An old-school name for a 403(b) account is "tax-sheltered annuity" because annuities used to be the de facto investment option for a 403(b), though nowadays most people invest in mutual funds instead. Are you sure she's invested in an annuity? If so, is there a surrender fee associated with surrendering the annuity? Typically, if you sell an annuity less than 5 years after opening it, you pay a substantial penalty. I have a feeling that she is invested in mutual funds, not an annuity, and if that's the case, you should be able to sell the mutual funds and roll the money into an IRA just like you would with a 401(k).