As many of you know, the new regs for 403-b’s went into effect Jan. 1.

Is it true that you can roll over your “old 403-b” to an IRA if the 403-b is “non-grandfathered orphaned account”, meaning, the school system does not offer my insurance company in their 403-b offerings any more.

There is a question of whether you have to be over 59 1/2 to do this. I think that is true, but I have heard different versions.

Also, what should you do if you have already transfered to an IRA and you are under 59 1/2 (assuming that is right). Some teachers have been approached by the old vendor after they learned that they would not be the vendor anymore, and have moved to an IRA with them. Would the IRA company accept the funds, whether they knew it was a bad transfer or not? And if so, what can you do to correct?

Thank you.