Year-end deadlines and reminder
403(b) and IRA exchanges/transfers/rollovers
Exchanges, transfers, and rollovers require significant processing time. Your completed paperwork (including approved third-party administrator transaction authorization, if applicable) will be submitted to the payer company by the end of December if we receive it by December 11. This includes requests for IRA conversions. Call us if you have any questions. We’re happy to help you through the process.
We are unable to accept IRA contribution checks written and received this tax year (2020) for next tax year (2021). Postdated checks will be returned.
Year-end withdrawal deadlines
If you would like to take a lump sum withdrawal from your 403(b) or IRA accounts before the end of 2020, your completed request (including third-party administration transaction authorization, if applicable) must be received by us on or before December 18. Requests received after this date may not be processed before year end.
Watch your contribution limits…year end is closing in
Employee contribution limits for 403(b) accounts are $19,500 for 2020; however, employees age 50 and older can contribute an additional $6,500 for a total of $26,000 per year. Give us a call if you need assistance. Learn more at weabenefits.com/limits.
Check your to-do list
- Increase your 403(b) contributions by completing a new Salary Reduction Agreement.
- Review and update your beneficiaries, especially if you’ve experienced any life events (marriage, divorce, birth of a child, etc.). Beneficiaries named on your retirement account supersede your will.
- Update your address, review your portfolio, and rebalance your investment allocation.
Visit yourMONEY online to review your account or call us at 1-800-279-4030.
Important retirement account information
Bank change for 403(b) and IRA accounts
A 403(b) and IRA program bank change is effective January 8, 2021. Please note:
- No distributions will process from January 1–9, 2021.
- If you are participating in the IRA SmartPlan program, your contribution ACH pull will be initiated by and display Newport Trust Company.
- If you are taking distributions and your funds are directly deposited into your checking or savings account, your deposits will display Newport Trust Company.
- January systematic distributions will not be impacted.
- Personal Investment Accounts will not be affected.
Plan ahead for early January
Retirement account withdrawals cannot be processed between January 1 – 9, 2021, due to a system upgrade in yourMONEY.