What is a surrender fee?

A surrender fee is a fee that may be charged if you withdraw funds from your 403(b) account before a certain period of time has passed. 

Be careful since surrender fees often can last from 5 to 15 years.

The amount of the surrender fee can vary depending on the investment provider and the terms of your specific 403(b) plan. Some plans may have no surrender fee at all, while others may charge a fee that is a percentage of the amount withdrawn.

It's important to be aware of any surrender fees associated with your 403(b) plan before you make a withdrawal, as they can significantly reduce the amount of money you receive.

If you're considering transferring your funds from your current 403(b) plan to the CTA 403(b), you should review the terms of your plan and consult with the CTA Retirement Savings Plan Team to understand the potential implications and any fees associated with the withdrawal or transfer.