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What is the difference between a withdrawing funds and transferring them?

April 26, 2017funds transferring WITHDRAWING

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What is the difference between a withdrawing funds and transferring them?

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Withdrawing funds is taking money out of the RSVP. Transferring funds is moving funds from one investment option to another within the RSVP. You can withdraw funds from the IncomeBuilder Annuity without a surrender charge or withdrawal fee if you retire, lose or quit your job, or experience disability or hardship. Your plan beneficiary can withdraw funds without charges or fees if you die. If you decide to withdraw funds from the annuity for other reasons, you can do so, but you will be charge a 5% fee for any withdrawals above 20% of your account balance.