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My employer will soon be making monthly contributions for me into a Money Purchase Plan. The other employees have their accounts at Fidelity and/or Vanguard in mutual fund type accounts only. At my request, my employer is giving me whatever option I would like in terms of what brokerage to use, and says I can buy individual stocks (as opposed to just mutual funds). For a variety of reasons, I would like to avoid both Fido and Vanguard.

My problem has been locating a discount broker that I like who also says that my employer can make monthly contributions into a Money Purchase Plan at their firm. I was favoring Brown or eDreyfus (because they allow option trading in IRAs and other retirement accounts, and have lower commissions than Fidelity/Vanguard) but they both say a MPP canot be opened at their firm, although they do indicate that I can take a distribution or rollover and invest with them. I can't take a distribution because there have as yet been no contributions for me. On the other hand, MyDiscountBroker says no problem with a Money Purchase Plan.

Is there a reason why Brown and eDreyfus don't do Money Purchase Plans? Talking to their reps on the phone about this was like pulling teeth. It seems like they should be able to do what Fidelity, Vanguard, and MyDiscountBroker (and I'm sure other brokers) are able to do. Any explanation or advice?

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