposits. A worksheet is included on the back of this form so you can estimate your IRC Section 415(c) limitation for a voluntary contribution.
Upon application of your Additional Annuity account, you'll choose between a lump-sum payment or annuitized in monthly payments. Either way, the Additional Annuity Program provides you a supplemental income in retirement.