Changes to Peach State Reserves
Changes have been made to the PSR 401(k) and 457 Plans. These changes are a result of the federal SECURE Act, as well as PSR administrative decisions.
Effective January 1, 2020:
401(k) and 457: The age for Required Minimum Distribution (RMD) was raised from 70.5 to 72. (SECURE Act)
Effective January 1, 2022:
- 457: In-service withdrawal age has changed from 70.5 to 59.5 (SECURE Act)
401(k) and 457: Changes to distributions to
beneficiaries - payments must be made to beneficiaries
within (SECURE Act):
- 10 years for
- Minor child
- Disabled beneficiary
- Chronically ill beneficiary
- Beneficiary less than 10 years younger than participant
- 5 years for all other beneficiaries
- 10 years for
- 401(k) and 457: All permanent employees can contribute to PSR 401(k) and 457 Plans. (Administrative)
401(k) and 457: Participants may use
annual leave and FLSA payouts to contribute to a PSR plan.
Contributions from these payouts are not are not included in
employer contribution calculations, such as 401(k) matching
contributions for GSEPS members.
To make a contribution from these payouts, complete an Annual Leave and/or FLSA Payout Agreement form and submit to your payroll office. Forms can be found on the PSR Plan page on our website. (Administrative)
Effective July 1, 2022
Note: Additional information about this change will be available closer to the effective date.
401(k) and 457: Qualified event birth or adoption distributions (SECURE Act):
- Members can withdraw up to $5k without penalty
- Funds can’t be rolled over
- Funds can be repaid to plan