403B buying from self

[Lightup]

Hello, I am curious. I work for the school but am also a licensed insurance agent. Can I buy from myself and ope a 403b or do I have to go with schools vendors?

 

[xrac]

I am a little rusty in this stuff but here is what I think I recall. You cannot set up your own 403b to my knowledge because you are nit a non-profit. You could go with an IRA or a Roth and sell yourself annuities products. However, you could not use mutual funds, VAs, or exhchange traded funds since you are not securities licensed. I doubt that the commission you would make would be worth the headache. Besides there is usually some type of contribution match or separate contribution by the school system.

 

[scagnt83]

Ask your principal. Lol.

Seriously though, ask your principal. Some districts have exclusive agreements with a certain agency. Some schools have exclusive agreements with a certain agency. Some districts/schools will make exceptions to existing agreements if they exist, especially for circumstances such as this. Some have no agreement and the Principal is the gatekeeper for who gets in and who doesnt. So your school's principal will know.

IF the district/school allow you to sell it, you MUST use one of the approved Carriers for the District's 403B program. You may or may not have access to that Carrier. Most Districts use multiple carriers I think, but some dont. You also must use the TPA specified by the District.

 

[xrac]

Ask your principal. Lol.

Seriously though, ask your principal. Some districts have exclusive agreements with a certain agency. Some schools have exclusive agreements with a certain agency. Some districts/schools will make exceptions to existing agreements if they exist, especially for circumstances such as this. Some have no agreement and the Principal is the gatekeeper for who gets in and who doesnt. So your school's principal will know.

IF the district/school allow you to sell it, you MUST use one of the approved Carriers for the District's 403B program. You may or may not have access to that Carrier. Most Districts use multiple carriers I think, but some dont. You also must use the TPA specified by the District.

Better answer than I gave !