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Author: Bagdad999 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: 403(b) Blues Date: 10/6/1999 3:27 PM
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One of my retirement programs, Mutual Benefit Life, a 403(b, went belly up several years ago and was recently resurrected and now being held by SunAmerica. I now have the opportunity to get my hands on this account and was hoping to roll it over into my self-directed IRA account I hold at DLJ. When I went to the broker today to file appropriate paperwork I was told that a 403(b) could only be rolled over into another 403(b) account. I know nothing about the IRS Code for this transaction but it seems to me I 'should' be able to roll this original tax-deferred account into another type of tax-deferred account. From TMFPixie's earlier post it seemed that was possible. Does anyone out there have experience or expertise to address this issue? I would appreciate your opinion. Thanks. Tim
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14293 of 76418
Subject: Re: 403(b) Blues Date: 10/6/1999 5:32 PM
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Tim writes:

<<One of my retirement programs, Mutual Benefit Life, a 403(b, went belly up several years ago and was recently resurrected and now being held by SunAmerica. I now have the opportunity to get my hands on this account and was hoping to roll it over into my self-directed IRA account I hold at DLJ. When I went to the broker today to file appropriate paperwork I was told that a 403(b) could only be rolled over into another 403(b) account. I know nothing about the IRS Code for this transaction but it seems to me I 'should' be able to roll this original tax-deferred account into another type of tax-deferred account. From TMFPixie's earlier post it seemed that was possible. Does anyone out there have experience or expertise to address this issue? >>

It that was a qualified 403b plan from a previous employer, then there is no reason I can think of to preclude you from moving the proceeds to a self-directed IRA at a broker of your choice. Make the current administrator/custodian cite you paragraph and verse as to why that cannot be done. OTOH, if you are still employed by the same employer who sponsored that 403b, then you can't move it to an IRA until you leave that job. All you can do at best in that situation is move it to a 403b(7) account with a mutual fund that accepts such accounts.

Bottom line: Get them to tell you the specifics of why the money cannot be moved.

Regards..Pixy


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