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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: of 19483  
Subject: Re: 457 rollover Date: 1/29/2002 6:26 AM
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Ralph writes:

Pixy, I thought it would be easy to direct the plan administrator to send the rest of a series of payments to an IRA without witholding any taxes. Today I recieved a letter from The Hartford (supposedly in the forefront of administering 457 plans) that states "sorry but payments from fixed annuities of any length are irrevocable. They did offer to send the net after tax payments to Vanguard. Would this be the same as contributing the net to an IRA? From your previous help on this issue it seems that I can send in the payments to an IRA myself. My tax guy is researching this but I would like to hear your ideas.

Hartford is correct. Annuity payments from retirement plans that last ten years or longer are ineligible for transfer to an IRA. If yours is a lifetime payment as you stated, then it is ineligible. Also, the transfer to Vanguard they have offered is merely a transfer to a regular account, not to an IRA.

Regards..Pixy
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