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An active member may transfer funds from an IRA or other qualified retirement plan into TRF. TRF will only accept transfers of taxable funds. These rolled over funds, along with investment earnings, gains, and losses will be kept in a separate account called a Rollover Savings Account (RSA).
There are seven fund options for a Rollover Savings Account:
For descriptions of the first six funds, refer to the section on Investment Election Options for an Annuity Savings Account.
The Money Market Fund is the only fund unique to the Rollover Savings Account (RSA). The Investment Objective of the Money Market Fund is to provide a market rate of return consistent with the preservation of capital through a shorter maturity, high quality portfolio.
The information contained in the ASA Allocation Changes section also applies to RSA allocation changes.
Beneficiaries should be named and kept current for the Rollover Savings Account. The beneficiary for the Rollover Savings Account may be different than those named for the ASA. If no beneficiary is named, the account balance is paid to the member’s estate upon death of the member. Should you decide to designate more than one beneficiary, you can now allocate benefit shares in percentage increments. Please note: Regardless of whether there are court orders, levies, or agreements to the contrary, TRF must distribute death benefits to the designated beneficiary on file with TRF.
The information contained in the paragraph titled ASA Online Information which appears in the ASA section, also applies to Rollover Savings Accounts.
A voluntary withdrawal of the Rollover Savings Account balance must withdraw the account balance in full.
A member may make a lump sum withdrawal of his or her Rollover Savings Account balance at any time prior to retirement by completing the Application for Rollover Account Withdrawal and submitting it to TRF. A voluntary withdrawal of the Rollover Savings Account must withdraw the account balance in full.
The following options are available to the member at retirement:
The RSA 1 option distributes the entire RSA balance as a monthly benefit. This monthly benefit combines the member’s monthly RSA benefit with the monthly pension benefit to receive a higher monthly payment. The member does not receive any distribution from the RSA other than as a monthly benefit payable until the member’s death.
The RSA 2 option distributes the total amount of the RSA (less mandatory Federal Income Tax Withholding) paid directly to the member.
The RSA 3 option distributes the RSA as a direct rollover to an IRA or other qualified retirement plan.
The RSA 4 option distributes part of the RSA (minimum of $500) as a direct rollover to an IRA or qualified retirement plan. The part of the taxable portion of the distribution not directly rolled over (less mandatory Federal Income Tax Withholding) will be paid directly to the member.
The RSA 5 option defers distribution of the RSA until a later date. The RSA will continue to be invested with TRF under the same guidelines applicable to an Annuity Savings Account (ASA). The member may change the allocation strategy of the RSA on a daily basis. Distribution must begin no later than April 1 following the calendar year in which the member reaches age 70½.
Members have the option to establish a Rollover Savings Account (RSA) at retirement. For example, if you have a 457(b) account through your TRF-covered employer, you can roll it over to TRF at retirement. You can annuitize it along with your Annuity Savings Account (ASA). This must be done after separation of service and with the retirement application process, but not more than 30 days following the cessation of covered service.