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403B To Rollover Ira

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I am in the process of rolling over my 403b's to traditional IRA's. Two companies (FBC and Vanguard) say I need my current plan administrator (FBC) to sign off that indeed I am retired. Janus, however, says that I am "grandfathered in" (as I haven't contributed in over 10 years) and they can just take my 403b and roll it over to a traditional IRA, no plan administrator signatures needed. This makes me nervous, especially as my Vanguard funds have also sat for 10 years and they require the TPA signature. Any one know if this is specific to the company, or if I could "get in trouble" just rolling it over myself?

 

Thanks.

Oh, and I voted in the poll :)

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Hello

 

If you are truly retired I think you can roll it over yourself. Just don't have them send you any money directly. Have the company do the whole thing. I don't think you cn get in trouble. I would suggest you do have a document on file that states when you seperated from service -just in case. Usually if there is a problem with the rollover the receiving

company will inform you what you need to do.

 

Hope I understood your question correctly.

 

 

Tony

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Hello

 

If you are truly retired I think you can roll it over yourself. Just don't have them send you any money directly. Have the company do the whole thing. I don't think you cn get in trouble. I would suggest you do have a document on file that states when you seperated from service -just in case. Usually if there is a problem with the rollover the receiving

company will inform you what you need to do.

 

Hope I understood your question correctly.

 

 

Tony

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Yes, that seems to answer my question. I am retired and I believe I have the necessary paperwork (it all lists date of retirement to be _____ which has already passed) but I could have the personnel dept write something more current.

 

Thank you.

 

OOPs--did I mess up these posts? I hope not! Sorry if I did.

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I hope what I told you is close to correct. I think it is.

 

Please spread the word about this site to others. There are thousands of educators who have questions and this site fits the bill.

 

 

Tony

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Hello

 

If you are truly retired I think you can roll it over yourself. Just don't have them send you any money directly. Have the company do the whole thing. I don't think you cn get in trouble. I would suggest you do have a document on file that states when you seperated from service -just in case. Usually if there is a problem with the rollover the receiving

company will inform you what you need to do.

 

Hope I understood your question correctly.

 

 

Tony

I have serious doubts that this will not take place. You will need someone to sign off on the distribution paperwork from the plan sponsor or TPA. You will save yourself a bunch of hassle by doing this upfront. Sorry for the bad news.

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Hello

 

If you are truly retired I think you can roll it over yourself. Just don't have them send you any money directly. Have the company do the whole thing. I don't think you cn get in trouble. I would suggest you do have a document on file that states when you seperated from service -just in case. Usually if there is a problem with the rollover the receiving

company will inform you what you need to do.

 

Hope I understood your question correctly.

 

 

Tony

I have serious doubts that this will not take place. You will need someone to sign off on the distribution paperwork from the plan sponsor or TPA. You will save yourself a bunch of hassle by doing this upfront. Sorry for the bad news.

 

 

Okay--but Janus doesn't have TPA paperwork for this (Vanguard does) so how do I do this? Or do I just leave it as a 403b?

 

I guess I could also just move it to Vanguard, but it is (and has) doing better than the comparable Vanguard fund--in fact Vanguard told me to leave it at Janus after we looked at the numbers...

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I hope what I told you is close to correct. I think it is.

 

Please spread the word about this site to others. There are thousands of educators who have questions and this site fits the bill.

 

 

Tony

 

 

Tony, I have tried. In fact a few years ago I wrote a rant about how teachers (my peers) didn't want to hear. I also wrote my (wish it was) brilliant assessment of why teachers, especially women, are like this. In all the years since campaigning to get some no load funds into our district, only 2 teachers ever spoke to me about questioning our ever present insurance salespeople. I wish that in my retirement, I could speak to teachers, union reps, etc but I am not knowledgeable enough. Though, now that I think about it, I never spoke to OUR union, just to personnel...hmmm. BTW, one person really took off on my suggestions and has thanked me for it. And this was an administrator (asst supe). The rick get rich and the poor...?

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I know the feeling. Its absolutely baffling as to why intelligent and educated teachers are taken so easily by the dark suited smartly dressed sales gal or guy. "They are soooooooooooo nice!"is the common descriptions of these hucksters. Nowhere else do not-for-profit employees take this crap, the colleges, the hospitals, even sheriff’s departments have better plans than K12 school districts. It’s not about gender either. Nurses are much financially savvier than teachers.

 

I have tried with the district and the union. I created a self help group and conducted workshops and teachers would attend with no support from districts or unions. We were doing what they did not want to do. I wrote a regular article in the teacher’s union newspaper and that help quite a few teachers get on the right track, but it really never caught on. I have worked with the union to get them to change and was attacked verbally was called me a TIAA CREF paid rep!

 

Teachers are a secretive bunch when it comes to money and finances. They never called the union or the district to demand low price products for example. The unions never did anything except to quit recommending high priced products, which is one step in the right direction, but their members are still left on their own. In my district, there are hundreds of savvy teachers but it’s a mystery as to how they can let their colleagues go to the sale force slick presentations and get taken.

 

we press on,

Steve

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I am still baffled as to why so many posters here are from California.

 

 

Tony

I am baffled as to how the NY teachers are still getting that guaranteed 8% performance paid by the taxpayers. I can understand why NY teachers would not need to come here and post their problems. With 8%! NO MORE PROBLEMs! Except that the taxpayers may get angry enought to stop this.

Steve

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Tony, I think it is because Dave Otto began his original work here in Southern California. The name of his book was also 403b Wise and it built its reputation here. I first ran into him at a STRS workshop quite a few years ago. (STRS is the teachers' pension in CA). He was the first person to ever tackle the ripoffs that were happening in the 403b/Variable Annuity debacle. I believe he and his wife were originally both teachers here. (Sorry, if I'm wrong, Dave, but that is what I remember.)

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