GS, Thank you for posting this information. I just wish I had found it sooner. I've been contributing a little ($1820/year) to a National Life Group (Elite 5) Fixed Annuity - 403b. It's earned me $375 in interest over last 5 years and I would have to pay an 8% surrender fee ($627) to move it to Vanguard. It's frustrating when you think you're doing the right thing by "having a 403b", to later learn that not all 403b's are the same and there are far better vehicles to put your money into. I've started a shell IRA with Vanguard and will work with NLG tomorrow to begin moving that money. Thanks to all that have contributed to this post. Very helpful!