Company 401k Plans

Top 600. Feb 26, 2004 8:19 AM

» u2ladybug - 401K Problems

I was on the phone all day yesterday, 2/26 with my former employer. They insist that they have the right to reallicate the funds when they changed fund companies. It bothers me that they never notified me. They claim they considered me a 'lost participate'. Even though my address/phone number is the same when I worked there. They want a notarized document sent to rollover my 401K to the fund company I want. I also must send them a check or money order to cover all costs to mail the documents to me or the new fund company. They say they are not responsible for any loss of interest I may have gained if I had been in my other funds, I have not found out how much is left in the money market account, where it is at, or how much interest if any it is earning. My former company says that that information can't not be given over the phone or mailed til I show up with documentation proving my Identification and address. I have a call into Employee Benefits Security Administration that is listed under pensionrights.org. Thanks for that information.

-- posted by u2ladybug

Top 601. Feb 26, 2004 8:29 AM

» allancoleman - Re: 401K Problems

In response to message posted by u2ladybug:

u2ladybug ,

401(k) regulations are pretty loose and you are probably going to find out that your company can do as they have done . but there is certainly no reason that you can't move your money if you are no longer currently employed with them .

let us know what the outcome is . good luck .

-- posted by allancoleman

Top 602. Feb 27, 2004 4:16 AM

» rasputin - Re: Re: 401K Problems

In response to message posted by allancoleman:

Let me reiterate. I still think you'd get more bang for your buck by talking with the Fund Company representative. And I agree with Radiodude on the Vanguard recommendation. Great company. Hell, if you call Vanguard, they might negotiate the transfer for you.

-- posted by rasputin

Top 603. Apr 14, 2004 8:38 AM

» bebbbs - Never notified of 401K changes by former employer

When I left my former employer the end of January the last I knew the new 401K plan was going to be in effect on Feb 1st. That never happened until finally 04-09-04 but my former employer never sent me any information on the new plan & where my funds would be?
They never sent me a letter, or any paperwork on electing new funds for the new plan. When I finally contacted them and asked for the paperwork/forms, they didn't & still don't have any paperwork or forms for me after 2 weeks of asking. They told me to be patient & they will let me know when they are all situated with the new plan. Since they are the record keepers & they are holding my funds that I have not had any access to since January, shouldn't they be keeping me posted?
When I contacted the new 401K company of course they said I had to go thru my former employer.
Is it law that former employees who are still invested in their old employers accounts have just as many rights as the current employees & should I notifiedfed of any plan changes? Thanks!

-- posted by bebbbs

Top 604. Apr 14, 2004 10:34 AM

» allancoleman - Re: Never notified of 401K changes by former employer

In response to message posted by bebbbs:

bebbbs ,

go to PENSIONRIGHTS.ORG . you'll find that rules regulating 401(k)'s are pretty fuzzy still . and these people can probably help . good luck .
when they / you shift plans sometimes the time frames changes and you'll just have to persist and persevere . let us know how it gos .

-- posted by allancoleman

Top 605. Apr 14, 2004 2:30 PM

» rasputin - Re: Never notified of 401K changes by former employer

In response to message posted by bebbbs:

My opinion is that yes, you should have the same rights as current employees since you are indirectly paying some of the administrative costs. As I've said in a previous post, I think you could get some direction and guidance from the Fund Company representative. I know that you said they referred you back to someone at your former employer. Nonetheless, I think that with a little perseverance and perhaps asking to speak with the Fund Company representative's boss, you might get more satisfaction. It does always seem that such changes take an inordinate amount of time to complete. What companies are involved (the investment companies, not your employer)?

Let us know how it turns out.

-- posted by rasputin

Top 606. Jun 6, 2005 8:50 AM

» oli - I am curious, where are you guys putting your 401k and or ROTH m

I am curious, where are you guys putting your 401k and or ROTH money, and how has it been doing for you?

-- posted by oli

Top 607. Jun 6, 2005 5:59 PM

» rasputin - Vanguard

I mentioned this in a chat room recently and figured I might as well post it here.

In September, Vanguard will begin setting limits on the frequency of trading in and out of equity funds. Basically. if you move money out of an equity fund, you'll have to wait sixty days before putting money back in. This doesn't include on-going contribution from your check or employer contributions. Just lump sum transactions. I'm not remembering if bond fund transactions are including in this restriction. I'm thinking they are. Not included in the restrictions are transactions involving Money Market funds and the Retirement Savings Trust.

-- posted by rasputin

Top 608. Jun 6, 2005 6:33 PM

» AL_W - Re: I am curious, where are you guys putting your 401k and or RO

In response to I am curious, where are you guys putting your 401k and or ROTH m posted by oli:

Oli,

My 401K is in Fidelity long with a much smaller roller IRA.

My Roth's and taxable accounts are at Schwab.

If I was doing it over all today, I would have it all in Fidelity.

-- posted by AL_W