Rollovers

What is a rollover?  A rollover is moving funds from one eligible retirement plan to another.  Rollovers can include a rollover out (moving funds out of an account) and a rollover in (moving money into an account).

You can roll out your pension account contributions, DCP and Plan 3 investment balances at any time once you separate from service. Pension plan contributions made by your employer are not eligible for rollovers. These dollars remain in the pension trust fund and are only available to you as part of a monthly pension retirement income.

While DRS doesn’t charge fees for rollover services, your other financial institutions could. Make sure you’re aware of any fees or differences in expenses, options and services before you move your funds.

Converting a cash withdrawal to a rollover

If you make a cash withdrawal, you’ll have 60 days from the date you receive payment to deposit the funds into a traditional IRA or another eligible plan that accepts rollovers. Your rollover in amount must match the rollover out amount before taxes or the difference is subject to income tax. You may choose to pay the difference out of pocket when you roll it over. This difference could be recovered when you file your annual tax return with the IRS. Consult your tax advisor or visit this IRS page to find out more.

Visit your plan page for more about rollovers