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. 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 >>
Related Articles
  1. Retirement

    Top 9 Benefits Of A 403(b) Plan

    Find out how the 403(b) plan helps employees of nonprofit entities meet their retirement goals.
  2. Financial Advisor

    Top 403(b) Questions Answered

    This plan doesn't get as much attention as its more popular cousin - the 401(k) - but it has a lot of benefits for eligible investors.
  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. Personal Finance

    8 Low-Cost Ways To Transfer Money

    If cost is your primary concern, there are several cheap(er) ways to move funds.
  5. Investing

    5 Money Transfer Tips For Foreign Workers

    If you are working in the U.S. as a foreign worker, here are some tips for sending money back home.
  6. Retirement

    403(b) Plans: More Than Supplemental Retirement

    Whether you choose a 403(b) or fixed annuity, you may need supplemental retirement income.
  7. Personal Finance

    How Credit Card Balance Transfers Work

    The pros and cons of credit card balance transfers.
  8. Investing

    What Does a Transfer Agent Do?

    Transfer agents maintain the records and documents related to shareholder accounts.
RELATED TERMS
  1. Telegraphic Transfer - TT

    An electronic method of transferring funds. Telegraphic Transfers ...
  2. Transfer

    A change in ownership of an asset, or a movement of funds and/or ...
  3. Direct Transfer

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

    An electronic transfer of funds across a network administered ...
  5. Direct Rollover

    A distribution of eligible rollover assets from a qualified plan, ...
  6. Uniform Transfer Tax

    A combination of federal estate taxes and federal gift taxes. ...
Hot Definitions
  1. Index

    A statistical measure of change in an economy or a securities market. In the case of financial markets, an index is a hypothetical ...
  2. Return on Market Value of Equity - ROME

    Return on market value of equity (ROME) is a comparative measure typically used by analysts to identify companies that generate ...
  3. Majority Shareholder

    A person or entity that owns more than 50% of a company's outstanding shares. The majority shareholder is often the founder ...
  4. Competitive Advantage

    An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers ...
  5. Mutual Fund

    An investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities ...
  6. Wash-Sale Rule

    An Internal Revenue Service (IRS) rule that prohibits a taxpayer from claiming a loss on the sale or trade of a security ...
Trading Center