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coov

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Posts posted by coov


  1. Could you please tell me, what protections exist for 403b? Are they any state or federal laws or agencies (like the FDIC) that protect a 403b from a plan provider going bankrupt? I am mostly interested in the any protections that pertain to Florida residents.

     

     

     

    Did some digging of my own...

     

    The 403b (an "unallocated annuity") is protected in some states (see: http://www.nolhga.com/factsandfigures/main...detail/docid/1) by state members of this organization http://www.nolhga.com/home.cfm. The specific state charged with the consumer protection is dependent on the state the resident the policy/asset holder resides in at the time of the insurer's insolvency/bankruptcy. However, in most cases, where a 403b is protected, only up to $5 million is insured when the holder is an employer - regardless of the number of employees. Of course, these rules only apply to insurers or investment companies owned or backed by insurers. However, if the subsidiary that offers a 403b goes bust your funds may not protected. These fact apply regardless of whether or not the funds are in a fixed "guaranteed" account or a mutual fund.

     

    Adam

     


  2. Could you please tell me, what protections exist for 403b? Are they any state or federal laws or agencies (like the FDIC) that protect a 403b from a plan provider going bankrupt? I am mostly interested in the any protections that pertain to Florida residents.

     

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