PERS Rollover?

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duckfan101
Posts: 15
Joined: Wed Mar 28, 2018 1:42 pm

PERS Rollover?

Post by duckfan101 »

Forgive my nativity. I hate coming to you all for these questions, but you always save the day.

My wife worked a couple years in teaching for the state of Oregon and will never go back. She received a little bit in PERS. It seems best to take the money elsewhere. Can I transfer/rollover to another custodian like vanguard?

What specific retirement account am I allowed to roll this small chunk of change so as to avoid a taxable event? She currently has a solo 401k and a Roth IRA. She is currently maxing out both for 2018.

https://drive.google.com/open?id=1OB5rj ... v9nXQgafRW

Anything else I should know?
daveydoo
Posts: 1564
Joined: Sun May 15, 2016 1:53 am

Re: PERS Rollover?

Post by daveydoo »

AFAIK from my days connected to that region, PERS is proprietary. There have been multiple "tiers" over the years. PERS is defined benefit, and in retirement you get ~ 1.5% of the average of your three highest-salary years (maybe less now), multiplied by number of years of service. So, after 30 years of service, you would retire at almost half your best salary. There were more generous flavors in the past. More recently, it had defined benefit piece plus a 401(k)-like piece called IAP. But the latter also was a proprietary investment mix -- not sure what but it's on the PERS website if you dig a little. I did not go to your Drive link. Is this IAP? What years was this?

I would call PERS and ask but I think you're probably stuck with it. That said, I would not be unhappy with any defined benefit plan at this point -- they are a vanishing breed. Go Ducks!
"I mean, it's one banana, Michael...what could it cost? Ten dollars?"
Cheryl604
Posts: 141
Joined: Sat May 24, 2014 12:24 pm

Re: PERS Rollover?

Post by Cheryl604 »

From the google:

https://www.oregon.gov/pers/MEM/Pages/J ... ation.aspx

As for where you can roll it to, generally any pretax account, but check with your custodian / plan docs to see if it accepts incoming rollovers.
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