What can I do with the Oregon Pension Individual Account (IAP)?

May 28, 2022 7:36 PM

Several years ago I was a state university employee who contributed to the classified pension plan (OPERS), and also a vested amount in a Individual Account Plan (IAP) I guess. I have like, too damn many of these accounts, what are my options to consolidate?

A note I left in my accounting software describes the account as such:

The Oregon Public Employees Retirement System (PERS) is a 401(a) defined benefit plan with Internal Revenue Code 414(k) accounts (the IAP).

So I guess it's a 414k? I've been merging and closing accounts where I can but here's what investment accounts I have left:

1. 414(k) / IAP itself (~40k)
2. Roth IRA
3. 401(k)
4. 457(b)
5. Brokerage Acct
6. HSA
7. OPERS defined benefit plan

Due to pro-rata rules associated with, I want to avoid traditional IRA accounts. Pretty sure #6 and #7 are right out, just want to list them for completeness.

posted by pwnguin to Work & Money (1 answer total)

As a state employee of three states now, I can confidently say that this is a complicated question that depends on your investment goals, timeline to retirement, and the specifics of your local (aka Oregon) PERS.

In my experience, there is a contact firm associated with running the account (TIAA, Fidelity, etc.) and they offer free but actually relevant consultations on this topic. That should be available to you even if you no longer work there. If for some reason that is closed to you, I would suggest the firm that runs retirement at your current job (preferably) or if that's not available, then the retirement advisors at your credit union (next best choice) or bank (not nearly as great), or a fee-based advisor (in that order!).

But you really need to sit down with a retirement advisor who understands the Oregon system and ask these questions. Trust me, I have been there and done that across three state systems. Each one varies in their own weird way and needs to be tailored to your needs.
posted by librarylis at 6:13 PM on May 31, 2022