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403(b) Exchange Authorization Form Participant The 403(b) Exchange Authorization Form must be submitted to National Benefit Services, LLC (NBS), the third party administrator, to authorize any exchange

How to fill out 403b exchange authorization bformb

How to fill out 403b exchange authorization form?

1. Start by obtaining the form: The 403b exchange authorization form can usually be obtained from your employer or the financial institution managing your 403b plan. Contact them to request the form if it is not readily available.
2. Personal Information: Begin by providing your personal information such as your full name, address, social security number, and contact information. Ensure that you accurately fill in all the required fields.
3. Account Details: Next, you will need to input the details of your existing 403b account that you wish to exchange. This will include the account number, the name of the financial institution holding the account, and any other necessary information.
4. Exchange Instructions: Indicate the specifics of the exchange you wish to make. This may include the amount you want to transfer, the investment options you prefer, and any other instructions or preferences you have. Ensure that you carefully review any guidelines or limitations provided by your employer or the financial institution.
5. Signature: Sign and date the form to confirm that the information provided is accurate and that you understand the terms and conditions of the exchange. Some forms may require additional witness signatures.

Who needs 403b exchange authorization form?

1. Employees with 403b accounts: Any employee who participates in a 403b retirement plan and wishes to transfer or exchange their existing account holdings would need to fill out the 403b exchange authorization form.
2. Individuals changing jobs: If you are changing jobs and have a 403b account with your previous employer, you may need to fill out this form to transfer your funds to another 403b plan with your new employer or an individual retirement account (IRA).
3. Those seeking better investment options: Some individuals may choose to transfer their 403b funds to another plan or investment option that offers better investment choices, lower fees, or additional benefits.

Remember, it is important to consult with a financial advisor or tax professional before making any decisions regarding your 403b account or filling out the exchange authorization form to ensure that you fully understand the implications and potential tax consequences of the exchange.

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