The IRS allows you to move funds from several different types of retirement plans. However, the way these are handled is based on the type of retirement plan you have and your school district plan documents. You can move your money in three different ways: exchange, transfer or rollover.
An Exchange, if allowed by your school district plan, is defined as moving 403(b) (TSA) funds from one district vendor to a second district approved vendor while employed by the same school district.
A Transfer, if allowed by both your current and former school district plan, is defined as moving 403(b) (TSA) funds from a previous employer 403(b) plan to your current employer 403(b) plan.
A Rollover, is defined as moving funds from a different type of retirement account, such as an IRA, 401(k), or 457(b), to your current employer 403(b) plan. Furthermore, if you want to rollover funds from any other retirement plan, a distributable event must first take place. Examples of distributable events include, but are not limited to, separation from service or reaching age 59 ½. Please check with your current employer to see if rollovers are allowed into their plan.
It is also important to remember that a Roth 403(b) can only receive funds from another Roth 403(b) or Roth 401(k). It is recommended to call and speak with a representative to discuss all rules and procedures.
- If you already have a 403(b) account with us, you can transfer money from another 403(b)or any other retirement plan if you meet the eligibility requirements outlined above. We'll gladly send you any appropriate forms or you can download the forms here.
- If you do not have an account with us, you can only establish a 403(b) account via an exchange or transfer from another 403(b) and/or contributions. You must enroll, either through over the phone enrollment, completing an online application, or calling and requesting an enrollment kit. Exchange, transfer, and/or rollover paperwork must be completed and mailed to us with all original signatures, along with a copy of a statement from the account you are looking to move. We will process your request and forward the information to your current provider, along with a letter of acceptance indicating we will accept the assets upon transfer. We will continue to communicate with your current provider until we receive your assets for investment, but very few providers will provide any information on status to anyone except the account holder. We will also stay in touch with you throughout the process. Generally, this process takes four to six weeks.
It is recommended to call and speak with a representative to discuss all rules and processes. To request appropriate forms and /or enrollment kits, e-mail us at firstname.lastname@example.org or call 1-800-279-4030.
Note: We recommend that you contact your current provider to review possible surrender charges and to inquire if they have special requirements or company-specific transfer/rollover forms you need to request from them.
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The WEA TSA Trust does not charge fees to transfer money from other retirement accounts into our program. However, if your retirement account at your current carrier has a surrender fee or if you move money from a mutual fund that has a redemption sales charge, you may be charged a fee from your current carrier.
We recommend that you contact your current provider to review possible charges.
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