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  1. Lincoln Investments Participant Direct

    The custodial fee for Lincoln’s PDP was $60 when I transferred out of it 2 months ago. It’s possible they changed it back to $35 if that’s what your paperwork says. No one in my district was in the PDP but there’s no way to really know about it unless you visit this forum or the bogle head forum. I learned about it from Krow.
  2. Lincoln Investments Participant Direct

    Alex, I transferred funds from AXA to Lincoln’s PDP. I am a NJ teacher as well. Lincoln has a small group of individuals who deal exclusively with the PDP customers. They were incredibly helpful and were available for contact through email throughout the transfer process. This is important because if you read through some of these posts you’ll realize how frustrating the transfer process can be. I was emailing one rep and he was able to walk me through the process and help locate paperwork as it traveled from AXA to third party to Lincoln. I paid a surrender fee to AXA of 2%. It was lower because I had my account with them for 10 years. Looking back I would’ve paid 6% to get my money transferred if I had to. Metlife will probably try to talk you into delaying this transfer or keeping a portion of your funds with them etc. I was very pleased with the support I received from Lincoln. i’ll send You a message with the number I called to start the process
  3. NEA Member Benefits Awards

    I get so much junk mail from NEA trying to get me to sign up for credit cards, life, car and disability insurance etc.
  4. Tiaa fixed annuity

    I don’t remember exactly how the calculation for the payout worked. It was confusing and involved using market value vs actual value, whichever was greater at the time you were going to take payments? I got this information directly from the rep who sold it to my colleagues. I did ask if the investment was transferable to heirs and was told you could but there was an additional cost.
  5. Tiaa fixed annuity

    MetLife sells something like this to teachers in my district. Not sure if the TIAA product is the same but the Metlife product I’m referring to is called a Lifetime Benefit Withdrawal. It works like Krow explained above, basically income insurance. The problem I saw with this was the way it was sold to teachers. Anyone I spoke with assumed they were getting a guaranteed 6% return on their investments. It sounds like the person your talking to assumes they’re getting 10% return on their investment too.
  6. 403b Health for Teachers PD course

    I think it’s important to get teachers to understand that when they are dealing with the reps in the building they are customers being sold a product. I think there is a tendency to see these individuals as retirement specialists who are there to help us plan for retirement. This changes the way we approach them. You wouldn’t go to a car salesman and say, “ I don’t know anything about buying cars, you’re the expert. I have $10,000 dollars just tell me what to do with it.” But, this is the approach I took when I started and I know many other teachers who have done the same thing. i would provide them with questions that would help them become an informed customer when considering what plan they are comfortable starting or when considering if they want to switch plans
  7. 403b Annuity Salesman Perspective

    I watched a Security Benefit guy do his pitch during a free pizza lunch in our school library. He had a lot going for him: he was the husband of an employee in our district and he dropped that in to the first two minutes of his intro, he explained how SB was sponsored by the NEA, and he had a flier in the office that had him billed as a retirement specialist who was there to provide information for teachers who were ready to retire. His pitch started with I’m not here to sell you anything. He mentioned DirectInvest first but followed it with this line, “Imagine your sick and you have 100 medicines to choose from. Do you feel comfortable that you’re gonna choose the right one? No you ask a doctor. Well if you choose this plan you won’t be able to call me and talk to me. I’ll come to your house, I live in town, my wife is a teacher,” etc. So basically, you’re too stupid to understand this you need me. Oh and by the way I’m not a fiduciary and I can’t legally give you the Investment advice you’re looking for anyway. I actually asked him about the fiduciary thing after he s down teachers ability to handle DirectInvest and he countered with, “it’s true that government regulations have made it hard for people like me to help you but I have ways around this. I could say, ‘my friend is invested in this maybe you should look into this’
  8. I transferred to SB recently from Lincoln and it was unbelievably frustrating. I had to make calls to both vendors and TPA daily to try to get a handle on where paperwork was, if correct signatures were included, etc. I got it done in three months and that’s because I was a nuisance to every rep I spoke with. Congrats on the switch! I’m very happy with SB and the online platform for Direct Invest. Best of luck!
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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?