ROLLOVER ELECTION
Selection of Payment Type
Selection
1 | Selection 2 | Selection
3 |
Selection 4 | Selection 5
Selection
1 - If you choose this selection, the Division of Pensions
and Benefits will make your benefit check payable to you at the
address listed on the form. 20% of the taxable portion of your
payment will be withheld as federal income tax.
Selection
2 - If you choose this selection, there will be a direct rollover
of the entire taxable and non-taxable portion of your payment. This selection is only open to those whose taxable portion is
$200 or more. You must insert the name of the financial institution
or employer plan that will accept your rollover. The Division
of Pensions and Benefits will mail a check to you which will be
made payable to the institution or employer plan you selected
to accept your rollover.
Selection
3 - If you choose this selection, there will be a direct rollover
of the entire taxable portion of your payment. This selection
is only open to those whose taxable portion is $200 or more. You
must insert the name of the financial institution or employer
plan that will accept your rollover. The Division of Pensions
and Benefits will mail a check to you representing the taxable
portion of your payment which will be made payable to the institution or employer plan you selected to accept your rollover. If part of your payment is non-taxable, a second check for the non-taxable portion will be made payable to you.
Selection
4 - If you choose this selection, there will be a direct
rollover of part of the taxable portion of your payment. This selection is only open to those whose taxable portion is $200
or more. You must insert the dollar amount you wish to roll over
and the name of the financial institution or employer plan that
will accept your rollover. Any remaining portion of your taxable
amount will be paid to you in a separate check, less 20% for federal tax, along with any non-taxable amount.
Selection
5 - If you choose this selection, there will be a direct
rollover of the entire taxable portion of your payment, along
with a portion of your non-taxable payment. This selection
is only open to those whose taxable portion is $200 or more. You
must insert the dollar amount of the non-taxable portion that
you wish to roll over and the name of the financial institution
or employer plan that will accept your rollover. The remaining
portion of your non-taxable amount will be paid to you in a separate
check. |
