I have had a 403b plan since the late 70's. At the time I opened this account, and for several years afterward, there was no 10% penalty on a premature distribution. One of the tax reform acts of the 80's changed this special status and imposed the same penalty on 403b plans as had been in place for IRA's for many years. I recently heard that the balances in 403b plans previous to the effective date of the tax reform act were still exempt from this penalty. Is this true?
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