SavingsPlus [CA State employee 457 plan]

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Lisbon2022
Posts: 1
Joined: Wed Jun 22, 2022 4:04 pm

SavingsPlus [CA State employee 457 plan]

Post by Lisbon2022 »

As a former State of California emplyee SavingsPlus allows me to have a 457 with Charles Schwab. Recently I asked their help desk if I could move 40K to a Schwab IRA Roth. The contact person said it may be done via a "conversion".
I needed to sell 40K of my Schwab Total Stock, put it in a money market where it moves back to SavingsPlus.
Once this is done it goes back to the same Schwab account but SavingsPlus establishes a "ratio" of pre-tax and post-tax funds.
SavingsPlus sends me a tax form and I pay the taxes on the 40K.

Can someone explain how this is feasible?

Thank you.
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arcticpineapplecorp.
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Joined: Tue Mar 06, 2012 9:22 pm

Re: SavingsPlus [CA State employee 457 plan]

Post by arcticpineapplecorp. »

It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events. Asking Portfolio Questions | Wiki
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