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  2. I've had lots of 403b transfers over the years and not once was the medallion required. I do remember seeing it on An American Funds transfer request sheet but I never had to get the guarantee. I'm glad I finally have all my money in one place now. Getting money out of past 403b plans always was a pain in the rear. But that's what you have to do in a 403b as better options come available. Totally out of all 403b's now and glad!! But you do learn a lot dealing with the 403b disfunction. I've been through it all!!
  3. It confused me. A relative's Vanguard incoming transfer form had a place for a Med. Sig. but when called they said they didn't require it, that it was up to outgoing American Funds. AF said they didn't need it if the amount was less than 250k. They might have both required it for larger amounts? I agree that a phone calls to the main offices needs to be made.
  4. Well, either way I would think someone in either company would tell her /know the answer if she asked. But I didn't really know just a guess . Never had to go that route. But I get it , the company transferring your money out wants verification that you are who you say you are. It confirms that the signature authorizing the transfer is genuine . But I would think both companies would want that info.
  5. Tony, I think the medallion signature is usually required by the company "giving up" the funds, not the one receiving them. I would give the surrendering company a call. The money being transferred would be the net amount after the surrender fee is subtracted.
  6. Sorry no one has stepped in to help sooner . You probably have your answer by now. I would imagine this is a question you could ask the company you are transferring to. Tony
  7. I think Vanguard will get it right. Sounds like a box marked inherited 403b or inherited IRA was not checked or it was missed.They can retrace their steps and see where the error was made. I have faith they will come through for you. Try and stay connected to the same contact person by name and ask for that person when you call for updates. Sometime too many people get involved and that causes additional confusion because you have to re-explain the situation. I never used to get the same person twice when I use to call. Some reps seem more knowledgeable than others . You just have to get the right person. If you don't get a resolution I would write the Vanguard CEO a certified letter explaining your situation and CC ing a copy to the IRS. Yes they actually are separate and sometimes that's the problem. Vanguard lets another organization handle their 403b accounts and my past experience with the 403b unit was not positive. But in all fairness that was in the early days of the change. Have Faith. it can and will be corrected. Unfortunately you may have to pull a few hairs out while you wait in frustration. Let us know how this resolves itself. Regards Tony
  8. JC.

    Voya

    Great site. I will head there now. Thank you. JC
  9. tony

    Voya

    As a clarification of my above post that I wrote late at night and probably went on way too long , The info I gave you is for retail funds which are not 403b specific (taxable accounts. IRA. etc)so the fees within a 403b will probably be somewhat different. Still it allows her to see the differences and why Vanguard over time with lower fees is a superior choice. Honestly If she gets in the right funds with VOYA it is not necessarily a bad choice for her if she needs an advisor. Low fees alone are not enough to make someone a successful investor if they don't understand the rest so educating her on the basics is always a good idea.
  10. Thanks all for the great advice. I'm supposed to hear back from vanguard soon as they're looking into it. It seems as though IRA and 403(b) is two completely separate places at vanguard. When my mom passed away I inherited the 403(b) and filled out paperwork with the 403(b) department to roll it over into an IRA. This should have been marked as an inherited IRA when it was rolled over from everything I can see anyway but instead the IRA department just started an IRA in my name with the full amount inhereted and never issued a 1099 or anything that year. I probably should have paid closer attention to what they were naming things but just assumed vanguard knew the rules and were doing things correctly. Hopefully vanguard figures it out but honestly I don't have much hope just due to the feeling that vanguard doesn't even seem to know the rules themselves when speaking to them over the phone. I'll for sure reach out to the other forum after I hear back from vanguard if I'm still struggling to get it straight. Thanks for all the help!
  11. Earlier
  12. krow36

    Voya

    I think you should start out looking for both vendor's fees in 403bcompare: https://www.403bcompare.com/Vendors/Browse Once you know the fees, you can use this calculator to find the balance over time by running it for each vendor: https://www.bankrate.com/retirement/calculators/403-b-calculator/
  13. tony

