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blosky2001

ERO refund

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Hello,

I haven’t been here in awhile but this site was instrumental in getting my finances in order. 

My latest question. Does the ERO refund count as part of the $18000 contribution limit for 2017? 

Thanks,

 

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https://www.trsil.org/news-and-events/pension-issues/ero-sunset-refunds
Eligible members have 3 options in seeking a refund
Active and inactive TRS members eligible for a refund will have three options this year:
* Apply for a cash refund that will be mailed to them.
* Apply for a withdrawal with the intention of “rolling over” the taxable portion of the refund into a qualified non–TRS retirement plan, such as a 401(k), 403(b) or an IRA.
* Do nothing and leave the ERO contributions with TRS. Members can apply for a refund at a later date, but no interest will accrue if the ERO contributions are left with TRS.

 

 

 

I don’t think a rollover from one plan to another ever effects the annual maximum contribution. In other words if you roll over a 403b plan from a previous employer to your current 403b plan, that does not effect the current plan’s annual maximum contribution.

If in doubt, ask the IL TRS office.
 

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