If you have funds in a previous employer’s retirement plan, you may want to roll them into your current Penn retirement account.

A rollover is a tax-advantaged transfer from one retirement plan to another. Choosing a direct rollover—rather than cashing out—helps you avoid income taxes and the 10% early withdrawal penalty, allowing your retirement savings to grow more effectively over time.

Rollover Contributions

Active Penn employees may roll over funds from these plans into a Penn retirement plan: 403(b), 401(k), 401(a), governmental 457(b), non-contributory IRA (rollover funds only), or lump-sum pension payouts (within 60 days). Only pre-tax and Roth funds are eligible; after-tax contributions cannot be rolled in.

Rollover Distributions

When you leave Penn or become eligible for a distribution*, you may roll over your retirement funds to a new employer’s plan (if it accepts rollovers) or to an IRA. For details, see the Accessing Your Plan Money webpage.

*Hardship withdrawals are not eligible for rollover.

Rollovers Between Penn and UPHS Plans

Because UPHS and its affiliates are part of the University of Pennsylvania, regulations restrict rollovers between their retirement plans. Active employees of Penn, UPHS, or any affiliate cannot roll over funds between these plans. Once you have fully separated from all University of Pennsylvania affiliates, you may roll over funds between Penn and UPHS plans.

How to Start a Rollover

To start a rollover into or out of Penn's retirement plan, contact the TIAA Retirement Call Center at 877-736-6738.

Rollover Rules & Roth Timing

New Plan, New Rules

When you roll over funds, they become subject to the rules of the new plan. The new plan may have more restrictive distribution options than your previous plan, though some plans offer features specific to rollover contributions. Compare plans carefully and contact the investment company handling the rollover if anything is unclear.

Roth Begin Date

Roth funds rolled over retain their original Roth Begin Date, while earnings on those funds from the rollover date forward receive a new Roth Begin Date. The Roth Begin Date determines when you meet the 5-year requirement for a Qualified Distribution of your Roth funds.

Get Rollover Assistance

If you need help comparing plans for a rollover, TIAA retirement plan consultants are available. Schedule an appointment online or by calling 800‑732‑8353.