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AIG and my 403(b)

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    AIG and my 403(b)

    I have a 403(b) account with AIG from when I was a teacher.

    Thankfully AIG did not go bankrupt this week - by the skin of their teeth.

    However, my confidence level in keeping what's left of my money in that account is quite low.

    Is there something I can convert my 403(b) into with no current day tax consequences? Also, how can I find out what company might be more stable?

    I have a Roth at TROWE, so would like to avoid them (not having all eggs in one basket.)

    Thanks!

    #2
    See section Asset Safeguards.
    http://www.403bwise.com/pdf/AIGR_Tlk...ternal_Use.pdf

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      #3
      Having all investments isn't such a bad thing. I have my stuff at Fidelity and makes life very easy, plus I get perks like lower costs for trades and advisory services for free. If your brokerage goes out of business, you will still own the shares of the stocks your fund owned before, unless the fund owned your own brokerages' stock. And even then it would have to be 100% of your bokerages' stock to make your portfolio go to zero. SPIC protection will make you whole by getting you all the shares you own should something happen.

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        #4
        So even if AIG were to completely fall on it's face, it wouldn't change the fact that I own however many shares of stocks?

        If so, then I guess I won't worry about finding a different place to put it all.

        Thanks for your input.

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          #5
          AIG is a custodian for holding the stocks- if AIG goes bankrupt, the stocks they owned do not belong to them-they belong to you. The assets would be transferred "in kind" to another custodian for the 403b.

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            #6
            I can help you. I work for New York Life and we are the most highly rated and financially stable company in the industry. I have been working with a lot of 403b rollovers from AIG. I can show you a few options. Thanks

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