Texa$aver program

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Depending on your browser settings, you may see messages about secure and unsecure data when using ERS OnLine. For more details, check the "Help" feature in your browser toolbar. Sign the form and mail to the address on the form. Include a copy of your statement from your previous employer's retirement plan and the check for the amount you are transferring.

To avoid an IRS penalty, mail the rollover distribution check within 60 days of receipt. I am within three years of retirement. Keep in mind you cannot use the Special Catch-up in conjunction with the Age 50 catch-up. In the last three years prior to retirement, you may defer up to double the normal Section contribution limit.

Please see the Plan Highlights document for more information about account fees. You can change your distribution arrangement as many times as necessary. You can initiate a distribution after you leave employment by submitting a distribution form. Payout options include: periodic payments, partial distributions, roll over part or all of the balance into another qualified plan or an IRA or take all of the money as a lump-sum distribution.

You are encouraged to talk with your tax advisor or financial planner before deciding to take your distribution. Can I make withdrawals not a loan while I'm still employed? Funds that are rolled over will not be subject to taxes at that time. Financial hardship withdrawals can be taken for any of the following reasons: payment of non-reimbursed medical expenses, purchase of your primary residence, prevent eviction from or foreclosure on your primary residence, qualified post-secondary education expenses, funeral expenses for family members and principal residence repair.

Note: Distributions are subject to federal income taxes. The required minimum distribution is calculated separately for each Plan using your account balance as of the last day of the previous year.

If you are still employed , and you have already begun taking your required minimum distribution, you may choose to stop receiving distributions until you retire.

You should consult with your own tax advisor or the IRS to discuss the best way to comply with the rules based on your individual financial needs. SRP Plan. Eligible employees can enroll in the Plan any time of the year. Higher education employees are not eligible for the k plan. Decide how much should come out of your paycheck each month, before taxes. This is called your deferral. Compare vs b. SHSU provides this list for information purposes only and accepts no fiduciary responsibility for the market value or financial stability of the companies.

The employee is responsible for selecting and monitoring their company and investments. Investments are not guaranteed by federal or state insurance. Questions about specific companies can be referred to insurance rating companies or the Texas Department of Insurance. ORP contribution rates are not guaranteed and subject to legislative change.

Each year our department reviews applications sent in by the end of October. Vendors must follow the instructions and regulations below. ORP Vendor Regulations. TSA Vendor Regulations. Complete this form if you've previously been enrolled in Texas ORP with a previous state employer. Salary Reduction Agreement. Change of Company. Vesting Certification. Sign Agreement. Retirement Age You are eligible to retire when you meet the Rule of 80 age plus years of service with five years of service.