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TRANSFER FROM TSA ACCOUNTS TO 403b (7)


Guest LARRY
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CAN YOU SET UP A 403b (7) CUSTODIAL PLAN FOR THE PURCHASE OF MUTUAL FUNDS. THE PLAN WOULD REQUIRE THAT EXISTING EMPLOYEES IN A NON PROFIT HOSPITAL WITH TSA'S CONVERT THE ANNUITIES TO CASH AND TRANSFER THE FUNDS TO THE NEW PLAN????? I UNDERSTAND FROM IRS RULING 90-24 AND PLR'S THAT THIS CAN BE DONE.

ALSO, AS A SIDE NOTE INDIAN TRIBES CAN TRANSFER FROM 403 (B)S TO 401 (K)S

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Guest CVCalhoun

The one question is how you are going to force employees to move their money--in most instances, a 403(B) annuity is owned by the employee, and the employer has no ability to force an employee to move money from it. Of course, this does not prevent an employer from restricting new contributions to the mutual fund. However, unless this is a governmental or church plan, you should be aware that Department of Labor regulations will subject a 403(B) plan to ERISA regulation unless employees are permitted a broad range of investment choices.

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