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Rolling over funds into DOE TDA
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LovesMike
LIF Adult
Member since 8/10 978 total posts
Name:
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Rolling over funds into DOE TDA
Is this possible? My husband recently switched from teaching on LI to the DOE. He has a 414 (h) with MetLife and we are wondering if he can roll this over into the DOE's TDA. I'm looking on the TRS / TDA website and can't find the answer. Anyone have experience with this? TIA!!
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Posted 8/18/17 9:33 PM  |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Rolling over funds into DOE TDA
You can only roll it over if it's an IRA or 401k account. I switched the other way (DOE to LI), and there were no similar programs offered at my LI school- they had a 403B offering but I wasn't eligible to roll my TDA into that. To avoid the ridiculous surcharge, I rolled my TDA funds over to an IRA through my uncle's bank because he's a financial advisor. Then, he rolled them over from that into a Roth IRA for the higher interest. After all that, I ended up going back to the DOE 6 months later and had to start all over because I couldn't roll them back in ugh.
Chances are, your husband will have to roll his current retirement savings into a private IRA or Roth IRA and keep it there. He can start fresh with a TDA in the city. Good news is that the TDA in the city guarantees 7% fixed interest so it will grow rather quickly depending on how much money he elects to put in.
Message edited 8/19/2017 8:56:50 AM.
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| Posted 8/19/17 8:56 AM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
Name:
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Re: Rolling over funds into DOE TDA
Thanks for your reply. Let me ask another question . . . on his DOE check he has a deduction for a 414h all of a sudden. Is that his TDA? He doesn't remember if he enrolled already or not 
Just trying to help him navigate this. Thanks!!
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| Posted 8/20/17 1:22 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Rolling over funds into DOE TDA
Posted by LovesMike
Thanks for your reply. Let me ask another question . . . on his DOE check he has a deduction for a 414h all of a sudden. Is that his TDA? He doesn't remember if he enrolled already or not
Just trying to help him navigate this. Thanks!!
no that's the TRS money for his retirement (code TRS 414H STD). If he contributes into the TDA, it will say TDA on the check. If you don't see that, then it's because he's not contributing yet into it. Not sure what tier he is in the TRS for NYS, but he should fill out a transfer form and move it all over the NYC TRS. If he doesn't transfer it all over, he is considered tier 6 for NYC and will be paying into his retirement until he retires. If he is tier 4 or 5, he only pays into it for like 10 years. Not sure how many years of teaching he has or what tier he is, but he may be done paying into it already and is getting money taken out because it didn't transfer everything over
ETA: Go to trsnyc.org and on the home screen it will say what tier. If it says 6, make sure he fills out a transfer form to get all his NYS retirement transferred over. Here is the form: https://www.trsnyc.org/memberportal/WebContent/forms/pdf/RW39)
Also, if you go to trsnyc.org and click on TDA at the top, it should bring you to a screen that will either show you what percentage of your check you've elected to put into your TDA, or it will immediately bring you to an enrollment screen. If you brings you to the enrollment screen, then it's because he hasn't signed up for it yet. It usually takes 2 pay periods to take effect, so if he did enroll and it shows that he has, give it until September to see if it shows up on the check. Payroll is closed for the summer so any TDA elections you make won't show up on the check until the Sept 15th or 30th pay check
Message edited 8/20/2017 8:43:53 AM.
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| Posted 8/20/17 8:36 AM |
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