403(b) account


Q. Many years ago I withdrew money from a previous employers retirement system (not federal) and rolled over to a private mutual fund company, where the fund was put into a 403(b) and tagged with a USDA title. It is not an account associated with USDA, but since I was starting work with USDA at the time somehow that label got assigned to the account.

I want to roll over these funds from the current private mutual fund company to another private mutual fund company. The first company said I can’t do it until a live qualifying event happens, but those events are not on the short-term time horizon. The first company said to ask if USDA could do a “matching registration” and set up a 403(b) account at the second private mutual fund company on my behalf; if so, then the first company could then transfer the funds to the 403(b) account at the second company.

Not sure if this is possible, but could USDA do such a thing for me? Who could I contact to investigate this?

A. It sounds like, whether you realized it or not, the money was rolled over into a USDA 403(b) account. You should take the matter to your payroll office to try to figure out what is going on.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

Leave A Reply