REQUEST FOR DROP DISTRIBUTION AND ROLLOVER ELECTION RSA 10 D-D 02/10 1M Check One ERS TRS Retirement Systems of Alabama P. O. Box 302150 Montgomery AL 36130-2150 334-517-7000 or 877-517-0020 www. rsa-al*gov Please type or print using black ink. PART I MEMBER INFORMATION Name First Middle Address Last Home Phone Number Street Address or P. O. Box City Social Security No* State Country - Zip PART II DISTRIBUTION OPTION Please read the enclosed special tax notice before completing the remainder of this form* Select only one of the following Lump Sum Payment I elect to receive at the above address full distribution of my DROP account less the 20 Federal Income Tax withholding required* Sign and have your signature notarized* Submit the form to the RSA at the address above. Do not complete Part III. I elect to have the entire DROP account balance rolled over into an eligible retirement account listed under Part III. I elect to have of the taxable funds rolled over to an eligible retirement ....
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How to fill out the RSA Alabama Retirement Form online
Completing the RSA Alabama Retirement Form online can seem challenging, but this guide will provide clear, step-by-step instructions to help you navigate the process. By following these detailed steps, users can ensure accurate submission of their retirement distribution and rollover options.
Follow the steps to successfully fill out the form online.
- Click ‘Get Form’ button to obtain the form and access it in your preferred editing tool.
- In Part I, enter your personal information. Provide your full name, home address, and contact number. Ensure all details are accurate to avoid processing delays.
- In Part II, select your distribution option by checking the appropriate box. Be sure to read the special tax notice before making your choice. Decide whether to receive a lump sum payment or roll over your account balance.
- If electing to roll over some or all of your account, specify the percentage you wish to roll over and provide the name of the eligible retirement plan. Be attentive to the tax implications of your choice.
- Sign and date the form in the designated section. Your signature must be notarized before submission if you chose the rollover option. Ensure the notary public is present to witness your signing.
- Complete Part III by providing the trustee information relevant to the rollover, including the name, social security number, and account details. The trustee may further aid in completing this section.
- Review all fields for accuracy and completeness. Once everything is correct, save your changes to the document.
Start completing your forms online today for a smooth retirement process.
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Get answers to your most pressing questions about US Legal Forms API.
How many years do you have to teach in Alabama to be vested?
Alabama has a 10 year vesting period. While educators qualify for a pension after 10 years of service, however, the pension may still not be worth all that much. Moreover, educators can't begin to collect it until they hit the state's retirement age.
What type of retirement plan is RSA?
RSA-1 is a deferred compensation plan sometimes referred to as a 457 plan because its laws are defined in that section of the Internal Revenue Code.
How do I file for retirement in Alabama?
A. You must apply, as benefits will not start until you file an application. To file an application, you can call the Social Security Administration at 1-800-772-1213. Your application can be taken over the phone or you can arrange for an appointment at any Social Security Office.
How long does it take to retire from the state of Alabama?
Tier 1 members are eligible for retirement benefits at age 60 with at least 10 years of service. If you have 25 years of service, you can retire at any age and apply for full retirement benefits from RSA. Tier 2 members are eligible for retirement benefits at age 62 with at least 10 years of service.
How do I get my money out of TRS?
Obtain Application for Refund form(TRS 6) (pdf) and Special Tax Notice Regarding Rollover Options under TRS from the TRS website or by calling the TRS Automated Telephone System at 1-800-223-8778. Read and complete Application for Refund form(TRS 6)(pdf), sign the form, and have it notarized.
What age can you retire in Alabama?
When am I eligible to retire? Tier 1 member: You are eligible to retire at any age with 25 or more years of service or at age 60 with 10 or more years of service.
Can I withdraw money from my RSA?
There is no provision for a loan from your RSA-1 account. You may not withdraw from your account unless you are no longer employed with a state agency or school, are age 70½ or older, have an unforeseeable emergency, or qualify for a small balance withdrawal.
How do I withdraw money from my Alabama retirement?
The only way to get money out of an ERS account is to terminate employment and withdraw the entire account.
How long do you have to work for the state of Alabama to be vested?
The minimum for vesting is 10 years' worth of creditable service. This translates to the equivalent of 10 years of full-time work as part of the ERS. If you have at least 10 years of creditable service and are at least age 60, you can begin to receive the lifetime retirement benefits.
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