[hamboner3]

I need to borrow money from my 403B but after contacting Franklin-Templeton I learned they do not allow for loans. May I move my shares to a provider that does allow for a loan. Due to some real estate ventures that have gone bad my credit is also bad which prevents me from choosing other avenues.

Thanks

[ebaines]

Your 403(b) is a retirement plan that is set up by your employer - either a school or a non-profit. As long as you are working for that employer the account stays with the administrator they've chosen (Franklin-Templeton). So no, you can not on your own change the plan administrator.

Some 403(b) plans allow loans, but many don't. If your plan does not, then the only way to access the money while still employed is if you qualify for a hardship withdrawal, which means the withdrawal is being made for:

- Un-reimbursed medical expenses of the participant or his/her spouse and dependents.
- Down payment on primary residence.
- Tuition and fees for higher education needs, and only for the next 12 months.
- Eviction or foreclosure on your primary residence

Under these cases the plan must allow you to take a withdrawal, but be aware that you will owe income taxes plus 10% early withdrawal penalty.

If you are no longer employed by the institution where the 403(b) is set up, you can roll the account to your own IRA and then take a withdrawal from there. But again, taxes and penalty would be due.