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Hi, All,

I'm new to this board. I scanned back, but didn't see anything relating to this, so bear with me if it's been covered before.

The company I work for has merged with another. In our old 401k plan, we received detailed, monthly statements, showing exactly how many shares were purchased, the dates the purchases were made, and the total amount owned, down to point-000.

Since the change, we now only receive quarterly statements, saying, "Here is the cash value of your account", with no dates, amounts, totals, etc. I've called them to get more detailed info, only to be told that that data is "not available". Is it "not available", or do they just not want to give it to me?

The company uses Schwab, and it just doesn't make any sense to me that, using my social security number and my account number, I can't find exactly what I own, and the dates the transactions were made. I mean, it seems to me that if they can say "here's the value", they should be able to say "here's what you own".

Is this a common occurence? Am I asking too much? If not, then what should be my next step?

Thanks in advance for any and all input.

mike
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The information you are used to obtaining is not required by the Department of labor (DOL). The only requirement as to reporting is that you receive at least annually, a statement showing your vested account balance. This statement should have the date the balance is from, your name, and social security number. Thats it.
Anything extra is just that...extra.
This information is maintained by your plan recordkeeper. Making detailed statements like the one you are used to is more expensive so some providers just go with a bare bones minimum. This information should be obtainable by calling an 800 number and asking a customer service rep how many shares of each fund were purchased and what day they were purchased on. Records must be kept as to what day you payroll money was invested and how much was credited to your account. Check with your employer or call the Plan's recordkeeper. I guess in this case it would be Schwab.

Good luck.

Bill
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This
information should be obtainable by calling an 800 number and asking a customer service rep how
many shares of each fund were purchased and what day they were purchased on. Records must be
kept as to what day you payroll money was invested and how much was credited to your account.


Bill,

Thanks for your response.

But the fact is, I've *done* this! I discussed it at length with a Supervisor.

We actually have to call two different 800 numbers (one for the old plan, and one for the new one. They've yet to consolidate them.). One plan did have the total number of shares I owned, the other didn't. But neither of them had (or would give me) the transaction dates, etc. They told me they didn't have the info, and gave me no recourse as to what to do.

I understand that companies have 10 business days to deposit payroll deductions. They're secretiveness about this raises a lot of questions. I mean, how do I know they're being deposited on time? I'm just supposed to take their word for it?

I'll do as you suggest, and contact Schwab, but I already feel like this will be another blind alley. I'm waiting for my other statement to arrive, and I'll let you know how this pans out...

Thanks, again,

mike

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