Equitable (Formerly AXA) — The Masterclass in Making 403(b) Transfers Miserable
If you’ve ever tried to move money out of an Equitable (formerly AXA) 403(b), you know the process can be time-consuming and frustrating. For those who haven’t — consider yourself fortunate.
Back in the summer, I helped a client transfer funds from an old Equitable 403(b) account to a lower-cost provider. What should have been a routine process turned into a maze of delays and administrative challenges.
It started with a simple question: What paperwork is needed?
Equitable’s answer: We’ll mail it to the client.
That’s right — not email, not fax, not secure upload. A physical form that takes several business days to arrive. For comparison, many other providers can deliver similar documents electronically within minutes.
Once the paperwork arrived, my client and I followed every step carefully:
Completed Equitable’s transfer paperwork
Completed all required paperwork for the receiving firm
Obtained the compliance administrator’s signature
Provided the Letter of Acceptance from the receiving institution
Submitted everything promptly and accurately
Days passed without confirmation or update. When we called to check the status, we were told the request was “not in good order,” yet no one had notified us of any issue.
Adding to the frustration, Equitable representatives generally require the client — not the advisor — to call for clarification. These conversations can be lengthy and often include reminders about “market performance,” “loss of benefits,” or “possible surrender charges,” which may cause clients to hesitate about completing their transfer.
Even the paperwork can be confusing — with multiple transaction types, inconsistent instructions, and approval requirements that can lead to rejection if even one field is incomplete. A single missed box can delay the process for weeks.
This experience isn’t unique. Many educators have described similar difficulties on public forums such as Reddit, Bogleheads, and 403bwise:
“Wanted to transfer all my money from my 403(b) at Equitable to Vanguard. It was a very painful process and Equitable is horrible with customer service.” — Reddit user, r/personalfinance
“The process when trying to transfer: … the form arrives by mail in 7 days … forms need to be signed by school plan administrator and accepting institution … Equitable sits on forms for weeks and won’t process … numerous phone calls to Equitable with no status update.” — Reddit user, r/Bogleheads
“Teachers, please avoid AXA, The Legend Group, Lincoln Financial, Voya, Valic or any other company with a high expense ratio. … I have $13,700 in my AXA account. If I were to roll this money to my Vanguard account, there is a $561 surrender fee … they will snail mail you a rejection letter identifying just 1 thing wrong with the paperwork.” — Reddit user, r/personalfinance
These are individual experiences, and results may vary, but they illustrate the complexity and inconsistency that many educators encounter when trying to move funds between 403(b) providers.
For educators, the result can be weeks — or even months — of waiting for their transfers to be completed.
At K-12 Financial Advisors, we’ve assisted many clients through this process and understand how to help minimize confusion and keep transfers on track.
If you’re having trouble moving your 403(b) funds from Equitable or another provider, we can help you navigate the process efficiently and ensure all requirements are met.