TRF Member Handbook: Rollover Savings Account (RSA)
- Investment Elections Options for an RSA
- RSA Allocation Changes
- Beneficiary Designation
- Online RSA Information
- RSA Options at Retirement
- Voluntary Withdrawal of RSA Funds
As an active member of TRF, you can open a Rollover Savings Account (RSA). The money for this account can come from an IRA or other qualified retirement plan. However, we will only accept transfers of money pre-tax. These are known as “rolled over” funds.
The money in your RSA is invested like your Annuity Savings Account (ASA). There are seven fund options for an RSA.
- Fixed Income Fund
- International Equity Fund
- Inflation-Linked Fixed Income Fund
- Large Cap Equity Index Fund
- Money Market Fund
- Small/Mid Cap Equity Fund
- Target Date Funds
*The Money Market Fund is only available for your RSA. To learn more about each fund, check out the fund fact sheets linked above.
You can change the amount of money you invest in each fund. The amount must be at least 1 percent of your total balance and you can change it daily.
Your Rollover Savings Account (RSA) will be combined with your Annuity Savings Account (ASA) and paid to those beneficiaries.
It is important you keep your beneficiary information up-to-date. Your beneficiary is the person who will receive money after you pass away. This decision must be made by you prior to your death. If you do not name someone to receive the money in your ASA, INPRS will pay it to your estate when you pass away.
Each quarter, you will receive a statement about your ASA. If you have an RSA, it will also be listed. Like the ASA, your RSA balance will include any investment gains or losses and any investment fees. Please see the “Quarterly Member Statement” section to find out how to get to your RSA online.
The following options are available to the member at retirement:
With this option, you “annuitize” your RSA. This means that you combine the balance of your RSA with your monthly pension benefit through a MetLife annuity. Your ASA money is included when we calculate your pension, so you will get more money each month. If you pass away, no additional money will go to your beneficiary.
With this option, we pay you the balance of your RSA in a lump sum. By law, we must take out federal income taxes. If you are under age 59½, the IRS may charge you an additional 10 percent tax penalty.
With this option, you move your RSA balance into an Individual Retirement Account (IRA) or another qualified retirement plan. For example, you could have a 401(k) from another job.
This must be done after you stop working. You must request the rollover in less than 30 days after you leave your job.
Partial Rollover/Partial Withdrawal
With this option, you move only part of your money into an IRA or other qualified retirement plan. The amount must be at least $500. INPRS then pays you the rest of the money in your account. By law, INPRS must withhold federal income tax.
You do not have to decide about your RSA when you retire. With this option, you decide at a later date. INPRS will still invest your money. You must make a choice before you are age 70½. The deadline is April 1 after you turn 70½.
Buying Service in another Plan
You may withdraw your RSA to buy creditable service in another governmental retirement plan. You can do this only if you:
- have not applied for your pension benefit, and
- currently are not employed in a TRF-covered position.
If you are not vested, you can still withdraw your RSA. You must withdraw the entire amount. Contact our Customer Service Center at (888) 286-3544 to request a withdrawal.
If you are vested, you may withdraw any portion of your RSA and are not required to withdraw the entire amount. You may only elect to annuitize any or all of your RSA when you are applying for retirement.