BRIDGEPORT, W.Va. (WDTV) -- Question: I am retired from the Harrison County Board of Education and have tax sheltered annuity. Do I have to wait until I am 59 1/2 to do something with it?
Answer (John Halterman-Beacon Wealth Management): "The one thing I will tell you is that a tax sheltered annuity is a 403(b) retirement plan in the IRS code.
Just like all retirement plans, once you separate from service, you can actually roll that plan over into an IRA if you desire. By doing that you will continue tax deferral on the earnings and you will not be subject to any penalties.
In terms of distributions, I do not know exactly what age you are, but you may be subject to an early 10% distribution if you are not 59 1/2, unless you do something called a 72(t), but that is a whole other thing.
You do have options, you are retired so you can definitely do something else with that plan."