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Retirement Investors' Club (RIC)

Check for Transfer Restrictions or Fees

Active providers have no restrictions or fees for transfers except in the case of Nationwide's fixed rate account. Nationwide has a 5-year restriction for transfers made out of their fixed rate account while employed by the State of Iowa.

Inactive providers may have surrender charges that limit your ability to transfer part or all of your assets without a penalty. A surrender charge is typically imposed for a set period (5, 10, 15 yrs, etc.) and decreases each contract year from the original date of your policy or the date of each contribution. Check with your inactive provider or review your policy for surrender charge details. If your policy has a surrender charge, there may be an option to transfer your assets over a period of time to avoid penalties.

Be aware that a transfer is completed by selling your investment(s) with the old provider and purchasing new investments with a different provider. You may begin directing all future contributions to a new selection of investments with a different provider even if you are not ready to sell your old investment. Talk to an active provider representative about whether or not transferring your investments is appropriate for your retirement savings goals and objectives.