I am not sure I understood the rules correctly, but I am wondering if I can roll over funds from a formerly active 403b fund to purchase an IRA. I am retired, but working part time and currently not contributing to a 403b nor do I have an IRA. I thought that I could have the fund (for example Vanguard) roll money from the dormant 403b to open with the same company an IRA. I am over 65.
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You can if the plan the 403b is under allows for that. Most often there are some time/age limits involved, so talk to the former employer HR department or the folks at Vanguard (if they manage the plan assets, they'll know). What you want to do if you are allowed, is to transfer it to an IRA. To be safe, have it dump into a "rollover" IRA and keep those funds separate from other IRA funds that you may make in the future.
If you can do this, normal IRA distribution rules apply.
You actually have two choices. Since you say that the account is no longer active, you can roll it over into an IRA or you could roll it into a new
403B plan.Since you mention Vanguard, Vanguard will do it for you.BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.