A rollover is a movement of funds between different kinds of accounts and is not subject to federal income tax. You are eligible for a rollover if you meet a qualifying event, such as a separation from service, disability, or attainment of age 59½. If you meet one of these qualifiers, you may roll over your 401(k), 457, or 403(b). Traditional IRAs can be rolled over at any time.

A transfer is a movement of funds between accounts of the same kind and is not subject to federal income tax. To transfer your funds to your 403(b) account, you must already have a 403(b) through a current employer and not meet any of the qualifications listed for rollovers. In addition, MBA must be an approved vendor of your employer in order to transfer a 403(b).