I just left an employer (healthcare institution) after one year of service. Can I withdraw my 403B monies, since I'm no longer contributing?

Thank you,

That account was "tax-deferred", meaning it was funded with dollars that were never taxed...so to make a withdrawal BEFORE you reach age 59.5 you must pay a penalty of 10% of the balance AND then pay regular Income taxes on the remainder....if you balance is large enough that adding it to your income for this tax year will push you into a higher tax bracket, you will pay that higher rate, too!

Both 401(k) & 403(b) Plans are structured with such penalties so that nobody in their right mind would DO what it is you want to do!

The sane thing would be to "roll it over" into an IRA, then leave it alone until you retire...

You should check with the plan documents which should have a minimum balance requirement to keep the money in the plan if you leave employment. Under Department of Labor regulations, if your balance is less than $5,000, the plan administrator will automatically send you the balance. Since many 403b plans are often variable annuities, you may need to pay surrender charges which can be quite hefty. If your balance is high enough, you have the choice of keeping it in the plan or roll it over into a traditional IRA without incurring income taxes.

Yes you can....just not very wise to not roll it over into an IRA.

I just left an employer (healthcare institution) after one year of service. Can I withdraw my 403B monies, since I'm no longer contributing?

Thank you,