Plan Termination Is Pending IRS Approval

Peace Officers & Firefighters
(POFF) Supplemental Plan
Annual Update | 2014
Plan Termination Is
Pending IRS Approval
Recent California legislation authorizes the termination of the
Peace Officers & Firefighters (POFF) Supplemental Plan and the
distribution of all funds in POFF participant accounts.
Before that can be done, however, the Internal Revenue Service (IRS) must
approve the POFF Plan termination. CalPERS is working with the IRS to
receive approval but the timeframe for a response is unknown.
Until the IRS grants approval, participants will not be allowed to withdraw
funds from POFF accounts, other than as is currently allowed upon
permanent separation from State employment.
CalPERS will provide frequent progress updates to keep you informed.
For the latest news, including background on why the POFF Plan is
being terminated, please visit the POFF participant website at
https://poffsup.ingplans.com.
Stay In Close Touch
During This Time
When the time comes for Plan termination, details
about your POFF account distribution options and
next steps will be sent to you. So it’s vital to log into
your online account periodically and ensure your
mailing and e-mail addresses are up to date.
To report mailing address changes:
Active State employees: Contact your employer
Separated members: Call (888) CalPERS (888-225-7377)
To provide or update your e-mail address:
Log into your POFF account at
https://poffsup.ingplans.com, then
select User Preferences.
Keeping a current e-mail address on file with
ING U.S. is a fast, convenient and secure way to:
• receive important communications about
the POFF Plan and your account
Check Out The Fresh New Look
And Feel Of Your Online Account
Enjoy an even better online experience with your POFF account
every time you log in! The fresh design makes account details, plan
information and retirement education quicker to access and easier to
locate and view. To see it for yourself, go to https://poffsup.ingplans.com
and log into your account or watch the brief video on the login page.
• reset your password by e-mail instead of
waiting for a reminder by mail
If you have forgotten or misplaced your password or
security questions, go to https://poffsup.ingplans.com,
select Forgot your password? and follow the system
prompts. If you do not have a username or password
to access your POFF account online, please call the
POFF Participant Line toll free at (888) 600-POFF (7633)
for assistance.
Access Your POFF
Account On The Go
• Simple, straightforward
navigation takes you
where you need to
go quickly.
• At-a-glance menu
options so you can see
several choices at once
without searching.
You can access your POFF account anytime on
your iPhone®, iPod touch® and Android™ devices.
Just sign into your account online at least once,
then download the ING Retirement Plan Account
mobile application at no charge directly from the
App StoreSM or through the Google Play Store for
Android™ devices (keywords: ING Retire). Visit
mobile.ingplans.com to learn more.
• Action-oriented info
with suggestions to
help you stay on track.
iPhone and iPod touch are trademarks of Apple Inc., registered in the U.S.
and other countries. App Store is a service mark of Apple Inc. Android is a
trademark of Google Inc.
Plan Information Line: (888) 600-POFF (7633)
Plan website: https://poffsup.ingplans.com
Peace Officers & Firefighters (POFF) Supplemental Plan
Will The Right Person
Get Your Money?
The beneficiaries you name for your POFF
account are the individuals you'd like your
account assets to go to when you die.
It’s important to review your beneficiary
designation and make any necessary updates
if your situation changes because of a marriage,
divorce, birth of a child or grandchild, or a
death. You can see the information when you
log into your account online or on your
account statement in the beneficiary section.
You may name or change your beneficiary by
using the Beneficiary Designation Form available
online at https://poffsup.ingplans.com or by
calling toll free (888) 600-POFF (7633). Note:
This is a separate beneficiary designation than what
you submitted for your CalPERS retirement benefits.
If you are married and wish to designate a
primary beneficiary other than your spouse,
you will need to complete and submit a
Beneficiary Designation Form that includes
your spouse’s notarized signature.
Separating From Service?
Your Distribution Options
Until the IRS approves the POFF Plan termination, the distribution
rules for the POFF do not change and no in-service distributions
are allowed.
You are eligible to receive your account balance, including contributions and
earnings, once you permanently separate or retire from all employment with
the State of California.
Temporary leaves of absence do not qualify as separations. If you have more
than one position, you must separate from all positions to become eligible to
receive a distribution.
Within 30-45 days after your separation, the plan administrator will
automatically mail to your address of record a separation notification letter
and distribution request package so that you may initiate a distribution
request. The package contains the forms and details about the following
distribution options. You may:
• Let the funds stay in your POFF Plan account. You are allowed to defer
distribution to a later date, but no later than April 1st following the year
you become age 70½ or until the IRS approves the POFF Plan termination,
whichever occurs earlier.
• Roll over all or a portion of the eligible amount of your account balance into
another qualified plan. The types of qualified plans are listed in the tax notice
on page 3 of the distribution request package.
• Elect to receive installment payments over a period specified by you (monthly,
Tax Forms Online
You can view and print duplicates of your 2013
Plan tax forms at https://poffsup.ingplans.com.
Log into your account, then select My Mailbox.
Help Is Available
If you have questions or need assistance,
call (888) 600-POFF (7633) to speak with
a POFF Supplemental Plan Participant
Service Representative, Monday – Friday,
6 a.m. – 5 p.m. (Pacific Time).
quarterly, semi-annually or annually over your life expectancy) and pay federal
and state income taxes on each payment.
• Take a lump sum cash distribution of your entire account balance and pay
federal and state income taxes on the distribution.
Rollovers to a traditional IRA (excluding a Roth IRA) or another eligible
retirement plan will remain tax deferred to the extent allowed by law. Generally,
distributions will be treated as ordinary income in the year the money is
received, and will be subject to federal and state income tax withholding.
Compare your options for differences in cost, benefits, charges and other
important features before you roll over assets. You may want to consult your
legal or tax adviser.
We are required to withhold 20% for federal tax and 2% for state tax
purposes at the time of payment on cash distributions that meet the
IRS criteria of being eligible for rollover. In addition to withholding income
taxes, distributions received prior to age 59½ may be subject to an early
withdrawal penalty, as imposed by the IRS (10%) and California Franchise
Tax Board (2.5%). There are exceptions to the IRS and state penalty taxes.
Visit https://poffsup.ingplans.com or call (888) 600-POFF (7633) to find
out if you qualify.
The information in this Annual Update is not intended to serve as legal, tax or investment
advice. Please consult a qualified professional for such advice.
Plan Information Line: (888) 600-POFF (7633)
Plan website: https://poffsup.ingplans.com
CN0212-15530-0316
Plan administration services provided by ING Institutional Plan Services, LLC. Information from registered
Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local
Plan Service Representatives are registered representatives of ING Investment Advisors, LLC (member SIPC).
© 2014 ING U.S. All Rights Reserved.
SKU#POFF_4.14

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