Guest rodneymm Posted March 13, 1999 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. ------------------
david rigby Posted March 13, 1999 Posted March 13, 1999 Go back to the Message Boards screen. There is a message board specifically devoted to governmental plans. Try posting your question there. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
jlf Posted March 13, 1999 Posted March 13, 1999 Check your Plan Document. You probably have a "define benefit" plan. The "benefit" is guaranteed by the Plan Sponsor. Your "vested" benefit is your right to receive the employer's portion at "normal retirement age" and not a minute before. You are probably compelled to accept at "normal retirement age" a life annuity comprised of your contributions and those of your employer's. You should feel "good" about this arrangement; afterall, for the remainder of your life all the investment earnings in excess of the guaranteed interest rate will be used to help balance the employer's budget. CHECK TO SEE IF YOU HAVE A COLA TO LOOK FORWARD TO! ------------------
Guest rodneymm Posted March 13, 1999 Posted March 13, 1999 Thanks for the prompt reply, what is a COLA?
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