Jump to content

changing vendor


Guest Hulap

Recommended Posts

Guest Hulap

I am not happy with the Agent of the financial company that manages my company's 403 b plan. Do I have an option as an employee to choose a different financial company and still have the company match my contribution?

Or I do not have a choice.

Link to comment
Share on other sites

Guest CVCalhoun

The employer has a lot of discretion to limit your choice of annuity providers. One possibility, though, would be to look into whether your preferred provider would agree to your transferring money from the company-provided annuity each month to an annuity issued by your preferred provider. Of course, if there are substantial withdrawal charges associated with the company-provided annuity, this may not be a practical option.

-----------------------------

Employee benefits legal resource site

Link to comment
Share on other sites

Revenue ruling 90-24 permits the transfer of all or any portion of your account value to another 403(B) option of your choice. Realistically, you might want to consider transferring only portions which no longer have surrender charges - or even, the free withdrawal amount you are generally allowed under 403(B)(1) annuities.

Link to comment
Share on other sites

  • 3 weeks later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...