Transferring investment accounts
If you’re enrolled in the Deferred Compensation Program or you have a DRS annuity, you can transfer certain qualified investments into your account. This increases your DCP balance while also lowering your investment fees.
Transfers are also called “rollovers.” The source of your pretax rollover must originate from one of the following qualified types:
- 457 governmental plan (current employer)
- 457 governmental plan (previous employer)
- Individual Retirement Account (IRA)
- 401 (a) or (k)
- 403 (b) – check with your 403 (b) plan to ensure you meet the requirements to roll over your 403 (b) funds
DCP
If you have one of these qualified investments, and you’re interested in transferring your accounts to DCP, fill out the rollover-in form before sending your funds to us.
Another way to boost your DCP account is to contribute your leave cash-out. This option is available to you if your employer provides compensation for annual or unused sick leave.
If you return to work, you can reenroll and continue contributing.
See the DCP webpage for all the details about transferring investments and more.
Annuities
You can use your DCP savings in addition to the other approved funding sources listed above to purchase DRS annuities. Annuities carry the extra advantage of continuing if you return to work and provide a lifetime income stream at retirement.
The rules vary depending on your retirement plan. The Annuities webpage covers what’s available based on your plan. There are also some short videos that provide information about how to make an annuity purchase.
Recent news
At the end of July, state employees may notice a 3% increase to their paycheck. This increase is thanks to legislation that passed in...
On Monday, June 10, we updated DRS’ website to highlight our calculators and to make it easier for folks to find what they’re looking for. ...
Once you’ve reached the required age and years of service for your plan, you can apply for your pension retirement through DRS.
