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The RSA-1 Board has approved two policy changes that will provide RSA-1 participants more flexibility.
The first will allow RSA-1 to accept trustee-to-trustee transfers from other Section 457 plans. RSA-1 is a deferred compensation plan sometimes referred to as a 457 plan because its laws are defined in that section of the Internal Revenue Code.
The second allows members and beneficiaries to change their Investment Option Election once every 365 days from the effective date of their last election. The board also approved for RSA-1 to conduct a study on offering its participants more investment options in the future.
The specifics regarding the trustee-to-trustee transfers from other Section 457 plans are as follows:
• An RSA-1 account must be established prior to a trustee-to-trustee transfer.
• Funds transferred from other Section 457 accounts must never have been from any source other than a Section 457(b) fund.
• Implementation of this policy change will take effect on January 1, 2007.
The policy change regarding the Investment Option Election is as follows:
• Participants can make changes to their investment options at any time during the year as long as the changes take effect at least 365 days from the effective date of their last election.
• The RSA-1 Investment Option Election form must be received 30 days prior to the effective date of the election.
• Implementation will take place on December 1, 2006.
If you have any questions about RSA-1, please contact RSA-1 by one of the following ways:
• By phone: 1-800-214-2158 or 334-832-4140
• By e-mail:
rsa1info@rsa.state.al.us When sending an e-mail, please include your full name, employer, home mailing address, and daytime phone number.
• By mail: The RSA-1 Deferred Compensation Plan
P. O. Box 302150
Montgomery, AL 36130-2150
To request an RSA-1 presentation contact Ada Griffin, 1-800-214-2158, extension 1769 or 334-240-1769; Bob Crowe, extension 1671; or Jane Hicks, extension 1670. Contact can also be made by fax at 334-240-3032 or 334-240-3230. Please send all faxes to: Attention RSA-1 Division.