Note: This message is displayed if (1) your browser is not standards-compliant or (2) you have you disabled CSS. Read our Policies for more information.
As an active member of TRF, you can open a Rollover Savings Account (RSA). The money for this account can come from an IRA or other qualified retirement plan. However, we will only accept transfers of money pre-tax. These are known as “rolled over” funds.
The money in your RSA is invested like your Annuity Savings Account (ASA). There are seven fund options for an RSA.
*The Money Market Fund is only available for your RSA. To learn more about each fund, check out the fund fact sheets linked above.
You can change the amount of money you invest in each fund. The amount must be at least 1 percent of your total balance. You can change it daily.
It is important you keep the information on your beneficiary up-to-date. Your beneficiary is the person who will receive money after you pass away. This decision must be made by you prior to your death. If you do not name someone to receive the money in your ASA, INPRS will pay it to your estate when you pass away.
You can name more than one beneficiary. You choose what percent of your balance will go to each person when you pass away. You would then have “primary” and “secondary” beneficiaries. If your primary dies before you, it is good to choose a new primary. However, if you do not, then the money would go to your secondary beneficiaries.
NOTE: By law, INPRS must pay your RSA money to your beneficiary. No other court orders, levies, or agreements can override your decision.
Each quarter, you will receive a statement about your ASA. If you have an RSA, it will also be listed. Like the ASA, your RSA balance will include any investment gains or losses and any investment fees. Please see the “Quarterly Member Statement” section to find out how to get to your RSA online.
The following options are available to the member at retirement:
With this option, you “annuitize” your RSA. This means that you combine the balance of your RSA with your monthly pension benefit. Because your ASA money is included when we calculate your pension, you will get more money each month. If you pass away, no additional money will go to your beneficiary.
With this option, we pay you the balance of your RSA in a lump sum. By law, we must take out federal income taxes. If you are under age 59 ½, the IRS may charge you an additional 10 percent tax penalty.
With this option, you move your RSA balance into an Individual Retirement Account (IRA) or another qualified retirement plan. For example, you could have a 401(k) from another job.
This must be done after you stop working. You must request the rollover in less than 30 days after you leave your job.
With this option, you move only part of your money into an IRA or other qualified retirement plan. The amount must be at least $500. INPRS then pays you the rest of the money in your account. By law, INPRS must take out federal income tax.
You do not have to decide about your RSA when you retire. With this option, you decide at a later date. INPRS will still invest your money. You must make a choice before you are age 70½. The deadline is April 1 after you turn 70½.
You may withdraw your RSA to buy creditable service in another governmental retirement plan. You can do this only if:
If you are not retired, you can still withdraw your RSA. You must withdraw the entire amount. Contact our Customer Service Center at (888) 286-3544 to request a withdrawal.
If you are vested, you may withdraw your RSA to buy creditable service in another governmental retirement plan. You can do this only if: