4058 / May an employee exchange his or her tax sheltered annuity contract for another contract in another 403(b) plan?

Under the final regulations, a plan-to-plan transfer from a 403(b) plan to another 403(b) plan is permitted if each of the following conditions is met:

(1) the participant is an employee or former employee of the employer for the receiving plan or, in the case of a transfer for a beneficiary of a deceased participant, the participant was an employee or former employee of the employer for the receiving plan;

(2) the transferring plan provides for transfers;

(3) the receiving plan provides for the receipt of transfers;