A plan-to-plan transfer is a feature (available through 403(b) plans only) that allows members to transfer plan monies to another account/plan/another trustee. This allows members who are still employed to transfer money out of one 403(b) plan to another without owing tax and without having to be age 59 ½.
Members with existing core and Plan-to-Plan transfer accounts as of 12/31/08 who transfer money from another 403(b) into the plans on or after 12/31/08 will have their current account subject to the plan rules as of 12/31/08. Any subsequent Plan Transfers will be subject to the five years of service restriction on Plan Transfer Account Withdrawals.
If you are a current premium-paying member of any MMBB Plan, an inactive Plan member or an MMBB annuitant, eligible to participate in the MMBB Benefit Plans based on your employment, you are eligible to have a Plan transfer of 403(b) accounts to MMBB.
If you are an eligible member, you may establish a Plan Transfer Account any time.
You do not need to have a Retirement Plan account to enroll for a Plan Transfer Account.
If you do not have a Retirement Plan account, an account will be set up for you when you transfer funds from another 403(b) plan. No application will be required to join the Retirement Plan.
Your employer will have to complete an Adoption Agreement allowing Plan-to-Plan transfers before MMBB can accept the funds.
Your funds will be initially invested in the Balanced Fund. You may then invest in any of the nine investment funds available to you. To make a fund transfer, visit the Actions section of this Web site.
If a request is received before 4 p.m. Eastern time the request will be processed at that day’s closing net asset value. After 4p.m. Eastern time, the request will be processed the next business day. Should the market close early, the closing time will be the last opportunity for the trade to occur that day.
A statement confirming your transfer(s) will be sent to your mailing address on file within two business days.
If you would like to establish a Plan Transfer Account, please speak with a Senior Benefits Specialist.
The Ministers and Missionaries Benefit Board offers a wide variety of investment funds in various risk/return profiles that allow you to create a customized investment strategy based on your savings goals.
Read the Investment Options section of these Plan Guidelines for more information about the funds available in this plan.
At any time without penalty or taxable liability, you have the option of transferring all or part of your Plan Transfer Account balance to another 403(b) plan at another institution.
Note: If you have an outstanding loan balance from the Plan Transfer Account, you must retain in the core investments in your Plan Transfer Account an amount equal to your outstanding loan amount. The remaining amount is eligible for a Plan Transfer when the outstanding loan is repaid.
The Plan Transfer Account will be included when determining the amount available under the Retirement Plan for a loan. Loan amounts will be automatically taken proportionally from your applicable investment funds within each money type.
You can find more information about loans by going to the Loans section in these Plan Guidelines.
Members may select a single life annuity payment option, which pays annuity benefits to you for a long as you live, or a joint life payment option. The guarantee means that annuity payments are not only guaranteed for life, but if you (or you and your joint annuitant) die within 10 years of retirement, your beneficiary will receive payment of the remaining balance of the 10-year period. The first annuity benefit check is usually paid in the middle of the month you choose, with later payments received by the first of each month.
If you choose not to convert your entire account to an annuity, the plan offers payout options for the remaining balance.
You can find more information about distributions by going to the Distributions section in these Plan Guidelines.
There are no limits to the number of Plan Transfer Account withdrawals you can take.
Withdrawals prior to retirement are subject to IRS penalties.
You can find more information about withdrawals by going to the Withdrawals section in these Plan Guidelines.