Yes, the SURS DCP will accept a roll-in from another plan. A rollover maintains the tax-favored status of your assets.
- You may roll over balances from your former employer’s 457(b) plan, 401(a) plan, 401(k) plan, 403(b) plan or a Traditional IRA.
- You may roll over balances from a Roth 401(k), 403(b), or 457(b) plan into a Roth account in the DCP.
- The plan will not accept a rollover from a Roth IRA. Only pre-tax IRA funds may be rolled into an employer-sponsored plan.
- The plan does allow post-termination rollovers into the plan, including a refund of survivor contributions or a refund of excess service or excess contributions payable from SURS at retirement.
If you are considering a roll-in, ask the current plan administrator whether the funds are allowed to be rolled out of the plan. Most plans do not allow in-service distributions. For example, if you have an account balance in the state of Illinois’ 457 plan administered by Empower and you are still employed by the SURS-covered employer that you contributed through, you will not be able to roll-over the balance to the SURS DCP. To initiate a rollover into the plan, complete the Rollover Form which can be found on your SURS Member website under the Forms tab, or call the SURS Defined Contribution Contact Center at 800-613-9543 for assistance.