May I Borrow Against the Money in My TSA?
Most fixed dollar TSA contracts have a loan feature. Loan provisions vary from company to company. Generally, the law permits you to borrow 90% of the withdrawal value of your TSAs, if the loan does not exceed $10,000. If the amount borrowed exceeds $10,000, the maximum loan is 50% of the withdrawal value of your TSAs, not to exceed $50,000.
Again, TSA companies may have different rules that still fall within the Internal Revenue Code guidelines. Check with your TSA provider for their specific loan rules. By law, the loan must be repaid in at least quarterly installments of principal and interest over a period not to ... [Full Article]
403(b) Q & A Here is a list of frequently asked questions…
Section 403(b) plans (or tax-sheltered annuities) are contribution plans for employees of educational and tax-exempt organizations under IRC 501(c)(3). The new final 403(b) regulations, published on July 26, 2007, amend the original rules that U.S. Department of Treasury and the Internal Revenue Service (IRS) last issued in December 1964. These new rules are similar in many respects to the proposed 403(b) regulations issued in 2004.
What is the purpose of the new final 403(b) regulations?
The purpose of the new regulations is to have every 403(b) policy subject to plan governance, otherwise the participant must move to an Individual Retirement Account effective January 1, 2009.
• Primary purpose is to organize and conso... [Full Article]
