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MCCCD Retirement Savings Plan Rollover/Distribution Requests
MCCCD is fortunate to have a large variety of authorized investment providers to choose from when we participate in a 403(b) or 457(b) retirement savings plan. There are 16 that offer Traditional 403(b) plans, ranging from entirely self-directed options to those with advisors who provide customized, individual service. However, there is a bit of a downside to having such a long list of providers - it can be hard to know all the steps and rules that apply to us if our investment provider is more on the self-directed side of the equation.
The MCCCD Retirement Plans administration services for the 403(b) and 457(b) plans are provided by US OMNI & TSACG Compliance Services (USOTCS). Information about enrollment in the plan, investment product providers available, distributions, exchanges, transfers, 403(b) and/or 457(b) loans, and rollovers are all managed online at the USOTCS website (tsacg.com).
Someone will frequently contact us because they have left MCCCD and want to do a rollover, are experiencing a financial hardship, or need to take a loan from their retirement savings account, or some other distribution is necessary from their 403(b)/457(b) account. The investment provider may tell them that someone at Maricopa has to provide a signature to approve the transaction. But in reality, no one at Maricopa has the authority to sign or approve those distribution request forms. Instead, our third-party administrator, TSACG, approves the transaction. And it's very simple - no requirement to visit an office or reach someone in HR - everything can be completed online.
- At the top of our TSACG website is a red bar, and a blue bar under that. In that blue area, you will see the text: You may initiate transactions online at https://transaction.tsacg.com.
- The system is designed to give plan participants, financial advisors, and investment providers the ability to initiate the authorization process for all types of plan distributions.
- For a number of distribution types, the outcome of this process can result in the immediate receipt of a Certificate of Approval.
- If you withdraw funds before age 59 1/2 (and don't qualify for an exception), you may be subject to a 10% early withdrawal penalty in addition to income tax. Generally, you can withdraw funds from a 403(b) plan penalty-free after reaching age 59 1/2, which may also be subject to income tax at your ordinary income tax rate.
Plan Administrator Contact Information
If you have additional retirement questions, please submit an Ask Benefits Help Desk Ticket.
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