408 (b)

Submitted by Anthony Lehrer on Mon, 2015-09-14 15:40

I have a client with a variable 408 (b) retirement annuity. Is it possible to initiate a transfer of this type retirement account to a new custodian as a traditional IRA without incurring penalties?

I read that transfer may pose problems for the client, but I am unsure whether the articles I have read apply the transfer of ownership or custodian.

Thanks



Submitted by Alan - IRA critic on Mon, 2015-09-14 17:30

You were probably reading about a transfer of 403b accounts to another 403b provider. For a direct rollover of a 403b plan to an IRA, there is no tax or penalty.

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