Contributing to a 403(b) plan is an effective way to build your retirement savings. Your before-tax contributions reduce your taxable income to help you save on taxes, and your contributions and earnings grow tax-deferred until you begin making withdrawals—usually during retirement. You make your own investment decisions, and T. Rowe Price offers you more than 70 professionally managed funds to choose from.
There is a $20 account service fee for each T. Rowe Price mutual fund in your
- Direct rollover from a 403(b) account with a prior employer
After establishing your 403(b) account at T. Rowe Price (by giving your completed Participant Account form to your employer), confirm with the plan administrator that the plan accepts rollovers, then call T. Rowe Price to obtain the Rollover Contribution Form, which includes instructions for completing your rollover. In most cases, you will also need to fill out a distribution form for your current custodian. Indicate that you want your distribution in a direct rollover, and your current custodian or insurance company will send your 403(b) distribution directly to T. Rowe Price.
- Indirect rollover from another 403(b) account
With an indirect rollover, you will first receive a check for a distribution from your current 403(b) custodian or insurance company. You then have 60 days from the date of receipt to roll over all or part of your distribution.
- How do I exchange assets from another investment provider?
You can initiate an exchange of existing 403(b) assets in your current employer's plan from another investment provider to T. Rowe Price by completing the 403(b)(7) Exchange-In Request form. (Roth plan contributions are not eligible for exchange to T. Rowe Price.) Follow the instructions on the form for plan administrator approval and return the completed form to T. Rowe Price.
You can begin withdrawing money from your account without penalty at age 59½, even if you are working at the time. You also may be eligible to receive an early distribution in case of:
- Termination of Employment. You are eligible to take a distribution from your
403(b) account when you end your employment.
- Death. When you die, your beneficiary or the executor of your estate should call T. Rowe Price for information regarding distributions at death.
- Disability. You may request a distribution if you are permanently disabled.
- Plan Termination. In most cases you may request a plan distribution if your 403(b) plan is terminated.
- Withdrawals from 403(b) Plans
Find out more about how to take withdrawals from your 403(b) account.