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.
The short answer to your questions is YES.
As long as you are separated from service, you should be able to process a direct transfer from your former 403(b) to an Individual Retirement Account (IRA). As long as the rollover is processed as a direct transfer from your 403(b) to your IRA custodian, there should be no tax withheld. See - Rollovers of Retirement Plan and IRA Distributions - IRS.gov
It is worth mentioning that you may wish to check with your employer to determine if there are any penalties imposed for the transfer by the plan's investment sponsor. Some non-qualified 403(b) plans, particularly certain group annuity contracts established through insurance companies, impose a penalty on some or all of the distributions from the plan. Fortunately, these types of investment platforms are disappearing, but they are not entirely uncommon particularly among public school teachers and smaller non-profit organizations.
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, 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 as each 403(b) & 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.