Guest rodneymm Posted March 13, 1999 Report Share Posted March 13, 1999 I am a vested member and want to roll over my total account into an IRA so I can control the investments. TMRS is telling me that I can only have my contribution and would have to forfeit the city's matching portion (a considerable amount). This doesn't seem right, does anyone have any experience with forcing TMRS' hand in this matter? Surely some other member has hired an attorney to accomplish this and had some success. Thanks. Link to comment Share on other sites More sharing options...
Guest CVCalhoun Posted March 17, 1999 Report Share Posted March 17, 1999 Because TMRS is a governmental plan, it can do this, provided that it is within the terms of the plan document itself and applicable state statutes. Unlike private plans, governmental plans are not subject to the vesting rules of the Internal Revenue Code or ERISA. -------------------- Employee benefits legal resource site Link to comment Share on other sites More sharing options...
Guest David G Posted March 17, 1999 Report Share Posted March 17, 1999 TMRS is governed by Texas state law. It is my understanding that at retirement, a member may select an annuity, but may not request the present value of the annuity in a lump sum. You may request a refund, but the refund only includes member contributions and interest. In effect, the only way to get the employer contributions is to ask for an annuity. This is a common feature for governmental plans in Texas. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now