Frequently Asked Questions


Emergency Hardship Withdrawals

The Plan does allow for withdrawals in the event of an unforeseeable emergency resulting in a severe financial hardship under narrow circumstances defined in federal law and applicable Treasury Regulations.
 
Hartford participants must contact The Hartford or Galloway Asset Management LLC directly to request an emergency hardship withdrawal application.  The request will be evaluated and either approved or denied by the Hartford Financial Services Group.  If an emergency withdrawal is approved, a payroll change form stopping contributions for the six month period must be completed and sent to the Payroll office.
 

GreatWest participants must contact GreatWest directly (1-800-701-8255) to request an emergency hardship withdrawal application.  The request will be evaluated and either approved or denied by GreatWest Retirement Services.  If an emergency withdrawal is approved, a payroll change form stopping contributions for the six month period must be completed and sent to the Payroll office.

 

Rollovers

Former employees who are eligible for distribution of their funds (after retirement or severance of City of Mesa employment) may have their funds rolled over to IRA's 403(b), 401(a), 401 (k), or 457 (b) plans.

Caution:  Such rollovers my result in the funds becoming subject to withdrawal penalties and/or additional processing fees/expenses.  See your Deferred Compensation Plan Representative for details.

Mesa's Deferred Compensation (457 Plan) providers will accept rollovers from IRA's 403(b), 401(a), 401 (k), or 457 (b) plans.  Caution:  Rollovers from any plan other than a 457 Plan will be accounted for separately and may be subject to withdrawal penalties and/or additional processing fees/expenses.  See your Deferred Compensation Plan Representative for details.

 

Service Purchase

City of Mesa 457 Plan participants may use the assets from their 457 account to purchase eligible service credits from a government defined benefit plan (i.e., Arizona State Retirement System, Arizona Public Safety Human Resources Retirement System).