457 Deferred Comp Plan: The Texas State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and other employees of participating non-governmental employers. A 457 plan allows eligible employees of state and local governments and tax-exempt organizations to defer income taxes on retirement savings into future years
403b Plan: is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code. A 403b plan allows eligible employees of educational institutions and certain non-profit organizations to defer income taxes on retirement savings into future years.
If you’re about to retire, you have an important decision to make about your 457 or 403b plan. Rolling over your plan balance to an IRA may give you more control and more flexibility to manage your retirement nest egg.
The professionals at Visionary Financial Group, LLC can explain the process and the benefits of a 457 or 403b rollover and advise you about your options.
A 457 or 403b rollover into a traditional IRA or a Roth IRA can offer advantages.
Rollover Tip: If you decide to roll over your 457 or 403b plan, be sure to transfer your balance directly into an IRA, and not to you directly. If the distribution is made to you first, the plan must withhold 20% for federal withholding taxes.
Thinking about a 457 or 403b plan rollover? Call Shelly Dodge at 972/539-0002 today to schedule a complimentaryconsultation to review your financial goals and discuss your various retirement options.
Rolling over an employer sponsored plan into an IRA is not suitable for everyone. Tax implications, additional fees, and loan options may indicate an employer sponsored plan is more appropriate for some investors. Please consider all available options prior to making a decision.