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The Savings Plan accepts amounts from qualified plans, tax-deferred annuities, deferred compensation governmental plans and Traditional IRAs. You can also roll over SEP IRAs and SIMPLE IRA plans that were established for you at least two years ago by your previous employer. Rollovers of after-tax contributions from an eligible retirement plan are accepted, but not Roth IRAs.
In general, you may only roll over money that is in your name. However, if you are a surviving spouse and you receive a taxable distribution from your deceased spouse’s pension plan, you may roll it over.
Your Savings in One Spot—And Growing!
While your Rollover Account is in the Savings Plan it will receive the same interest credits as all other accounts at the Fund. And like all other accounts in the Fund, it will be shielded from the volatility of the market.
It’s Your Money
You may withdraw your Rollover Account at any time regardless of your age, account balance or whether or not you are still working for a Y. (However, unless you roll this money over to an IRA or eligible employer plan, it will be subject to taxes and penalties.) If you leave Y employment with more than $5,000 in the Savings Plan, the Rollover Account can stay at the Fund and may be used towards a lifetime annuity when you retire.
Borrow from Yourself, and Pay Yourself Back
While you are working for the Y, you can borrow from your accounts in the Savings Plan. Read more about loans.
Roll Over for a Great Annuity
One of the unique benefits of having your retirement savings at the Fund is that, upon retirement, the Fund can convert those account balances directly to an annuity of your choice. Rollovers with the Fund for ten years or more will be annuitized at the current rate when you begin receiving your annuity. However, rollovers that have been with the Fund for less than ten years will be annuitized at a lower rate.
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