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Imua808

Security Benefit Nea Directinvest - My Experiences Setting Up An Acco

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Well.. my account is set up! Thank you for all the help!

 

I applied through the online sign up, and after the docusign confirmation of "application signed" email I waited... and waited. I guess I was expecting a "welcome, your plan is active, call or come register online" type of notification once the application was approved, but that did not happen. My employer requires us to have an active account prior to submitting a salary reduction agreement.

 

So... 2 weeks after submitting the online application, I emailed customer service. A few days later, while I was at work, (public schools are back in session in HI) someone from security benefit called and left a message to call back.

 

Now, a week later, I finally was able to carve out time to call back within the time zone differences and the representative I spoke to confirmed my account was active and helped me register for my online account. I haven't finished poking around the site, but it seems fairly user-friendly.

 

Now I have to mail/fax the SRA and still have to fill out my paperwork to move my money from AXA to Security Benefit, but at least I'm on the right track.

 

Mahalo! I am grateful for this forum and its posters.

 

 

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Well.. my account is set up! Thank you for all the help!

 

I applied through the online sign up, and after the docusign confirmation of "application signed" email I waited... and waited. I guess I was expecting a "welcome, your plan is active, call or come register online" type of notification once the application was approved, but that did not happen. My employer requires us to have an active account prior to submitting a salary reduction agreement.

 

So... 2 weeks after submitting the online application, I emailed customer service. A few days later, while I was at work, (public schools are back in session in HI) someone from security benefit called and left a message to call back.

 

Now, a week later, I finally was able to carve out time to call back within the time zone differences and the representative I spoke to confirmed my account was active and helped me register for my online account. I haven't finished poking around the site, but it seems fairly user-friendly.

 

Now I have to mail/fax the SRA and still have to fill out my paperwork to move my money from AXA to Security Benefit, but at least I'm on the right track.

 

Mahalo! I am grateful for this forum and its posters.

 

 

 

You are the first teacher who reported that they got any kind of response from SB. (There has not been many who enrolled because SB offers no help!). And SB called you (on the phone??!!!) as a response to your email to confirm your account is set up!!!!!!!!!! Now that is a first!!! Perhaps there is somebody working in SB that actually does cares about NEA members doing the right thing for a change. And congrats on getting your money out of AXA!

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I thought I would also relay my DirectInvest experience. I was concerned with Security Benefit's reputation. My advice: The low fees and fund choices are well worth any inconvenience.

 

My wife applied for a Security Benefit DirectInvest account in March. Much like Imua808's experience, we received no confirmation. About a week and a half later, she received a phone message asking to contact them to process the application. She called and was told the reason SB called was they thought we selected mutual funds not available to us (I knew our fund selections were correct). They realized their error, apologized and stated everything was fine with our application.

 

Again, I thought we would receive notification our account was open. After nearly two weeks without any contact, she called and was told the account was active and gave us our account number and password for online access.

 

We then started the Salary Reduction Agreement process and transfer of funds from our previous provider to DirectInvest. SB was very helpful, even contacting the school district since we were the first in the district to choose a provider without a rep. We finally received our only mailing from SB confirming the funds transfer.

 

Overall, as expected with a DIY platform, there was very limited "hand holding" during the DirectInvest application process. On the positive side, the telephone customer service was outstanding; short wait times and knowledgeable reps. I am certain our favorable phone experience was due to only calling the dedicated DirectInvest phone number and not Security Benefit's main number. I'm very pleased with the fund choices, low (or no) additional fees and the website.

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I'm really happy to read about people getting into these low cost plans. Please, please, please share your knowledge with as many colleagues, school board members, principals, retirement services, finance people, and union members/leaders as possible. The biggest problem is that people don't speak up.

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