For Member-Directed and Combined Plan participants
You can supplement your mandatory contributions to OPERS by making a rollover from another qualified plan or by making voluntary, after-tax contributions to your individual defined contribution account. This provides an additional opportunity to add to your income at retirement. This money is invested using the same investment election percentages you have on file for the allocation of your other ongoing contributions.
Do I have a qualified retirement plan at a previous employer that I don't know what to do with? An easy way to add funds to your individual defined contribution account is by rolling over assets from a qualified retirement account. These accounts can include retirement savings held in a 401(k) or 401(a) qualified employer plan, SIMPLE IRA, 403(a) annuity plan, SEP IRA, traditional IRA or Keogh, which may be rolled over at any time with no minimum or maximum deposit limits.
403(b) and 457(b) accounts may be rolled in subject to certain limits. These funds will retain their tax-deferred status as long as they are left on account with OPERS. Your rollover will be invested using the same investment election percentages you have on file for the allocation of your other ongoing contributions.
There are several advantages to rolling over other retirement plan assets into your individual defined contribution account. You can consolidate your retirement assets in one place, which will reduce the number of statements and mailings you receive. In addition, this will allow you to manage your other retirement assets in the same way that you currently manage your individual defined contribution account.
You also will benefit from the low expense ratios of the OPERS Investment Options. All retirement investments have an expense ratio, which are the expenses the investment manager charges to operate the fund. The lower the expense ratio, the more investment returns a fund can pass on to its shareholders.
If you have ever wanted to contribute additional amounts to your individual defined contribution account, you can do so by making after-tax contributions. Deposits may be made at any time with a personal check, money order or cashier's check payable to OPERS. When you make a voluntary deposit to your individual account there is an annual maximum deposit limit determined by Internal Revenue Code (IRC) Section 415(c). This limit is based on all contributions made to the Member-Directed or Combined Plans, not just on any voluntary contributions.
Rolling Over or Making a Voluntary Contribution?
You must complete either a Voluntary Deposit Form - Member-Directed Plan Participants (VOL-MD) or a Voluntary Deposit Form - Combined Plan Participants (VOL-CO) depending on the plan in which you participate. These forms are used for both types of deposits. A worksheet is included on the back of these forms so you can estimate your IRC Section 415(c) limitation for a voluntary contribution.