Moving money myths

DATE | 04/29/24
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Let us clear up a few myths about moving your money from your retirement account.

Myth #1: You have to move your money out of WEA Member Benefits because…

Despite what you might hear, you DO NOT need to move your money from your 403(b) or IRA with Member Benefits if you:

  • Retire or leave your job to take another job (even if it’s not in education).
  • Turn (insert any number) years old.
  • Move out of Wisconsin.

Myth #2: You won’t have access to your 403(b) funds in retirement because it is in an “annuity” (tax-sheltered annuity).

Our program has flexible withdrawal options without surrender periods (the amount of time an investor must wait before withdrawing funds from an annuity without penalty). Often individual annuities or insurance company annuities have surrender/maturity periods that are many years long (sometimes up to 12 years). Ours doesn’t.

Myth #3: There are fees to get funds out of your account upon retirement.

Nope! Member Benefits does not charge transactional fees or surrender charges even if you move your money out. (Mutual fund management and redemption fees apply.)

Have questions? Contact us at 1-800-279-4030.

This is the second article in our series. Read more: