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rafaquarius21

Permitted Rollovers to 457

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I'm sure this topic has been covered in the past, but I could not find a discussion on it.  So here it goes...I have two accounts with the same institution (403 and 457) and my question is as follows:  Can I rollover all my funds in the 403 to the 457 plan?  I am still actively employed with the school district where the funds are managed by the same financial institution.

Appreciate any feedback as I am trying to consolidate my retirement funds.

 

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Hello

Sorry if you haven't got any responses as the 403b forum tends to be the most active and sometimes this 457 forum get overlooked.

Most people upon separation from service ( job) who own both a 457 and 403b usually transfer into a traditional IRA. If you are still employed with your same employer and both your 457 and 403b are  both with the same  financial institution your best bet would be to ask them to get a definitive answer.   Can you explain why you want to do this?  I do know if you work for the government the transfer is possible but for school district plans its best to check your plan document .

 

Take a look at this chart and see if this might help:https://www.irs.gov/pub/irs-tege/rollover_chart.pdf

IF  I read the chart correctly than you cannot transfer a 403 into a 457 unless its a governmental entity but again check with your financial institution. Let us know what you may find out so others can learn.

Tony

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Probably not but check with your 457 people. I asked my 457 vendor, New York State Deferred Comp and was told no. You don't want to roll anything into your 403b plan generally. 

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9 hours ago, MoeMoney said:

You don't want to roll anything into your 403b plan generally. 

I think he wants to roll out of the 403b and into his 457 not the other way around. I am assuming he committed to a 403b plan and perhaps since then may have discovered he had better choices in his 457 plan but I'm just guessing. Hopefully he'll return to this site and explain his situation further. From what I see from the chart he won't be able to transfer from a 403b account into a 457b but never say never. Things change all the time.

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You're right Tony. I was implying that a 457 and an IRA should NOT be rolled into a 403b. A sales rep will want you to "make things simpler" by rolling any IRA's into their 403b. 

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