403b/401k question

tommymac · 07-29-2009, 11:41 AM

Just wanted to see what you guys thought about this. I have a possible job offer for an Er up in the bronx (going from one ghetto to another

) now I am suppose to speak to the director today as far as the job itself but my freind who works there tells me the job is prety much mine if I want it (expierenced ER PA's who are willing to work only nights seem to be a rare commodity)

Now being a creature of habit I am a bit hesitant about making the jump but thats something I need to deal with. Now part of my decision making process is the retirement plans. I am assuming they have a 401k there that i would roll my money into from my 403b acct at the hospital now. My question is would it be worth doing now since a lot of my investment sare a little on the down side since the economy is in the crapper. Someone said I may be able ot leave my 403b and start a new 401k and roll it over later. Just wanted to see what thoughts everyone had on this.

The state 403b acct is prety good, between the hospital matching part of my contribution and having a supplimental acct where I am contributing another 15500 a year into it or what ever the max is now.

tom

wildchild · 07-29-2009, 11:52 AM

i know nothing about a 403b acct but, I know if you change jobs with a 401k involved you have a few months to roll it over into another acct.

would working in the bronx be a better position for you?

RACER X · 07-29-2009, 11:53 AM

i don't think you can bringyour 403b into a 401k account.

tommymac · 07-29-2009, 11:57 AM

Quote:

Originally Posted by wildchild

i know nothing about a 403b acct but, I know if you change jobs with a 401k involved you have a few months to roll it over into another acct.

would working in the bronx be a better position for you?

In some ways its a lateral move. I need to see if the money is substantially better, lookin gfor at least 10k a year more than i am getting now with night differential. Upside is its only 3 12hr shifts a week, seems like decent sick/vacation time. The bummer is I have ot cross a bridge/pay a toll to get to work(but I do that quite a bit with the side jobs and this ER is nearby so going from one to another will be quite easy. Also leaving my house to get to the bronx around 5;30 or 6pm doesnt look promising with traffic so thats something to consider.

I believe a 403b is like a 401k but the money I contribute now eases my tax hit now. When i file it sets my gross as 15500 less than what it is.

Tom

pauldun170 · 07-29-2009, 11:53 AM

you should be able to keep the 403b plan and roll it over when you feel like it.

However..I'd just roll it all over now. Markets have stabilized. Just make sure you set up the properly for your age.

pauldun170 · 07-29-2009, 11:54 AM

Mty wife has a 401K acct from 6 years ago

sitting around collecting dust

shmike · 07-29-2009, 11:57 AM

Whether the investments are up or down shouldn't really have any bearing on if you roll your acct or not.

If you have more that the minimum amount ($5k for most plans) at your current employer, you can leave it there and start a new 401k at the new place. Just because you can roll it doesn't mean you need to or it makes sense to.

My decision would be based on which funds are offered by the various plans. If your current 403b has better fund options, leave what you have there. If the new plan has better fund options, it may be worth while to roll everything over.

Congrats on maxing out your plan. The Max this year is $16,500. Remember that is how much YOU can contribute, all employer contributions are on top of that.

Rider · 07-29-2009, 11:59 AM

Quote:

Originally Posted by shmike

Whether the investments are up or down shouldn't really have any bearing on if you roll your acct or not.

If you have more that the minimum amount ($5k for most plans) at your current employer, you can leave it ther and start a new 401k at the new place.

My decision would be based on which funds are offered by the various plans. If your current 403b has better fund options, leave what you have there. If the new plan has better fund options, it may be worth while to roll everything over.

Congrats on maxing out your plan. The Max this year is $16,500. Remember that is how much YOU can contribute, all employer contributions are on top of that.

Non taxable. You can contribute after tax as much as you want.

shmike · 07-29-2009, 12:07 PM

Quote:

Originally Posted by Rider

Non taxable. You can contribute after tax as much as you want.

Rider · 07-29-2009, 12:20 PM

Your pre-tax contributions are capped but your after-tax contribution have no cap. Not all plans allow after tax contributions but many plans do.

07-29-2009, 11:41 AM	#1
tommymac Moto GP Star Join Date: Nov 2008 Posts: 11,022	403b/401k question Just wanted to see what you guys thought about this. I have a possible job offer for an Er up in the bronx (going from one ghetto to another ) now I am suppose to speak to the director today as far as the job itself but my freind who works there tells me the job is prety much mine if I want it (expierenced ER PA's who are willing to work only nights seem to be a rare commodity) Now being a creature of habit I am a bit hesitant about making the jump but thats something I need to deal with. Now part of my decision making process is the retirement plans. I am assuming they have a 401k there that i would roll my money into from my 403b acct at the hospital now. My question is would it be worth doing now since a lot of my investment sare a little on the down side since the economy is in the crapper. Someone said I may be able ot leave my 403b and start a new 401k and roll it over later. Just wanted to see what thoughts everyone had on this. The state 403b acct is prety good, between the hospital matching part of my contribution and having a supplimental acct where I am contributing another 15500 a year into it or what ever the max is now. tom

07-29-2009, 11:53 AM	#3
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	i don't think you can bringyour 403b into a 401k account. __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.

07-29-2009, 11:57 AM	#7
shmike Follower Join Date: Nov 2008 Posts: 5,549	Whether the investments are up or down shouldn't really have any bearing on if you roll your acct or not. If you have more that the minimum amount ($5k for most plans) at your current employer, you can leave it there and start a new 401k at the new place. Just because you can roll it doesn't mean you need to or it makes sense to. My decision would be based on which funds are offered by the various plans. If your current 403b has better fund options, leave what you have there. If the new plan has better fund options, it may be worth while to roll everything over. Congrats on maxing out your plan. The Max this year is $16,500. Remember that is how much YOU can contribute, all employer contributions are on top of that. __________________ Racing For Smiles

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07-29-2009, 11:52 AM	#2
wildchild cruiser Join Date: Nov 2008 Location: on the run Moto: '09 HD superglide, 16 Yamaha FZ 09 Posts: 2,749	i know nothing about a 403b acct but, I know if you change jobs with a 401k involved you have a few months to roll it over into another acct. would working in the bronx be a better position for you?

07-29-2009, 12:20 PM	#10
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	Your pre-tax contributions are capped but your after-tax contribution have no cap. Not all plans allow after tax contributions but many plans do.