A:

It depends. The IRS does permit the transfer of assets between 403(b) providers; however, employers and 403(b) providers are not required to allow such transfers.

Generally, the transfer is permitted only if the new 403(b) account (to which the assets are being transferred) is subject to the same (or stricter) distribution rules that apply to the 403(b) account from which the assets are being transferred. For this reason, and other reasons of their own, some employers and 403(b) providers may restrict transfers to other 403(b) providers. It may be in your best interest to contact TIAA-CREF again and ask that they give you a specific reason for not allowing the transfer. You may refer them to IRS Revenue Ruling 90-24, which is the IRS-issued document that allows you to transfers assets between 403b accounts, provided there are no transfer restrictions by your employer or the 403(b) plan provider.

This question was answered by Denise Appleby
(Contact Denise)

RELATED FAQS
  1. Can I roll my 403b into another 403b even if I'm not teaching anymore?

  2. Can I combine my 401k with my new 403b?

  3. I am a teacher in a public school system and I don't presently have a 403(b) plan, ...

    If you establish a 403(b) account under the school's 403(b) plan, you may roll the Traditional IRA assets to the 403(b) account. ... Read Answer >>
  4. If I am no longer employed, can I roll over a 403(b) plan into an IRA?

  5. Is my 403(b) account owned by me or by the institution?

    You are the owner of your 403(b). The financial institution just holds the assets on your behalf and facilitates your transactions.For ... Read Answer >>
  6. What is the difference between a 401(k) plan and a 403(b) plan?

    Administered by for-profit, private companies, 401(k) plans are more common than the nonprofit or government-sponsored 4 ... Read Answer >>
Related Articles
  1. Retirement

    Top 9 Benefits Of A 403(b) Plan

    A 403(b) plan is a tax-sheltered retirement plan for employees of many non-profit entities, including public safety and educational organizations.
  2. Retirement

    Explaining the 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers.
  3. Retirement

    How a 403(b) Works After Retirement

    Everything you need to know (don't be afraid to ask) about handling your 403(b) plan when you retire.
  4. Retirement

    457 Plans and 403(b) Plans: A Comparison

    There's plenty of advice about 401(k) plans, but what about 457 and 403(b) plans?
  5. Personal Finance

    Transferring Credit Card Balances To A New Card

    Before you take advantage of that new credit card's 0% interest balance transfer offer, read our step-by-step guide.
  6. Investing

    2015's Best Balance Transfer Credit Card Promotions

    Trying to pay off a credit card balance at too high an interest rate? You might save a good chunk of cash with one of these balance transfer promotions.
  7. ETFs & Mutual Funds

    What Does a Transfer Agent Do?

    Transfer agents maintain the records and documents related to shareholder accounts.
  8. Personal Finance

    Best Ways to Send Large Sums of Money Abroad

    Understand why it may be difficult to send large sums of money internationally. Learn about the top five ways to send large sums of money abroad.
  9. Personal Finance

    Understanding The Insurance Transfer-For-Value Rule

    If you are banking on your life insurance payout being tax-free, you may be in for a surprise.
  10. Personal Finance

    Shuffle Away Your Debt With Balance Transfers

    This option can save you big bucks, but only if you watch out for rates and fees.
RELATED TERMS
  1. IRS Publication 571: Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. Telegraphic Transfer - TT

    An electronic method of transferring funds. Telegraphic Transfers ...
  3. Direct Transfer

    A transfer of assets from one type of tax-deferred retirement ...
  4. Transfer

    A change in ownership of an asset, or a movement of funds and/or ...
  5. Designated Roth Account

    An individual retirement plan in which employees can have all ...
  6. Current Transfers

    A current account transaction in which a resident entity in one ...
Hot Definitions
  1. Put Option

    An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security ...
  2. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  3. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  4. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  5. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  6. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
Trading Center