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Rollovers, Transfers & Lump Sum Payout

Simplify your life. Ohio Deferred Compensation offers several options to simplify your retirement planning.

Rollovers

If you have multiple retirement accounts from former employers or IRAs, make it easier to manage them by rolling them into your Ohio Deferred Compensation account. You’ll receive one Quarterly Statement and have one place to make changes and check on your account. By rolling them over, you are also able to take advantage of Ohio Deferred Compensation’s low fees.

What type of accounts can be rolled over?

  • 457(b)
  • 403(b)
  • 401(k)
  • 401(a)
  • Traditional IRAs

Download the Rollover In Form to get started. Read the Special Tax Notice Regarding Rollovers.

Carefully consider any difference between plan types before moving your assets. Unlike your 457(b) plan assets, assets rolled over from a qualified plan or IRA may have limited access and be subject to a 10 percent tax penalty if withdrawn prior to age 59½.

Lump Sum Payouts (PLOP and DROP)

If you participate in the Ohio Police & Fire or State Highway Patrol Deferred Retirement Option Plan (DROP) or if you can receive a partial lump sum option payment (PLOP) from your pension plan, you can combine those assets into your Ohio Deferred Compensation account. You are then in control of when and how you choose to use them.

The advantages:

  • Manage your retirement investments with one program.
  • Take funds as you need them for emergencies, a major purchase, a vacation—you decide.
  • Defer taxes and grow your account until you need your funds.
  • Access knowledgeable, salaried (not commissioned) Retirement Planning Specialists on the phone or face-to-face to help you manage your account to and through retirement.
  • Diversify your investments.

To learn more, contact us.

This material is not a recommendation to buy, sell, hold or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.

NRW-4398OH-OH.1
NRW-4398OH-OH.1
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