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403b to IRA while still employed?

 
 
FranksPlace2
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      08-01-2005, 10:27 PM
I am not happy with my 403b account at the University where I work. It
has high fees, low performance and no transparency. For example
dividends are not posted but merged into the value. The daily prices
are not publically available in Quicken.

Somewhere I read that for 403b's, unlike 401k's, it was possible to
roll your money to an IRA while still employed.

Is this true?

Thanks

Frank

 
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HW \Skip\ Weldon
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      08-02-2005, 01:31 PM
On Mon, 1 Aug 2005 16:27:41 CST, "FranksPlace2"
<(E-Mail Removed)> wrote:

>Somewhere I read that for 403b's, unlike 401k's, it was possible to
>roll your money to an IRA while still employed.
>Is this true?


Most - but not all - 403b plans around here do not allow rollovers
while still employed with the original employer. Once separation from
that original employer occurs, the account is usually rollable.
However, any surrender charges provided in the contract would still
apply.

These plans are governed by a contract between the custodian and the
employer. Since provisions can vary from one contract to another, a
quick call to your employer should give you the answer you seek.


-HW "Skip" Weldon
Columbia, SC

 
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FranksPlace2
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      08-02-2005, 03:20 PM
Thanks, Skip

Let me clarify. Actually I have two accounts, one that I contribute to
and a second my employer contributes to in lieu of Social Security.
This may be some kind of 403b plus 403xxx plan. It is the first one
where I want to move money which I contributed.

I also asked my broker and he thinks it may be possible.

Frank

 
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BMS
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      08-05-2005, 11:16 PM
90-24 transfers allow participants in 403(b) plans to directly transfer
large amounts of plan values to other 403(b) contracts, all while continuing
to fund their current 403(b) plan.

Ask at work about this

 
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BMS
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      08-06-2005, 11:03 AM
Ask for the plan summary, 403b are going to look more like 401k with
requirements and documentation.

The other plan is probably a 457 deferred comp plan.

Get the details to both.


"FranksPlace2" <(E-Mail Removed)> wrote in message
news:(E-Mail Removed) ups.com...
> Thanks, Skip
>
> Let me clarify. Actually I have two accounts, one that I contribute to
> and a second my employer contributes to in lieu of Social Security.
> This may be some kind of 403b plus 403xxx plan. It is the first one
> where I want to move money which I contributed.
>
> I also asked my broker and he thinks it may be possible.
>
> Frank
>


 
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FranksPlace2
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      08-08-2005, 02:30 PM
Thanks, BMS. I have requested info on both plans.

Generally the HR office here is reticent to give out any benefits info
beyond the minimum. I may not get an answer.

Frank

BMS wrote:
> 90-24 transfers allow participants in 403(b) plans to directly transfer
> large amounts of plan values to other 403(b) contracts, all while continuing
> to fund their current 403(b) plan.
>
> Ask at work about this


 
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