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, 2023:

401(k) and 457: The age for Required Minimum Distribution (RMD) was raised from 72 to 73. (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 
    • Spouse
    • Minor child
    • Disabled beneficiary
    • Chronically ill beneficiary
    • Beneficiary less than 10 years younger than participant
  • 5 years for all other beneficiaries
• 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

Effective January 1, 2020:

401(k) and 457: The age for Required Minimum Distribution (RMD) was raised from 70.5 to 72. (SECURE Act)