Suckafish Posted April 12, 2020 Share Posted April 12, 2020 Can a spouse beneficiary of a 403(b) tax-deferred annuity take-over the contract (i.e., assume it "as is"), or does it need to be surrendered with the proceeds eligible for rollover treatment? What is the authority for disallowing the survivor from taking over the contract? Link to comment Share on other sites More sharing options...
Patricia Neal Jensen Posted April 15, 2020 Share Posted April 15, 2020 My suggestion would be to look at the contract. In many of these situations in 403(b), the terms of the contract will prevail. PNJ Patricia Neal Jensen, JD Vice President and Nonprofit Practice Leader |Future Plan, an Ascensus Company 21031 Ventura Blvd., 12th Floor Woodland Hills, CA 91364 E patricia.jensen@futureplan.com P 949-325-6727 Link to comment Share on other sites More sharing options...
Suckafish Posted April 16, 2020 Author Share Posted April 16, 2020 Thank you! The agent indicated that the regulations prohibit the surviving spouse from taking over the contract by rolling it into her IRA. The agent said they could either roll over the proceeds to an IRA or take the cash as a taxable distribution. I could not find authority on this. Link to comment Share on other sites More sharing options...
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