Consumer Law, Warranties Annunity

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tiptoe

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Hi,

Thank you for any help. My question is rather specific.

I have an annuity with a NYS church life insurance company. I am a minister and church employed. The annuity is funded by me and my employer. The annuity is in my name.

Question:

If I were to leave church employment and become a teacher, could I continue to fund the annuity through my own payments and keep it until maturity, or do they have a right at severance of employment to cash me out? I want to hold it until maturity.

Thank you. This is a rather urgent matter.
 
Need to know exactly what type of plan you have...401, 457, 403b, etc,..before someone can help.
 
What are the options for a 403(b) when switching jobs?
http://www.403bwise.com/faqs/

1. Move the money into your new employer's 403(b) plan. Note, as of 2002 a 403(b) can be rolled into a 401(k) and vice versa. Not all plans allow such transfers, so check with your employer (former and present) and plan provider (former and present).

2. Roll it into an IRA. See: Rolling a 403(b) into an IRA

3. Leave it where it is, especially if you like your investment choices. If the balance is below $5,000 some employers require you to move the money. Check with your employer.

4. Take a lump sum payment. Beware! This is not Wise at all. This will trigger all kinds of fees and penalties, and worse, ridicule and scorn from your Wise friends.

For more detailed information refer to IRS Publication 571. You can obtain this document by calling 1-800-829-3676 or it may be downloaded by clicking on IRS Publication 571.
 
Thank you greatly!

If I take option "3", can I keep funding it in the years to come until maturity? My concern is to be able to hold fast to the lifetime income stream of an Annuity. Thank you again.
 
I do not know for sure, sorry. Your new employer and/or agent can best advise you.
 
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