    Voya

    JC I say start right here at 403bwise.org. Lots of informational links on the main home page . Teacher testimonial stories on here would help too ,and Dan's book Teach and Retire Rich opened my eyes and may do the same for her. It's written in an easy to understand way that a newbie can grasp. Buy it for her as a gift. It's pretty cheap .Some folks need to see it in print before they believe something. I don't blame them. I'm the same way. Just telling her won't do much good usually because everyone has an opinion.Plus ,some folks trust financial advisors because they are seen as experts and many seek them out as knowledgeable and because they don't want to do the research themselves. But we know how often they take advantage of teachers. We here are on to them. They are nothing more than commissioned salespeople not true advisors. From there I would take her to the Vanguard website and show her the fees they charge on their mutual funds. They have a nifty tool called fund comparison which might be useful as it will breakdown info about the funds you type in. Here is the link; https://personal.vanguard.com/us/faces/JSP/Funds/Compare/CompareEntryContent.jsp Now if she has a Voya sales rep you can bet he/she will try and keep her right where she is by any means necessary if she tries to transfer and will feed her all sorts of misinformation. She might not see the urgency of changing unless you encourage and help her with the transfer. I don't mean to hate 403b salespeople, they are trying to make a living in a bad delivery system but it's in your friends best interest to move over to Vanguard. But she won't have a helping advisor there and some folks need that and are willing to pay for it. In that instance Voya might be a better choice for her if she needs extensive handholding. Voya I believe might allow her to self direct into Vanguard but she will pay more in that structure. Sorry to have rambled on so much. Hope I've helped a little. Tony
  14. JC.

