Looking for real answers from long term civilians in the work place
 

Greetings :IW:, without creating animosity, or anything of the like, I have a question regarding retirement plans I would like to get real life experiences from any and all that might have them to share.

The take home packet I received from my new employer has some things different than the last. The new company is a Not-For-Profit (NFP) organization and therefore has different packages.

403b, I have a 401k and understand how it works, but have x days remaining to close it out. 403b reads similar, but different, what is the real difference?

Can one transfer 401k funds to 403b funds sans penalty? Different institutions as well. Current Fidelity, going to Vanguard.

What options might there be, as this is an area I'm clueless in.

Bottom line, I must close out my 401K from my previous employers corporate account within 90 days.

Re: Looking for real answers from long term civilians in the work place
 

With all the expertise of a new graduate of HR Block's tax prep course, I can tell you they're basically the same. Well, as of 2008. I haven't heard the '09 tax year updates yet. They serve the same function (help you save for retirement), have the same maximum contribution limits, and same age limits for making contributions or taking withdrawals. This fairly short article sums up the similarities & differences.

AFA the rollover, you can roll between 401k and 403b since both are funded with pre-tax dollars. Just be sure to roll directly between them to avoid tax problems -- don't have it distributed to you first. I'm sure if you call Vanguard, they can handle it for you.

Re: Looking for real answers from long term civilians in the work place
 

Good for you VR, and what an excellent short and to the point article, thank you.

Re: Looking for real answers from long term civilians in the work place
 

Here, this may interest you, just saw it today. http://finance.yahoo.com/news/Retire...mod=retirement