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SBS-AP Plan Transfers

Direct Rollovers to the SBS-AP from Other Qualified Plans

The option to transfer funds from another qualified retirement plan into the SBS-AP is now available for any SBS-AP participant with an existing account balance that resulted from direct participation in the SBS-AP through an SBS-AP participating employer.

Qualified plans eligible for direct rollover into the SBS-AP include non-ROTH Individual Retirement Accounts as well as qualified 401(a), 401(k), or 403(b) plans as well as governmental 457(b) plans. Money transferred into the SBS-AP must be 100% pre-tax funds.

To transfer funds into the SBS-AP, the participant and the previous provider from which funds are being transferred must complete the SBS-AP Incoming Transfer/Direct Rollover form #SBS008. A check from the previous provider payable to the SBS-AP record keeper Empower Retirement Life Insurance Company’s bank (Orchard Trust Company, LLC) must then be sent with completed form SBS008 to the Division of Retirement and Benefits. The SBS-AP will then approve the transfer and forward form SBS008 and the check to the SBS-AP record keeper Empower Retirement Life Insurance Company. Empower Retirement will have the funds added to the participant’s SBS-AP account. Detailed instructions are included on form SBS008.

Please note: Withdrawal of funds transferred into the SBS-AP follow existing SBS-AP refund requirements, including the 60 day termination of employment requirement.