This CalSTRS pension plan is not the 403(b) with National Life/Appreciation Financial we've been discussing. It's the pension plan I had as a teacher in CA; it is indeed funded solely with pre-tax contributions. I would have liked to have been able to roll it into an IRA, but I just spoke again with an employee at CalSTRS who confirmed that rolling it into an IRA would create a taxable event. However, I could roll it into my 403(b). The problem with this of course, as everyone here knows, is that my 403(b) is a red minus 403(b). What I will do is speak again with the Fidelity rep during business hours. Unfortunately this won't be until Friday.When you say "CalSTRS pension" are you referring to the supplemental plan that you currently have invested with National Life, the one we've been discussing? And was that plan funded solely with pre-tax contributions?What I decided to do was rollover my CalSTRS pension into a rollover IRA account...
If not, please clarify. If so, I've attached a link that may help. AFAIK, a rollover IRA is just a regular IRA that you've designated for that purpose, not a special type of account. You might want to keep that account separate and always only use it for that purpose because you may be able to further roll the money over into an employer plan in the future. You want to try and do a direct transfer to avoid tax withholding, but if they fail and you get a check then you're still OK as long as you can afford to cashflow the withheld amount until you get your income tax return. You just need to deposit the amount rolled over into the IRA yourself if that happens. The statement that you have to roll it into a Roth IRA seems silly and I have no idea why they'd even make such a claim, but perhaps there's something going on that I don't know about. I'd call CalSTRS directly and try again. You might try the Fidelity rep as well and see if they can route you to someone helpful
https://www.calstrs.com/files/9fa5d4ade ... rs2022.pdf
Statistics: Posted by canisavemorenow — Tue Aug 27, 2024 7:33 pm — Replies 41 — Views 2808