How to Get Out of AXA/Equitable, Apr 26, 2023

First Things First: Stop Contributions to AXA/Equitable

1. Cease contributions to AXA/Equitable by filling out a new Salary

Reduction Agreement (SRA) with your employer.

2. Open a new account with a lower-cost vendor available through your

employer. Ideally you have access to one of these companies: Aspire,
CalSTRS Pension2 (California), Fidelity, MissionSquare (formerly ICMA-
RC), TIAA, T. Rowe Price or Vanguard. If you are not already a FB Group
member, join and get help identifying a low-cost vendor. The vendor list is
maintained by your district’s third party administrator (TPA). If you are stuck
with only bad choices, you have several options: a) Use the403bwise
Advocacy resources to make the case for the addition of a better vendor; b)
See if your employer offers a 457(b) plan which has some key advantages
over the 403(b); c) Open a Roth IRA through any financial company you
want.

3.Start contributions to new 403b vendor via a new SRA.

How to Get Out of AXA/Equitable Instructions

1. AXA requires that you request their transfer-out form by starting in your
online account. Start in Transactions in your online account. Go to
Withdrawals and select Third Party Transfer. For lower balances, you may
be able to download and print the form. For larger balances, a call has
been required. You will be dealing with the AXA 800 help #, not with your
rep. The AXA rep is required to read off a number of points to you, so you
need to listen to them so they can check that off. You are doing a contract
exchange to a lower cost (non-annuity) vendor or IRA, it’s a no- brainer
(and they probably know it). AXA reps have told participants that the form
must contain a "unique identification code" generated by AXA that is only
available by starting with your online account. This “code” sets the 90 days
by which the completed form must be returned to AXA. AXA mails the form
to you.

2. The receiving vendor likely requires you to complete their form for
incoming transfers. That is the case for Fidelity, Vanguard and Aspire. Ask
the new vendor for this form and complete it. You may be asked to include
a recent account statement. If your new 403b vendor is Fidelity, contact one
of these recommended reps for help with their form and the transfer:
donna.pair@fmr.com, hanna.torres@fmr.com, humberto.chavez@fmr.com

3. Both the new vendor and AXA need evidence that your district's Third
Party Administrator (TPA) approves the contract exchange. TPAs frequently
provide a Certificate of Approval for transfers that you print out. As an
alternative, they may sign on the bottom part of Section 5B of the AXA
Transfer Form if this is a contract exchange. The TPA would sign on the top
part of Section 5B if this is Direct Transfer or Rollover. Call the TPA and ask
if they will provide the certificate. If Your district’s TPA is OMNI/TSACG, this
is their form for generating their
certificate:https://transaction.tsacg.com/index.php If the TPA/district must
sign AXA’s form because they don’t issue a certificate, you need to send
the AXA form to them for signing and have them return it to you.

4. A number of members recommend sending the 3 forms together to the

new vendor: A. the AXA transfer-out form, B. the new vendor transfer-in
form, and C. the Certificate of Acceptance (if provided by the TPA), to the
new vendor.

5. In Section 3 of AXA’s form, it states that the new vendor must (1) check
whether it is a Transfer/contract Exchange, a Rollover, or Conversion
Rollover, and (2) sign at the bottom. At times, Vanguard and Fidelity have
wanted to issue a Certificate of Acceptance, instead of completing Section
3. In your cover letter, state that the new vendor needs to “check one only”
and to sign in Section 3 of AXA’s transfer form. AXA requires the signature
of the “certifying officer”.
Notes on the Equitable Transfer Form

1. When you have the AXA Transfer Form, fill out your parts of Sections 1,
2A and 2B. If you are moving your balance between vendors on your
current employer’s vendor list, you are doing a “contract exchange” and
Section 2A applies to you. The “contract” is the document you signed to
establish your AXA account. Check both boxes on Section 2B on page 4.

2. Section 3 on page 4 is completed by the new vendor. The new vendor

may prefer to issue a Letter of Acceptance but the AXA form says that only
the signature on their form is acceptable.

3. Read the section that applies to you: Section 4A applies to a Contract

Exchange. Section 4B applies to rolling over an AXA plan with a previous
employer to current
plan. Section 4C applies to rolling the account into a Roth IRA. Section 4D
where you sign applies to all transactions.

4. Your district’s Third Party Administrator (TPA) can handle their signing off
on your transfer in either of 2 ways: they can sign their form which you then
include with the AXA form, OR they may sign the lower part of Section 5B.
Call the TPA and find out how they handle it.

5. Section 5A is not required unless your district’s 403b plan is an ERISA

plan. Most K-12 district plans are not governed by ERISA. Check with your
TPA to confirm that your employer’s plan is not an ERISA plan.

6. The upper part of Section 5B is for a former employer to sign if this is an

employer plan to employer plan transfer. The lower part of Section 5B is for
your district’s TPA to sign unless you are rolling an AXA account to an IRA.
(Your TPA may issue their own document rather than sign AXA’s, which is
acceptable to AXA.)

7. In summary, if you are doing the usual contract exchange between AXA
and another vendor on your employer’s 403b vendor list, you need to
complete Sections 1, 2A, 2b, 4A (read only) and 4D. Get the TPA’s
certificate of approval if they use one. If they don’t use one, they must
complete Section 5B of AXA’s form. Send the TPA certificate and the new
vendor’s transfer in form and AXA’s transfer out form to the new vendor.
After completing Section 3, the new vendor will send the Equitable form
and the TPA form (if provided) to Equitable for processing. Faxing is the
best way to send forms. After sending forms, check that they have been
received and that they are satisfactory.

8. It can take several weeks for your money to show up in your new 403b
account. If a check is lost in the mail, it will have to be resent, so keep
checking. The 403bwise Facebook Group is a great place to ask
questions about this process. Good Luck!