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Imua808

Third time was the charm - contract finally exchanged.

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1.  First attempt - opened an account with Security Benefit, stopped contributions to AXA, started contributions to SB. Sent  AXA paperwork  with TPA paperwork to TPA to be forward to AXA requesting  the exchange.   Got a letter from AXA saying they needed new account provider signatures on the paperwork. No return of original paperwork. 

2. Second attempt - sent AXA paperwork to SB  with self-addressed stamped envelope, requested SB signatures so I could send to TPA to forward to AXA.    No return of paperwork. SB sent a letter to AXA requesting fund transfer and cc'd me on the correspondence.    AXA sent a letter saying no exchange because no TPA signatures. No return of original paperwork. 

3.  Round 3 - sent AXA paperwork with TPA paperwork with request to foward to SB. Attached all correspondence from SB and AXA to forward to SB.  Attached letter requesting SB signatures & forward of all paperwork to AXA.   Got a letter from SB stating request was sent to AXA about contract exchange & then a follow up letter asking about the length of time in completing exchange.  No communication from AXA, but about a week ago, logging in to AXA online stopped showing contract information.  Today, logging in to SB account showed account activity and  "carrier to carrier" transfer of funds. 

 

Finally done... the whole process started about 5 months ago.  

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Yup!  Having to wait for paperwork to be processed by the TPA and then by the provider, and then get replies in the mail... then find time to get the paperwork reprinted and re-sent and wait for processing and then replies... it took longer than I expected.  Definitely a learning process. But now I'm all squared away in one 403b provider.  

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On 1/30/2018 at 11:13 PM, Imua808 said:

Yup!  Having to wait for paperwork to be processed by the TPA and then by the provider, and then get replies in the mail... then find time to get the paperwork reprinted and re-sent and wait for processing and then replies... it took longer than I expected.  Definitely a learning process. But now I'm all squared away in one 403b provider.  

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!

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