§403(b) Orphan Accounts
If you are holding an account(s) with an investment provider who has exited the
§403(b) market or is not approved under your employer’s plan, moving your §403(b)
account to a district-approved
provider can make accessing your retirement savings easier.1
Orphan accounts
An orphan account is one that has received elective deferral contributions after 12/31/04 but the investment provider is not an approved vendor under your employer’s plan as of 1/1/09. If you currently have an account with a vendor that is no longer offering §403(b) plan services or is not approved by your employer, you will not be able to make further contributions to the account with that vendor.
In addition, should you wish to take a loan or distribution from that account2, your vendor must make a reasonable effort to share information with your employer or your employer’s plan administrator and obtain information prior to processing the loan or distribution.
If you wish to continue to contribute to a §403(b) retirement savings account, you must open a new account with an approved vendor. You may exchange monies in your orphan account into your new account with an approved vendor if you wish.
Ask your school business manager if Legend is an approved §403(b) provider for your district.
Enjoy Many Investment Choices with Legend
With a Legend §403(b), you can enjoy a choice of 80+* nationally recognized mutual fund families (representing thousands of individual funds), within a single §403(b) custodial account, while your employer need only sign and administer one agreement with one vendor—Legend.
1Before initiating a transfer, please consider any fees or expenses associated with such a change.
2Applies to accounts funded by salary reduction contributions after 12/31/04 and accounts funded by exchanges after 9/24/07.
All investment options are subject to employer approval.
*80+ mutual fund family choices are available only when FTC is the custodian and Pershing, LLC is the clearing firm.
Pershing, LLC is not an affiliate of Legend Equities Corporation.
Before investing in a mutual fund, consider its investment objectives, risks, charges and expenses carefully. The prospectus, which contains this and other information about the mutual fund, can be obtained by contacting Legend Equities Corporation. Please read the prospectus carefully before you invest or send money.