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Roll over 403b to solo 401k?

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  • Roll over 403b to solo 401k?

    Thanks for this great forum. I am new here and immensely enjoining it already. My hospital changed how they handle our retirement benefits last year and abandoned the old 403b set up to transition to a more complicated (at least for me) arrangement. They use to give 10% retirement contribution on top of salary to use as one pleases. Mine went to Fidelity 403b. Now they are giving pension (mandatory contribution) based on a formula using % of your salary, years service and age + a small match on what you decide to contribute. The problem is they changed the financial institution as well and now the new investment choices are pretty crappy compared to what I had with Fidelity. I am planning to contribute just so I can get the match, it will be about $12K of contributions. So now my Fidelity 403b is dormant. I cannot contribute pretax there. I just opened a solo 401k with Fidelity for my 1099 expert witness work and would like to roll over the 403b to the solo 401k. Am I allowed to do this? I am thinking to contribute the remaining employee contributions there as well + the 20% employer part. I can also keep the 403b separate but was thinking for convenience to combine the two. Any thought are greatly appreciated.

  • #2
    Whether you can r/o or not depends upon your employer. You should have received documentation explaining what you are allowed to do with the 403b. Since the plan has been ter instead, my guess is that you will be allowed to roll it out. Check with your HR department or the former plan administrator for the 403b. Note that if they are "recommending" a specific provider to continue to service the plan, it might be difficult. We have just run into this and the providers are pretending to be very uninformed about the participants' options. Read the documentation for yourself and engage someone who is familiar with the paperwork necessary if you need to.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      Thank you. I will get more info from HR.

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