About Rollovers into Your Plan
In addition to contributions that you make to the Plan through payroll deductions, you may also transfer or “roll-over” the balance of other retirement savings accounts to your AP-MPPP account. A rollover contribution generally refers to a transfer of assets from a former employer’s qualified retirement plan or Individual Retirement Account (IRA).Consolidating your retirement savings into one account will make it easier to ensure all of your retirement savings are properly allocated for your age and risk tolerance. Additionally, all of your retirement savings will be in one place and reported on one statement, so you will not lose track of old accounts over time.Assets contributed to your account via direct rollover from a prior employer’s qualified retirement plan are eligible for distribution at any time. However, it is important to note that distributions taken prior to attaining age 59 ½ may be subject to an IRS early distribution penalty tax equal to 10% of the gross distribution.
While some exemptions to this rule exist, participants are strongly encouraged to read the Special Tax Notice.
Contact the Plan Administrator, and/or consult a tax professional for guidance prior to taking a distribution from your AP-MPPP account.