If I am no longer employed, can I roll over a 403(b) plan into an IRA?
Now that you are no longer working with the (former) employer that established your 403(b) account, you may roll your 403 (b) balance to your Traditional IRA.
Generally, only a signed contribution form is required by the IRA custodian/trustee to deposit the funds to your IRA. However, to be sure, consult with your IRA custodian regarding its policies and procedures. This will prevent any unnecessary delays.
You should also consult with your 403(b) plan administrator/carrier to ensure the proper paperwork is completed. You may need to complete a distribution request form in order to have the assets distributed. The administrator may also require an acceptance letter from your IRA custodian. This serves as a confirmation that the assets will be deposited to an eligible retirement plan.
Finally, make sure the transaction is processed as a "direct rollover." This means that any funds distributed are made payable to your IRA custodian and are usually sent directly to them. If the funds mare made payable to you, the 403(b) administrator is generally required to withhold at least 20% for federal taxes.
(To read more, check out and 403(b) Plan Tutorial.)
This question was answered by Denise Appleby
Yes, just be sure to do a trustee to trustee transfer. This way a check will be sent from your 403b directly to your IRA. If you don't currently have an IRA, you will need to open one first.
Great question, 403b's share a lot of similarities with 401(k)'s. If you are no longer employed at the place you had the 403b then you should be able to roll it to an IRA, barring there aren't any unusual restrictions from the 403b plan. Check out this article I recently wrote, it goes into detail about rollovers and what the IRS does and does not allow you to do.
Please consider me a resource if you have any additional questions.
Yes. Now that you are no longer working with the employer you are able to rollover your 403(b) plan assets into an IRA.
One thing I would suggest is to contact your former employer and ask them what the procedure is, and which paperwork is required, for rolling over the 403(b) to your IRA.
Make sure you clearly state that the funds are being rolled over to an IRA, this way it is considered a trustee to trustee transfer. You will need to provide them with the IRA custodian name.
Yes, you should be able to perform a rollover of funds from a 403(b) to a Rollover IRA. You should check the rules of your specific plan because each 403(b) and 401(k) plan may contain special rules or provisions.
Consider that some plans (typically those with more assets) may be low cost and offer lots of investment options. Conversely, many plans entail additional expenses for services related to qualified retirement plans (recordkeeping, plan administration, etc.) and may have limited investment options to select.
Also be aware that if a vesting schedule exists, you may not have access to a certain portion of the funds contributed by your employer. These rules would be specific to your employer’s plan.
Stephen Rischall, CRPC