Pay Day Loan

You payday advance should have a provision in your plan that allows you to take distributions on your rollover cash loans at any time. I run large plans for Fidelity. That being said, you have now comingled the assets and unless your new recordkeeper knew these were after-tax assets and has kept those assets separate from the pre-tax assets, you may be up a creek. Is there any problem with doing a Backdoor Roth and cash loans Mega Backdoor Roth in the same year.

Not sure about that. If I move my after-tax to an IRA, am I exposing myself to creditors. Do IRAs benefit from the same protections as 401k accounts. Curious, does this opportunity only apply to people with 401(k) retirement accounts.

Can the same process be applied to individuals with 403b or 457 retirement accounts. I ran them for 12 years. As long as the plans have the underlying provisions like the after-tax source and in-service withdrawals, then you are golden. And if you have access to do this in a 403(b) and 457 at the same time, you actually can use each plan for its own deferral limit. They fall under different IRS codes and therefore have independent deferral limits and the two plans do not interfere or look at aggregate contributions across plans.

As long as you do these things in plans that fall under different IRS codes, you have so many opportunities to sock the money away.

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