Randy Watson Posted October 1, 2008 Posted October 1, 2008 Is it possible for a participant in a 403(b) to move their money to a CD? This doesn't seem possible with a plan that has annuity contracts or custodial accounts. Perhaps with a retirement income account, but this isn't a church sponsor. Please help.
Lori Friedman Posted October 1, 2008 Posted October 1, 2008 In general, I believe the answer is "no". 403(b) contributions are used to purchase annuity contracts and/or mutual fund shares of a "regulated investment company" through a qualified custodial account [i.R.C. Sec. 403(b)(7)(A)(i)]. If the individual can take an eligible rollover distribution from the plan, however, he/she could move assets to an IRA and then purchase a CD. Lori Friedman
Guest mjb Posted October 2, 2008 Posted October 2, 2008 Is it possible for a participant in a 403(b) to move their money to a CD? This doesn't seem possible with a plan that has annuity contracts or custodial accounts. Perhaps with a retirement income account, but this isn't a church sponsor. Please help. See if there is a mutual fund that invests in CDs.
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