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lucas90

Maturity Date 403b...help!

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I've been told by the insurance co. that I'm with that the maturity date is no big thing....but they want me to postpone the maturity date to any date in the future...they've sent me several notices, the most recent one a "final notice" giving me three options. (1)Elect to begin receiving regular payments, (2)Elect to postpone my maturity date to_________________, or (3)Elect to take a withdrawal and my maturity date would be postponed until________________. In talking with a company rep, they acted like the maturity date is no big deal...and if I didn't respond...they would extend my maturity date for me...seeing as though I'm still teaching...and I am 52 years old. However, I have this feeling that if I extend the maturity date to seven years in the future, (I've stopped contributions to circumvent the old "last-in first-out scam)(and started putting contributions in a no load mutual fund)...that the surrender charges that I'm trying to avoid...may cme back to haunt me if I postpone my maturity date. They (the"Company) say no surrender charges would then apply...if I wanted to dump it all into an IRA...but I don't trust them. They also said, in the beginning, if I stayed in the program for at least 7 years, there would be no surrender charges....yeah right...no surrender charges on the money I put in seven years ago. It does mention in the prospectus that " the last years of the contract may be contribution years, therefore surrender charges may apply"....I saw that about 3 years ago while reading through the prospectus....later to be known to me as the last money I put in...will be the first money they take out to give me payments...therefore they can charge me for using my own money...even after charging me excessive fees over the last 20 years. Somehow I get the feeling that postponing my maturity date will set me up for charges at the end....or charges for the next seven years....or.....(sigh) I've got this feeling that they (the "company") is going to rape me no matter what I do.

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