403b to IRA while still employed?

Discussion in 'Financial Planning' started by FranksPlace2, Aug 1, 2005.

  1. FranksPlace2

    FranksPlace2 Guest

    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
     
    FranksPlace2, Aug 1, 2005
    #1
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  2. On Mon, 1 Aug 2005 16:27:41 CST, "FranksPlace2"
    <> 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
     
    HW \Skip\ Weldon, Aug 2, 2005
    #2
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  3. FranksPlace2

    FranksPlace2 Guest

    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
     
    FranksPlace2, Aug 2, 2005
    #3
  4. FranksPlace2

    BMS Guest

    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
     
    BMS, Aug 6, 2005
    #4
  5. FranksPlace2

    BMS Guest

    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" <> wrote in message
    news:...
    > 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
    >
     
    BMS, Aug 6, 2005
    #5
  6. FranksPlace2

    FranksPlace2 Guest

    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
     
    FranksPlace2, Aug 8, 2005
    #6
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