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Jericho Office

500 North Broadway,

Suite 251A
Jericho, NY 11753

403b Transfers

This is the last of our 6-part series discussing the basics of variable annuities and mutual funds in 403(b) plans.  We have discovered that many teachers are unaware of the high fees hidden within their 403(b) plans.

But there is a way to change this, and we can help.  The following steps are best undertaken with an experienced advisor:

  1. A determination needs to be made of the surrender fees involved in the variable annuity contract that is usually based on how long you have had the policy.
  2. Calculation of funds that can transfer out of your policy penalty-free.
  3. Research the vendors available in your school district.
  4. Begin the transfer/enrollment process to the new vendor.

At NXT Phase Financial, John Carbonara has worked with dozens of Long Island teachers in transferring out of variable annuities into mutual funds, so their hard-earned money works for them and not toward high fee variable annuities.