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Rolling over Live Money
Old 09-22-2006, 10:14 AM   #1
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Rolling over Live Money

Anyone know of a way to roll over all or part of an active 403B or 457 to my SEP IRA?

I and my employer are still making contributions. One is TIAA-CREF which at least has some adequate choices for my money. But the other is through Nationwide, and it is a dog.

I've been told that there is no way out as long as I am working and contributing. True?
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Re: Rolling over Live Money
Old 09-22-2006, 10:23 AM   #2
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Re: Rolling over Live Money

Dang it Rich, I thought we were gonna see a picture of you swimming in a tub of rands or something.
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Re: Rolling over Live Money
Old 09-22-2006, 10:36 AM   #3
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Re: Rolling over Live Money

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Originally Posted by astromeria
Dang it Rich, I thought we were gonna see a picture of you swimming in a tub of rands or something.
Astro, go to your room
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Re: Rolling over Live Money
Old 09-22-2006, 10:53 AM   #4
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Re: Rolling over Live Money

Rich,

Check out 90-24 Tranfers.* I believe these are only available for 403(b)'s, not all 403(b)'s have this option, and usually requires you to transfer the money to another 403(b) custodial account, like one with Vanguard or Fidelity.

- Alec
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Re: Rolling over Live Money
Old 09-22-2006, 10:55 AM   #5
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Re: Rolling over Live Money

I am checking on it. *I know I have done it from 457 to IRA, have never rolled to SEP.............will find out and PM you.
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Re: Rolling over Live Money
Old 09-22-2006, 11:29 AM   #6
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Re: Rolling over Live Money

Quote:
Originally Posted by Rich_in_Tampa
Anyone know of a way to roll over all or part of an active 403B or 457 to my SEP IRA?

I and my employer are still making contributions. One is TIAA-CREF which at least has some adequate choices for my money. But the other is through Nationwide, and it is a dog.

I've been told that there is no way out as long as I am working and contributing. True?
Well, I know how to transfer it to a rollover IRA, not sure if a SEP IRA would be different.

First, someone mentioned using a 90-24 transfer.* I believe you would use the 90-24 to direct transfer money from one 403(b) to another, not rollover to an IRA.* This would include going from a 403(b) annuity contract to a 403(b)(7) custodial account.* Note: IRS-proposed rule changes to the 403(b), set to go into effect January 2008, would eliminate the 90-24 transfer. Refer to http://www.taxlinks.com/rulings/1990/revrul90-24.htm.


To direct transfer your money to a rollover IRA requires a qualifying event.* Qualifying events include the employee attaining the age of 59.5, the employee separating from service, the employee dies or becomes disabled.*
If you do not have a qualifying event, consider a direct transfer from your 403(b) (annuity contract) to a 403(b)(7) (custodial account).* The new investment company must be on your employers approved list (to allow ongoing contributions) and must have distribution requirements at least as stringent as your current plan.

Here is a web site you should become familar with: http://www.403bwise.com/* *You can do you own research there.

* Caveat Emptor:* I'm a retired factory worker, not a financial consultant and am familar with this only to the extent of some casual reading.* But you can read about it yourself at the web site I referenced.* If you interpret anything in another manner than I did, please let me know as I'm trying to explain it to DW!*

Good luck!

FinanceDude: Rather than PM Rich, please share all that is not confidential. Or, Rich please share what you learn.


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Re: Rolling over Live Money
Old 09-22-2006, 02:32 PM   #7
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Re: Rolling over Live Money

Rich, you can't rollover the active 403b into your IRA unless you have a qualifying event as described by Youbet.

Most everything you want to know about employer plans, like 403bs and 401ks:

http://www.irs.gov/publications/p575/index.html

And IRAs:

http://www.irs.gov/publications/p590/index.html
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Re: Rolling over Live Money
Old 09-22-2006, 03:03 PM   #8
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Re: Rolling over Live Money

Great information. I also called Vanguard. Here is what I have gleaned so far:

A 90-24 transfer would necessitate creating a new 403b custodial account for the transferred assets. Defeats one of my goals of consolidating.

Age 59.5 and termination are both qualifying events, and would allow me to roll over to my SEP IRA, I think. Re: age 59.5, assuming I work for the same employer future contributions would continue to go to the original 403b accounts, so I'd have some droppings to clean up now and then.

Since age 59.5 less than 2 years away, looks like it's best to just age.

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Re: Rolling over Live Money
Old 09-22-2006, 03:15 PM   #9
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Re: Rolling over Live Money

Add a couple more good publications:

For SEP and simple IRAs:* http://www.irs.gov/publications/p560/index.html

For 403bs: http://www.irs.gov/publications/p571/index.html
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Re: Rolling over Live Money
Old 09-22-2006, 03:18 PM   #10
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Re: Rolling over Live Money

Quote:
looks like it's best to just age
that's always a good strategy*
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