D**N S*Bs!! 20 years ago when the university that I was working at offered an option--state pension or a fancy 403b where you could KEEP your OWN money for retirement! Sounded good and I bit. The 403b was in the hands of an insurance company (sound familiar?). Insurance companies are now being touted as the WORST place to put your retirment money. Not only are they slimeballs, at the time, they were recommending a highly managed portfolio which of course was netting them tons of money to manage it. Well I changed jobs 10 years ago but kept my earlier 403b where it was. My new job had me in TIAA-Cref. Now that I'm getting serious about retirement (hit 50) I'm looking at my portfolio to make sure that it is doing what I want it to do. Of course 20 years has increase my understanding of funds, investments etc. understanding that I didn't have 20 years ago (yes youngsters, there was life before the internet<g>). The insurance company based (and on top of it my retirement money was with TWO different insurance companies) 403b was NOT performing at all. When I learned about management costs a few years ago, I immediately switched my allocations to index funds which had smaller management fees but over 20 years I would have been better in savings bonds with all the fees and stuff!OK making a long story short, three months ago I tried to move my 403b's in the two insurance companies 'care' to TIAA-CREF. GUESS WHAT!! It STILL hasn't happened! I'm getting super slow response from those insurance companies (did I mention it was Valic and Zurich Kemper?) and in one case they 'claimed' they couldn't move the part that had my prior universities matching contribution AT ALL! I know it's not a problem just with these two companies because my DH and I were working on moving HIS 401k with Great Western insurance (100% contribution by HIM not the stage agency he works for) and they told him today that 'no can do!' because even though he's not contributing to that account anymore, since he's still employed with the state he's stuck with keeping his money with these leaches!!!OK, WHAT SHOULD WE DO? Or are we stuck with these leaches? Anyone else have a problem transferring 401k's or 403b's to other handlers?
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra