Deadline For Transferring 403(b) Plans Approaching

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I’ve been reading up more on 403(b) plans since my wife is getting one. Although similar to a 401(k) in many ways, there are some important differences. Did you know that if you are unhappy with your administrator, you may be able to transfer it to another provider without changing jobs? This is called a 90-24 transfer. The catch is that the plan must allow for such transfers.

But you’ll have to act quickly, as the Financial Page blog reminds me that the deadline for a 90-24 transfer is coming up on September 24, 2007. (You can still move the plans if you change jobs.) Read more on the 403bWise page on 90-24 transfers, as the transfer can be somewhat tricky.

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Comments

  1. On the radio Clark Howard said the best 403(b) providers are TIAA-Cref and Fidelity because they don’t charge outrageous management fees and exit penalties. Make sure your 403(b) doesn’t charge crazy fees. You shouldn’t see a management fee over .50% with .70% being about as high as you should be able to tolerate. There was a story that broke about a 403(b) provider in New York charging as high as 2% ripping teachers off.

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