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jebjebitz

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About jebjebitz

  1. I rarely take this approach but resorted to it in my last phone call. When they told me it was up to me to contact HR and find my two missing contributions I regretfully lost my patience. I got a manager on the phone and stressed the fact that they had done absolutely nothing for me and this is one more step I had to take on my own. One more thing I had to explain to someone else in the hopes that maybe Security Benefit would get it right on their end this time. She could care less. I’m in agreement with Library Lady and think, at least on some level, they’re ok with people struggling their way through the transfer process. That makes me want to get this done even more. It might be helpful if I start a new thread that outlines the steps that should be taken similar to the way Ed does on his site.
  2. Do you think this is happening with self-Directed plans only? If someone uses a rep, and the rep handles all of the transfer process, do you think that rep has to call 5 - 10 times to make sure the transfer is running smoothly? I’m being serious. There just seems to be something about transferring funds from one company to another that reveals a major breakdown in communication between these companies. On a separate note: The Security Benefit website is 100 times better than the Lincoln website. I think once I get all of my funds in order I will be happy I made the switch. My money is still in limbo as of today but I hope to get this fixed sometime this week.
  3. Wow!! This is exactly what I was dealing with. The crazy part was they could not understand why Lincoln would not transfer the funds. In addition to the TPA they needed to sign it themselves as well. They kept telling me there were additional steps Lincoln needed to take but it was all held up due to their incompetence. My account is open now but it only reflects one contribution when I’ve made three. They’re telling me it’s something my HR department at my school district needs to remedy. I’ve been working on this since October.
  4. Ed, Were you able to email documents to Security Benefit? This was not an option for me. My choices were to fill out their application and mail or fax it or, use DocuSign to complete an online application and sign electronically. It may be different because you are in Florida. The steps you lay out on your site make more sense than their site though.
  5. Tony, I read your post about Vanguard after posting my lengthy struggles with Vanguard. My wife’s district has Vanguard and she had to submit and resubmit paperwork for a few months before she was able to tanager her funds from AXA. Finding just one rep makes sense, this is what made dealing with Lincoln so easy.
  6. Long post here about the process of switching investments to a new carrier and some of the frustrations I encountered along the way. I switched to Security Benefit from Lincoln to save $60 a year. I’ll let you decide if it was worth it. I recently decided to move my investment from Lincoln to Security Benefit. I heard about Lincoln’s Participant Directed Platform after asking questions on this forum and the Boglehead forum. Krow was the member that supplied the info and then I was on my way to getting out of my AXA Equivest contract and into Admiral Vanguard funds through the Lincoln PDP. (Thank again Krow!). I’m a NJ teacher and this is one of the few states that offer this program if I remember correctly. The Lincoln Plan was great but, there was a $60 annual fee and if I wanted to reallocate funds at some point there was no online platform that would allow me to do this. You can view statements online but that’s about it. Security Benefits DirectInvest is similar but, the annual fee is $35, this fee is dropped if your account exceeds 50,000 which mine does. It also provides a little more in the way of its online accessibility. So I decided to make the switch. This has been an extremely frustrating process. The switch from AXA to Lincoln was surprisingly easy. This is because I was in direct contact with a representative from Lincoln. He walked me through the paperwork, helped me navigate the third party authorization process and contacted me when things were held up for one reason or another. This was not the case with Security Benefit. Everything about signing up for DirectInvest turned out to be confusing, slow and just plain frustrating. To start, they have a step-by-step process set-up online that is not in an order that works. They tell you to complete an Incoming Funds Request and a Payroll Reduction Agreement before filling out the paperwork to create an account at Security Benefit. Luckily I called a representative who explained this otherwise I could have been sending money to them with no account to put it in. So, I filled out the online application which is done through something called DocuSign. I filled this out, received an email confirmation from DocuSign and then waited, and waited. It was a month before I heard from Security Benefit. This was by phone because, get this, they don’t send correspondence through email. In the month it took for Security Benefit to create this account, I called both DocuSign and Security Benefit and neither could tell me if my account had been set up. At this point I considered giving up, staying with Lincoln and eating the $60 annual fee. But, I receive a call a month and a half later and a representative from Security Benefit assures me an account was created and is ready to receive funds. I just needed to fill out the Salary Reduction Agreement and the Incoming Funds Request. I stopped contributions to Lincoln and started contributions to Security Benefit with just a quick call to my district payroll department. Part of the Incoming Funds paperwork requires third party authorization, a signature from, in my particular case, a company called Penserv. When I made the switch from AXA to Lincoln this was done for me. In this Security Benefit transfer, I was responsible for faxing paperwork to Penserv. This is fine but, there was nothing that indicated this step needed to be taken on the paperwork or in any conversation I had with Security Benefit representatives. I didn’t find this out until about a week later when I called to check on the status of my application. It gets worse. I fax the paperwork to Penserv and get third party authorization. They in turn, fax the paperwork back to Security Benefit. Security Benefit is unable to find this paperwork. I only find this out because I call again to check the status of my application. I call Penserv and ask them to fax the paperwork a second time. I call again and the paperwork is still not received. At this point I’m still unaware of how horrible communication at Security Benefit is so I assume Penserv isn’t sending it to the right place. The rep at Penserv explains that they deal with Security Benefit all the time and refuses to send the paperwork a third time. Now every time I call Security Benefit I get a different rep. I provide them with a reference number but it only hints at the inconsistencies taking place. When I call again I get someone that tells me, “yes, we have received third party authorization and the paperwork has been sent to Lincoln. We will wait for them to transfer the funds.” It turns out that it is true that they sent Lincoln the paperwork but, they sent them the Incoming Funds Request without the Penserv signature and without their signature. I don’t learn about this new development until December 18 when I receive a letter from Security Benefit informing me that Lincoln has refused to transfer my funds. They do not specify why but go on to explain that the Penserv authorization will expire on December 31. Throughout all this I continue to email the rep from Lincoln who helped me make the switch from AXA. Without his help I would not have learned that Security Benefit sent the paperwork within the appropriate signatures. When I called Security Benefit I had to explain this to them and walk them through sending the paperwork a second time. He also emailed me when the paperwork was received. Currently, I have received confirmation from the Lincoln rep that all paperwork is processed and the transfer will take place but have not heard from Security Benefit. After all of this I half expect them to tell me the Penserv authorization expired and I need to repeat the process. If you’ve read this far understand that when switching to Security Benefit you are on your own. You will deal with someone different each time you call and you may get a different answer depending on who you talk to. With Lincoln, you’ll pay $60 a year but you’ll have access to a person who can walk you through a transfer. Hopefully, once I’m past this I’ll appreciate saving $60 a year but, I’m not sure I would have made the switch if I knew how this was going to go ahead of time.
  7. TIAA, FIdelity and NEA (Security Benefit)

