Questions and Answers about Retirement Benefits
What happens to my benefits if I leave USC?
Many options are available to you, including leaving the funds invested as they are, rolling them over to another employer's retirement plan or an IRA, or taking distributions. Surrender charges may apply, in addition to taxes and early distribution penalties. When you terminate employment, contact your benefits office for information about your retirement account. You must begin to receive required minimum distributions by the April 1 following the year you turn 70½. Please keep the university informed of your home address after you leave.
Can I rollover funds from a previous employer into these plans?
Funds from your prior employer's retirement plans may be eligible to roll over into USC's Supplemental Retirement Plan. Funds transferred will be subject to all of USC's plan rules, including rules on accessing balances. Contact your benefits office for information.
Can I have an IRA in addition to the USC Retirement Savings Program and/or the Supplemental Retirement Plan?
Eligibility to participate in either of these retirement plans may affect your ability to deduct an IRA contribution on your tax return. Discuss your particular situation and information about your university retirement plans with your tax consultant.
·
·
·
·
·
·
·
·
·
·
·
|
