The short answer is "it depends". Liquidity here depends upon a number of different factors like surrender penalties; if it is a good idea to "sell" at this time considering market exposure; maturity dates of the investment(s); or simply if the plan permits liquidation. Detailed information of your specific plan if essential to make an accurate recommendation. If you are over age 59 1/2 you likely simply request a distribution.
Hi Cathy! Your best bet is to contact the Human Resources department for your previous employer. They will have information on the plan as well as the guidelines for accessing the funds, including information about transferring the account, and making regular withdrawals. Each plan is different, and the HR team should be able to point you in the right direction. Good luck!
Catherine, it depends on where your account is. If your account is an annuity, which is common in 403(b) plans, you will likely have a ‘cumulative deferred sales charge’ or CDSC, which will be a deferred sales charge typically going back 7 years. So you could still access your funds, but there could be an additional charge. Your withdrawals are subject to income tax, and if you are not 59 ½, you will be assessed an additional 10% penalty