457plan and 403b to IRA
My wife is retired age 60 and has a 457 plan and a 403b plan from her previous job. Can she do a trustee to trustee transfer from those plans to her IRA? Are there any drawbacks to doing the above?
My wife is retired age 60 and has a 457 plan and a 403b plan from her previous job. Can she do a trustee to trustee transfer from those plans to her IRA? Are there any drawbacks to doing the above?
Permalink Submitted by Alan - IRA critic on Mon, 2016-01-11 01:48
This type of transfer is called a direct rollover and it avoids withholding.. There is no reason not to roll both plans into an IRA, but she needs to select the right IRA custodian that is consistent with the type of investments she wants to hold in the rollover IRA.
Permalink Submitted by Pete Holzgang on Tue, 2016-01-12 00:41
Thanks.
Permalink Submitted by Richard Iannuzzi on Fri, 2016-03-11 04:33
even a non-governmental NQDC 457(b)?
Permalink Submitted by Alan - IRA critic on Fri, 2016-03-11 20:27
No. A non govt 457b plan cannot be rolled to an IRA.