    Ed, can you break down how you arrive at the 26.2%? This is impressive. .63% is nothing compared to what I think I was paying at AXA. Then again, I still don’t know exactly what I was paying at AXA. Also, how can I help someone understand what they’re paying in fees with Valic?
  8. How do expense ratios work?

    Can anyone explain how expense ratios effect your investment? If a fund I’m invested in has an expense ratio of 1%, is that 1% of my total assets? Or, 1% of the amount I invest in that fund that year? Or, 1% of the return from that year?etc. Also, if I’m invested in three funds and they all have an expense ratio of 1%, how do I calculate how that is effecting my investment? Thank you
  9. Finally, Success Adding New Provider

    Congrats!!!! Keep us up to date on the call from your AXA rep. That was one of my favorite parts about switching. He started with, Look I dont want to see you make a mistake like this. Im telling you this because you seem like a nice, normal guy. Classic!
  10. Companies fear smart people who understand the mechanics of investing, they would prefer to sell you high priced garbage if you let them. I am greatly encouraged by the participants on this board and the great advice they give. Why are not more people asking questions on this board??? I wish more of my colleagues would ask questions here. When I talk to them they are so certain that this is something they can’t understand. I feel if they were to just enter their info into the fee calculator on this site they might be motivated to at least call their rep and try to get answers about what they’re paying in fees. Although the problem with talking to some of these reps is the have a real knack for making you feel unqualified.
  11. Thank you Ed. I appreciate and value your opinion on this. I wasn’t sure if I could use the intermediate term bond fund the same way I was using total bond in my Lincoln PDP. I wanted to ask the members on this board about it but I was having password trouble. I started a thread about it on bogleheads and got some great advice which can be seen here:https://www.bogleheads.org/forum/viewtopic.php?f=1&t=230187
  12. Lincoln Investment Group (LIG) doesn't seem to want their Participant Directed Platform to be widely available. They apparently require that the application form be acquired from a regional office. It has a larger selection of Vanguard funds than does SB Direct Invest, but does charge $60/yr rather than $35/yr--not a significant difference in my opinion. A recent BH poster said LIG told him that PDP was not available in his MD school district. I certainly don't see any reason to change a 403b from SB Direct Invest to the LIG PDP plan. If LIG is on your district's 457 provider list, then I think the PDP is worth considering for a 457. If LIG is not on your district's 457 list, you could ask your HR office to add it. I signed up for Lincoln at the end of last year. My district added Security Benefit over the summer. I plan on switching from Lincoln’s PDP to DirectInvest. The $35 fee is waived in the Direct Invest plan when you exceed 50,000. As I understand it, I will only be paying the expense ratios on the funds I choose. I’m using: Vanguard total stock Vanguard total international Vanguard intermediate term bond I was putting 20% in Vanguard Total Bond when I was in the Lincoln plan but it’s not offered in the Direct Invest
  13. Congrats on your move. It's worth whatever it costs to get out of that plan. When informing colleagues about this info be prepared to get little response at first. People will be grateful for the information but their interest will fade or they'll think it's over their head. Share whatever info you find useful and offer help when needed. Good luck
  14. Is Tony's letter available to read anywhere online?
  15. Sent My Fellow Teachers An Email About 403B's

    I'd like to add a question to this discussion. So, when talking about Roth IRA vs. 403b/457, I am usually confused when it comes to the IRS limitations for individuals receiving a pension. The table explaining this can be found here: https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work My wife and I are both teachers so, according to this, if our AGI is between 98,000 and 118,000, we can only receive a partial deduction on our contributions to an IRA. If it's over 118,000 we would receive no deduction. Is this information relevant to this discussion? And, is it possible to do a back door Roth contribution in a situation like this?
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