1. What is the Oregon Savings Growth Plan (OSGP) OSGP is a tax
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1. What is the Oregon Savings Growth Plan 4. How do I enroll in OSGP? 7. Do I have to pay taxes when I roll my (OSGP)? Simply complete an enrollment packet, and IAP account into OSGP? OSGP is a tax-deferred savings plan autho- return it to OSGP at 800 Summer St. NE, Suite You do not pay taxes when you roll money rized by Section 457 of the Internal Revenue 200, Salem, OR 97301. To request a kit, call from your IAP account to your OSGP ac- Code. Commonly referred to as a deferred OSGP at 503-378-3730 or print one from the count, but you will be responsible for taxes compensation plan, OSGP is administered by website at http://www.oregon.gov/pers/osgp. when you withdraw those funds from OSGP. PERS and provides state of Oregon employ- You can also fax it to 503-378-5888. ees and some local government employees Because the IAP rollover is subject to a 10 with a convenient way to save for retirement. 5. What are the advantages of rolling my IAP percent penalty upon early withdrawal, you It allows employees of an OSGP-participat- account into OSGP? may want to time your withdrawal accord- ing employer to contribute a portion of their There are several advantages: ingly. There are several exceptions to the salary on a pre-tax basis. Contributions and · you can keep all your retirement dollars in 10 percent penalty, which include payments earnings continue to grow tax-deferred until one place, making it easier to manage your made to an employee after separation from distribution. It is a great way to supplement money; service if the separation occurred after the your PERS retirement beneﬁt. · you are able to invest in a wide range of easy- employee attained the age of 55, having a to-understand investments that are monitored qualifying disability, or receiving substan- 2. Can I roll my Individual Account Pro- by the Oregon Investment Council; tially equal periodic payments for at least gram (IAP) balance into OSGP when I ﬁve years or until you reach age 59 1/2, · you beneﬁt from some of the lowest plan fees retire or withdraw from PERS? whichever is the longer period. in the country; Yes; however, there are some basic require- ments. Before retiring or terminating your · you pay no transaction fees for making invest- For complete details, please refer to IRS employment, you need to establish an OSGP ment changes; and Publication 560 at www.irs.gov account. Employees of PERS-covered public · when you retire or end your employment, employers in Oregon are eligible to enroll you have the same ﬂexible payout options that 8. Can I roll money from other retirement in OSGP if their employer’s governing body are available with an Individual Retirement plans into OSGP? agrees to participate. Account (IRA). Yes. You may roll funds from any eligible plan or pre-tax IRA into OSGP. Eligible 3. Can I roll my PERS Tier One and Tier 6 6. What steps do I take to roll my IAP account plans include 401(a), 401(k), 403(b), or 457 Two lump-sum payments into OSGP when I into OSGP? accounts that you established with previous retire or withdraw from PERS? You need to complete the IAP retirement or employers. You can bring these assets into Yes, but if you choose to take a lump-sum withdrawal forms available through PERS your OSGP account for easier management distribution from your PERS account, please and a Direct Transfer Rollover Acceptance and to take advantage of the lower plan fees keep in mind that OSGP does not offer an form,which can be found on the PERS website. and diversiﬁed investment choices overseen annuity option, and you would not be eli- by OIC. gible for any annual cost-of -living adjust- Upon receipt of the completed forms, PERS ments (COLA) on installment payments. You will request that a rollover check be issued. The If you have established an OSGP account should check with a ﬁnancial advisor before check will be made payable to OSGP, for your before you retire, you may roll other eligible taking a lump-sum distribution from your beneﬁt, and mailed to your address of record; plans and pre-tax IRAs into your OSGP ac- PERS account. you then need to send it to OSGP. count at any time—even after you retire. 9. Can I make additional contributions to Oregon Savings Growth Plan OSGP after I retire or withdraw from PERS? (Deferred Compensation) If you are still working for an eligible employer, 800 Summer Street NE, Suite 200 you may contribute to OSGP from your pay- Salem, OR 97310-1348 check. After you retire, if you go back to work 503-378-3730 part-time for a PERS employer, you cannot take Note: Customer service representatives are any distributions from OSGP, but you are still available from 7 a.m. to 5 p.m. PT Monday through Friday. eligible to contribute to your account. If you are no longer working for an eligible employer, you SGP OSGP website may not make additional contributions. www.oregon.gov/pers/osgp Public Employees Retirement System 10. Once I roll my account over, how can I get money out of OSGP? 11410 SW 68th Parkway Answers to your Tigard, Oregon 97223 When you terminate employment or retire, you have several distribution options available to Customer Service Center 503-598-PERS questions about you. Payments can be paid out: TTY 503-603-7766 Toll free 888-320-7377 Rolling Over Your · over a speciﬁed number of years, · in speciﬁed dollar amounts, Mailing Address · in a single lump sum, or PERS · in periodic, partial lump sums. P.O. Box 23700 Individual Account Tigard, OR 97281-3700 11. Are there other advantages to rolling my PERS website Program (IAP) IAP account into OSGP? www.oregon.gov/pers By transferring your money into OSGP, not only will your money be in one convenient plan, Account into the This Q&A is for general informational purposes but you will also have control over your invest- only and is not intended to provide legal advice. ment choices. If there is any conflict between this brochure Oregon You will be able to diversify your money in the Y and federal law, Oregon law, or administra- tive rules, the law and administrative rules following nine fund options: · short-term ﬁxed income, shall prevail. Savings Growth · stable value, · intermediate bond, Plan (OSGP) · balanced fund, · large company value stock, · stock index, · large company growth stock, · international stock, and · small/mid-size company stock Note: You will also have access to your accounts 24 hours Published by PERS in December 2005. a day, seven days a week through the Web or telephone.