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debbie1102

90-24 Transfer

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About a year a a half ago, I did a 90-24 transfer from Aetna to Vanguard with 10% of the total amount. Everything went well. Now, my husband is past the surrender fee period and it can all be moved. That's what the Aetna rep told us.

 

I filled out the forms exactly the same, except for the amount. Aetna came back saying the form was outdated and sent me a new one to redo. OK. I can do that. But, they also say it was returned because:

 

"The Letter of Acceptance indicates a 90-24 Transfer while the disbursement paperwork indicates a Direct Rollover to a 403b, 401, or Governmental 457 plan. This is conflicting and the distribution cannot be processed."

 

The thing is I completed this form exactly as I did a year a half ago. So why is this different? Because it isn't 10%?

 

I will contact Aetna because I think I filled out the form correctly and they are mistaken. I checked the box saying:

 

**403(b) to 403(b) transfer (pursuant to IRS Revenue Ruling 90-24)

 

This doesn't sound like the "Direct Rollover" they say I requested.

 

My question: Is it different transferring 10% and transferring 99%. (I left some in to keep it open)

 

Thanks for any help. I hope I made myself clear.

 

Debbie

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It is a distinct pleasure to communicate with someone who has done her HW. A Rev. Ruling 90-24 direct transfer can be effectuated for any portion of the account balance. Get back to Aetna and tell them to stop stalling. And tell your husband and his colleagues to petition the employer to offer no-load funds.

 

Peace and Hope,

Joel L. Frank

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