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Pixy, my wife is a public school teacher. She originally had her 403(b)(7) plan with Mutual Series Funds (now owned by Franklin-Templeton) and currently has some monies in that account. Recently she decided to open a new account with Vanguard and the school district is now sending her monthly deposits there. (Apparently only one 403(b) contract can be in effect at any one time.) After reading TMF books we thought it would be great to take the Mutual Series monies and use them to buy stocks in a self-directed IRA if possible. Our broker said it is permitted to transfer those monies into an IRA Rollover account since she no longer contributes to that mutual fund. Is he correct? If not, would the prudent course be to transfer those funds into the Vanguard Index 500? Thanks for your help.
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