transfers from 403b7 acct to IRA
I have several school teacher clients that have been putting pre-tax dollars into a 403b-7 account that is constantly losing money. I set up a fixed annuity account to transfer the account to but the mutual fund broker dealer will not transfer unless the client has a qualifying evert,(quit-retire-or die)
The annuity company will accept 403b money but the broker dealer will not transfer. I have done this several times in the past but now they are saying it must require the qualifying event. How can I effect this transfer? Can they insist on this requirement? Client is not yet 59. JG
Permalink Submitted by Al Fry on Thu, 2008-07-31 21:10
For most plans, as of 9-24-2007, there must be a qualifying event. 90-24 transfers no longer allowed.