Thursday, June 22, 2017
Rollover

Incoming Direct Rollovers

Quick Links:

Rollover Guide

Forms:
- Defined Contribution Plan Rollover
- Hybrid Plan Rollover
- 457 Program Rollover
Note: Resist the temptation to cash out your retirement plan when changing employers!

Not only will it set back your retirement savings, but you'll have to pay a 10% early withdrawal penalty, plus income tax on the full amount.

Do you have a retirement plan from a previous employer? Did you know you may be able to transfer―or roll over—those funds into your MERS Defined Contribution, Hybrid or 457 account?

Why Roll Over Your Former Plan to MERS?

  • Convenience – Consolidating your retirement savings under one plan makes it easier to track your investments and manage your account.
  • Account growth – MERS low average investment fees mean more of your money stays invested in your account.
  • Investment options – With a $9 billion portfolio of assets under our management, MERS provides you with access to select investment funds that aren't available to the public.
  • Tax deferred - You do not have to pay any federal income tax on the amount you roll over. Your money will continue to grow tax-deferred until you start to make withdrawals.
  • Access - Rolling over your account doesn't restrict your options; any balance transferred from your previous account will remain available for you to withdraw according to the terms of your original plan.
    For example: Pre-tax funds rolled over from a previous 457(b) account can still be withdrawn, penalty-free, at any time.

Is Your Plan Eligible?

The following plans may be eligible for rollover into your MERS account:

  • Distributions from a qualified plan (401[a], 401[k] etc.)
  • A tax sheltered annuity contract (403[b]); offered by nonprofit organizations, such as school systems or hospitals
  • Eligible deferred compensation plans (457[b])
  • An individual retirement account (408[a], 408[b], Traditional,  or SIMPLE IRA)

 Our Rollover Guide can help you determine if your plan can roll over into your MERS account.

You Can Always Keep Your Plan with MERS

When you leave your current employer or retire, you can keep your account with MERS and continue to enjoy the perks of your MERS membership, including:

  • Online access to view portfolio balances, track performance and reallocate your investments through your MyMERS account
  • Access to ongoing retirement planning education seminars and resources such as our Full Picture report builder and financial resource center
  • A streamlined investment menu of carefully selected and risk-adjusted investment options that are rebalanced quarterly
  • A staff of well-trained service representatives ready to answer your questions weekdays at 800.767.MERS (6377)
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Disclaimer
The information contained in this Web site is being made available as a public service. The information is not intended to constitute legal or investment advice, or to replace official versions of that information. Benefit Estimates or Service Credit Purchase estimates requested through this Web site are not official descriptions of any benefits, and do not represent a promise by MERS to provide any benefit(s) to any person(s). No one can detrimentally rely upon the information provided in, or requested through this Web site. MERS reserves the right to correct any errors, and presents this information without warranties, express or implied, regarding the information?s accuracy, timeliness or completeness. If you believe the information is inaccurate, out-of-date, or incomplete, or if you have problems accessing or reading the information, please call MERS at 800.767.MERS (6377).