A 403(b) Plan Rollover consists of moving 403(b) funds from an eligible plan to an individual retirement account. You will not suffer any tax consequences as long as this is done properly. Often times, individuals complete 403(b) Plan Rollovers because their current option is limited and they want a low-cost portfolio with diversified options.
A plan participant leaving an employer typically has four options (and may engage in a combination of these options), each choice offering advantages and disadvantages.
- Leave the money in his/her former employer’s plan, if permitted;
- Roll over the assets to his/her new employer’s plan, if one is available and rollovers are permitted;
- Roll over to an IRA; or
- Cash out the account value
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