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grw

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About grw

  1. It surely does! Sounds almost too good to be true.
  2. Guaranteed Interest account AXA

    Please do keep us updated, and yes it can be very frustrating dealing with this stuff. I wouldnt say smart, just very lucky!
  3. Custodian Cleans Up His 403(b)

    Great podcast! Goes to show you what determination and some knowledge can accomplish.
  4. Guaranteed Interest account AXA

    Sorry, I would've responded sooner but I've been out of town, literally off the grid, for the past week on a hunting trip.
  5. Guaranteed Interest account AXA

    LibraryLady, as you mentioned, there are no fees on the GIF unless the account value is under $25k then there is a $30/year administrative fee. This is what I've been told by a senior manager and the returns of my wife's account domreflec the 3% return. It's killing me that AXA has a large chunk of our money but it's stuck for now and there is nothing we can do about it. I'm considering moving the entire balance into the GIF until that time when we can rollover. Best I can tell, the rest of the account would have to do better than 5.44% to just break even after fees. I don't know if this makes sense of not. BTW, my wife is as a "LibraryLady":)
  6. I don't see how they could go below the standard IRA deductions, which are also already low.
  7. I heard the $2,400 figure being talked about the other day, but I didn't take it seriously. This would be devastating.
  8. Our Recent Experience With Axa

    I got a phone call yesterday afternoon from the manager of the advisor. I was not impressed and I think that AXA will try to sweep this under the rug. He wanted "our side" of the conversation and asked if we were ok with our account as it stands. He even said that if we were concerned about the fees we could transfer the entire balance into the guaranteed interest fund which is "free of fees". It pays 3% which is not horrible and 10% of the balance is already in that fund. But, I told him that we've stopped all contributions and that we were working with the school to get a low cost provider so that we can roll the entire balance. I sure hope that happens. The manager didn't really comment on all of the lies that were told, just that it would be dealt with "in house". I told him that someone from AXA needed to report this behavior to the school district, but I seriously doubt that this guy will. I asked him if they self report to FINRA and he said that records are kept on all complaints and that FINRA does a yearly audit on them. I told him that we would be filing a separate complaint with FINRA and he didn't like that but said they "can't stop us from doing it". When I asked why they employee someone who has so many prior complaints and even a dismissal he just said that he "didn't know the details of why he had been let go before". I gave him several opinions. My impression was that he was weary of having to deal with the situation at all. If that is all that AXA has in mind to do, I'll try a few more things as I mentioned previously. Probably a waste of time, but you never know.
  9. Which 403(B) Is Best?

    You have certainly come to the right place for help! Tons of good advice already. Hopefully the school will have a better option, but it looks like you have a 457 option available. The good news is that you are young and have already caught on to a bad product.
  10. Father's Retirement Account Stolen

    This digital age is beginning to get sort of scary. I have a coworker who had $40k stolen from her savings account at an online bank, don't remember which one. She got the money back, but it was a long process. I think the thief was actually identified and located.
  11. Our Recent Experience With Axa

    Tony, thanks so much for the very kind words. I think we are kindred spirits and you are definitely not a nuisance. I came here looking for support and have found it. Much like you, I can't stand to be lied to and I won't tolerate being bullied. To me, by lying so unscrupulously to our faces, we were being bullied. Your idea about waiving the surrender fee is a stroke of genius and I will definitely play to that end. However, I'm also skeptical that AXA will make much of an issue over this. Lip service is one thing, action is another ballgame. If it looks like they will blow it off, I'll try a different approach. I have found in the past that a well worded email to the right person can get immediate action. The hard part is actually getting the right email address.
  12. Our Recent Experience With Axa

    I heard back from an AXA supervisor this afternoon. She assured me that AXA is taking this "very seriously" and that they have reached out to whoever is the manager of this guy. She says to expect a call by midweek. I told her that AXA would need to report this action to the school district and that I would be doing the same. When I asked if I should report to FINRA, she said that that would not normally happen but that it was our right to do so. I'm hoping that they will get the point that we aren't just going to go away. Also, my wife filed the paperwork to stop her contributions immediately. AXA will not get one more dime for us, and I will fight to get the money they do have rolled over ASAP.
  13. Our Recent Experience With Axa

    Krow, my wife's district is small, no HR department. I have opened a dialogue with the superintendent, he seems receptive and is looking into other options. There is no TPA, the teachers have 2 bad options that they deal directly with.
  14. Our Recent Experience With Axa

    Tony, I did ask all of those questions and got blanket "no's" to each one. As a lifelong resident of Illinois, all I can say is that everything is either backwards and difficult or corrupt, and usually both.
  15. Our Recent Experience With Axa

    Tony, I called the Illinois Deferred Comp plan this morning and was told that only state workers and state university employees can contribute to this 457 plan. I also called the Illinois TRS to verify this and they said the same thing, so unfortunately for us this is a no go. Our only hope is for the school district to add another provider, otherwise we will have to go on our own. Needless to say, AXA will not get any more of our money and it really burns that the money that is already with them is stuck. I haven't heard back yet from AXA's compliance department so I will be calling them today as well. I thought of another lie that the guy told us the other day. He said "there is no way that we could do any other sort of investing on our own that would be any cheaper in fees than what we are currently doing with him through AXA." He really is some piece of work.
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