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agarza

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  1. Looking for some help.... My wife and I have a 403b annuity with Western Reserve Life. I have recently moved our portfolios from the variable market to a fixed market. We are going through a financial hardship and are in need of surrendering our contracts for the surrender value. However, WRL tells us that IRS rules (law) prevents us from doing so. If thats the case, then why a surrender value? Isn't the point of a surrender value the followg: You surrender the contract in exchange for the surrender value... not the account value...? We are in a tight spot right now and this is an option we have really given a lot of thought towards... We understand the possible tax consequences ... I even read the IRS 571 rule governing 403b distrubutions... It clearly states we can take a distribution based on a hardship... However, it makes no mention of a surrender.... Can someone please give us some sound information regarding our situation?
  2. Yes! Ok.... How.... Thank you for saying yes... However, can you give me some more detail?
  3. Here is my question....: Can a pastor max out his contribution limits into a 403b and 457 plan during the same calendar year? I know educators can.... How about the Pastor?
  4. My wife has a 403b annuity which she defaulted on one loan a few years ago... Now she wants to transfer her account value to a second company where the performance of this particular 403b annuity is doing a lot better - she has a second annuity... Company #1 tells her she has to meet one of three qualifying events: 1. Seperation of employment; 2. Permanently disabled; 3. Meets the 591/2 rule. Is this the only way my wife can transfer account # 1 to her second annuity with the better performing company? Can't Company # 1 just deduct the amount of the defaulted loan and transfer the balance as my wife wants? Company # 1 says the IRS would consider this as a distribution... But how is this so if my wife would be transfering qualified money to a qualified account...ie from one 403b account to her second 403b account. There is no distribution taking place... It is simply a transfer of qualified money to a qualified account. Thank you for any suggestions posted....
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