Rollovers

Rollovers – Overview

Rollover contributions into The Member Contribution Plan are permitted at any time from active, inactive and retired members. You may roll over any amount up to the full taxable portion of your eligible rollover distribution. You may not roll over any shares of stock.

Rolling your money into the plan is a great way to maintain control over your retirement savings. If you have money in an eligible retirement plan, or certain Individual Retirement Accounts (IRAs), you can arrange to roll that money into the plan.

Rollovers must comply with IRS regulations, and not all types of distributions are eligible for rollover. Your rollover check and Rollover Form must be submitted together.

Rollovers out of the plan upon termination of employment, are covered under the Distributions and the Taxes sections of these Plan Guidelines.

Direct Rollover

Your taxable distribution from your previous employer’s plan those funds can be made directly to The Member Contribution Plan by taking the following steps:

• Request a Rollover Request Form by contacting a Senior Benefits Specialist
• Notify your employer that:
  1. You wish to make a direct rollover
  2. The distribution should be paid to the order of “MMBB, FBO, your name”.

Note: Checks received without a Rollover Form cannot be accepted.

Indirect Rollover

A rollover is considered “indirect” if the taxable distribution check from your prior employer’s plan is made out directly to you. When this occurs, you have 60 days from the effective date of your distribution to roll it over to another plan.

For indirect rollovers, you must submit proof that the distribution has been received within the last 60 days.

Since the IRS provides no exceptions to this 60-day limit, it is important that you begin the rollover process as soon as possible.

• Request a Rollover Request form by contacting a Senior Benefits Specialist.
• Present the indirect rollover contribution to MMBB by sending a bank check, certified check or money order paid to the order of “MMBB, FBO, your name”.
• Place your Social Security Number on the front of the rollover amount check.
• Forward the check and the applicable rollover form to MMBB. Checks received without Rollover Forms cannot be accepted.

Approval of Rollovers

All rollovers are deposited into The Member Contribution Plan. MMBB must approve rollovers. If your request is approved, a rollover confirmation will be mailed to your address on file within two business days. If your rollover is not accepted due to incomplete information, you will be notified.

Rollover Deadlines

When making an indirect rollover, the appropriate documentation and the rollover check must be received at least seven business days prior to the expiration of the 60-day limit. The 60-day limit starts on the date of your original distribution date on the check you received from your prior employer or IRA custodian.

Investment Elections for Rollover Contributions

Your rollover will be invested in the Balanced Fund upon receipt of the check. You will then be able to make other investment choices for your rollover money. You can change your investment choices by logging into www.mmbbaccounts.org.

Crediting Rollover Contributions

Rollovers are processed on a daily basis. Upon approval of the Rollover Request form and receipt of your check, the rollover contributions will be credited to your account.