Get 403 B Transaction Authorization Form - 10222010 - CURRENT

Current IRS regulations allow withdrawals of 403(b) monies, without penalties, when you: Reach age 59½, Retire or separate from service during the year in which you reach age 55 or later,***

To access funds in your retirement account, you'll need to qualify through one of the following measures: Reach age 59 1/2. Have a severance from employment. Become disabled. Encounter a financial hardship. Die (beneficiaries will be able to make withdrawals)

When you leave your employer, you'll be able to: Leave the money as it is; Roll the 403(b) plan over to an IRA at a provider of your choosing; Merge your old 403(b) with your new 403(b), if one is offered.

How long do you have to rollover a 403(b) from a previous employer? If you choose to make an indirect rollover of a 403(b) plan, you have 60 days to complete the transfer. If you miss the deadline, you face a 10% penalty and income taxes on your savings.

What are the steps to roll over a 403(b) plan? Ensure that the new plan allows for rollovers. Decide whether to roll over to a new employer's plan or an IRA. ... Ask the plan administrator what forms are needed and complete the required paperwork.

4 Options for an Old 403(b): Roll the money over to an IRA. Do a Roth IRA conversion. Leave the money in your old 403(b) Transfer the funds to your new 403(b) or 401(k)

The safest way to process a direct rollover is to have the administrator process a trustee-to-trustee transfer, which electronically transfers the funds from the old plan to the new one. The IRA owner does not receive a check, and there are no taxes withheld nor any penalties.

When you make a withdrawal from a standard 403(b) account, the amount distributed to you is taxed at your regular income tax rate. If you have a Roth 403(b) account, you won't owe any taxes because you'll have paid them in the year you contributed.