    Voya

    Hi Everyone, A while back a friend of mine chose Voya for their 403B. We now have access to Vanguard and I want to be able to provide her with "proof" that she is paying more for her Voya plan than it would cost for her to move to Vanguard. Where do you suggest I start my research to find out the costs of Voya vs. Vanguard? Any help would be greatly appreciated. Thanks in advance. JC
  15. Just pitching in here to endorse Krow36's recommendation of the Bogleheads forum. It's a great resource. Some of the folks who respond there are genuine tax specialists. The IRS once sent me a scary letter claiming, to my astonishment, that I owed a five-figure sum on a previous year's return. It turned out that this was because of an IRA rollover that had been mischaracterized by a broker as a distribution. The experts at Bogleheads talked me through it, told me what documentation I needed to gather and what language to use to communicate (by mail) with the IRS. I mailed the recommended letter and documentation and the IRS wrote back declaring the matter resolved and that I owed zero. You may end up hiring someone to help with this, but I'd definitely go to the Bogleheads first. Lay out as many specifics of your situation as possible; they'll ask the right questions and give you good advice.
  16. I think it's a simple matter of having the inherited IRA re-characterized as such and confirmation paperwork sent to you and the IRS.. The 10% can then be restored to your account .Vanguard should be able to do that for you if you can get a knowledgable rep. If you can't get Vanguard to fix it than I would definitely take Krow's advice and post it on Boglehead but I would not lose your mind over it because it should be Vanguard's problem to fix. . Did your Mom's 403b plan allow you to transfer into an IRA? (Most plans allow this. If your's doesn't could that have triggered the 10%? Something went wrong somewhere. Hope to hear how your problem is resolved. Tony
  17. I think your understanding that your mother's 403b account can't be rolled into your personal IRA is correct, and that it should have been rolled into an inherited IRA. Apparently the IRA isn't titled as an inherited IRA for your benefit (FOB)? It's unfortunate that this wasn't noticed and corrected immediately, before you took a distribution. It seems like both Vanguard departments, 403b and IRA, are at fault. The experts on this sort of problem are on the Boglehead forum. Alan S. and/or Spirit Rider are often asked for advice by professionals on other forums. Their knowledge of the IRS regulations is encyclopedic. https://www.bogleheads.org/forum/viewforum.php?f=1
  18. Matthew, thank-you for offering your help with this.
  19. Taylor 2016 I wouldn't think you would be charged 10% if it stayed in an inherited IRA account. I'm sorry you are going through this, but RELAX .I had Vanguard mess up for me years ago but I can't remember the issue exactly but they did mark something incorrectly and I didn't know it until the end of that year when I received the tax form. It was infuriating to get the error reversed.I had a few people at Vanguard who could not help me but eventually I got someone who understood the issue and they were able to fix it. . Have you thought about calling Vanguard retirement services directly (not Newport) and asking for a senior specialist ? You could also see an accountant and have them review the issue and intercede on your behalf. Or even call the IRS Tax laws are complex and changing and not everyone is on top of it all. I'm certainly not. It would be best for me not to give advice on something I don't know enough about. I found this online but don't know if this is helpful https://weabenefits.com/resource/retirement-forms-and-brochures/403b-and-ira-beneficiary-information-for-nonspouses-trusts-or-other-entities/ or maybe this https://www.marketwatch.com/story/what-are-the-rules-for-inheriting-a-403b-2019-04-19/ Be persistent.Let us know how things turn out for you as your situation may help others. Tony
  20. Hi all, I tried searching this issue but haven't had much luck. I inherited a 403(b) from my mother when she passed away. I chose to do a rollover into an IRA when I inherited it. It was my understanding that this rollover would have been into an inherited IRA requiring minimum distributions and not held to early distribution limits even though I'm only 35 due to it being inherited. I took a distribution in 2020 and it was marked on the 1099 as an early distribution. I've been trying to get vanguard to fix this issue but have been sent around in circles and they keep telling me to talk to a tax professional even though it seems to me as it was marked incorrectly. Vanguard is claiming no wrongdoing here and I get passed back and forth between the vanguard 403(b) department and IRA department both claiming maybe the other messed something up. Isn't it true that when I inherited the 403(b) and it rolled over into an IRA it should have been an inherited IRA and I would not be charged the extra 10% for early distribution? I didn't think it was even allowed to rollover an inherited 403(b) into my own IRA account instead of an inherited IRA. Thanks for the help.
  21. Hey Matt, Good to see you here. This site is the oldest forum for enlightening teachers on the hazards of the 403b. These days, most people are joining the FB page and tuning in on Scott and Dan's Zoom meetings. I enjoyed your information about Aspire as you were a guest one of their Zoom meetings a few months ago. Aren't those Zoom meetings terrific? Sometimes over a hundred teachers from all over the country listen in and ask questions. This week, I will be on a panel with three other people. We are all retired. Two are teachers, one a brilliant school district custodian who just retired at 55, and one a 36 year old author. She is part of the FIRE movement. I just adore both the FI and FIRE movements. Heck I didn't start saving for retirement until I was 37! These young people are the future and they are making us older folks rethink this thing called "RETIREMENT." Again good to see you.
  22. Hi, I’m trying to control my AGI to maximize the boosted child tax credits and dependent care credits for 2021. Does anyone know of my calstrs contributions (10.25%) is subtracted from my AGI? In other words, if my spouse and I earn 200k and 20k goes directly to calstrs contributions and we max our 403bs, one 457, And HSA, can I get under The 125k phase out threshold for the dependent care credit? 200-20k calstrs-19.5 403b- 19.5 403b -19.5k 457 - 5k DCFSA, -3.5k HSA = 113k. Does this sound correct? thanks!
  23. Original poster, if you want more information you can email Matthew.drummond@pcsretirement.com There are several ways that plans get set up at Aspire, which follows employer instructions. Most Aspire plans do allow for a variety of ways to enroll, including self directed. Very rarely will a school district REQUIRE a rep, but it can happen. If you email more details we can look into your exact situation. Thanks
  24. pghchrism Thanks for following through. I think the person you talked to is a lightweight and might not have her facts straight or in proper context . I've notice more incompetent people on bad phone lines since the pandemic in all areas of my consumer business dealings. I just dealt with one minutes ago who gave me wrong information after keeping me on hold for 25 minutes on a phone that sounded really difficult to hear. I 'm a Trust but verify kind of guy. They may be working from home, poorly trained or basically just stupid . But I believe Aspire is in Florida and the state is wide open. I realize they don't have the kind of customer service Vanguard or Fidelity might offer but Aspire was always "O.K" in the past for me. I think you can transfer your 403b to an IRA only if you separate from service or retire. You can't at will transfer money to an IRA from a 403b unless you change jobs or retire. I guess you technically could but you would pay penalties and taxes. Actually you are in a good place with Krow's recommendation of NEA invest. Basically the Vanguard funds they offer is all you need and the cost can't be beat so I would forget Aspire at this point. If you are willing to send me your school district and a link to your 403b plan with Aspire, I'm willing to pose as an employee and get the right information for you. I don't like this Edward Jones/Aspire arrangement at all. If there is no way around this arrangement than something must have changed since I was working which is highly unfortunate. Perhaps enough people figured out the self direct option and advisors are complaining that they are not making enough commissions selling Aspire products. Most folks we have helped here who did go with Aspire were able to self direct so ,something is very wrong here. I know Edward Jones probably set up the restriction by telling the school district that employees can't set up investments by themselves so they need an advisor otherwise they might screw up. Of course they have commissions in mind , not the employee. I wonder what roll your TPA played in all this. I can't understand why Aspire would buy in to this restriction. It goes against their whole purpose in 403b land. This really bugs me because I really pushed for better choices when I was working and adding Aspire seemed like a step in the right direction. In 403bland seems like its always one step forward, two steps back. If anyone at ASPIRE might be reading this could you please explain yourself? Clarity needed.
  25. I spoke with an Aspire rep yesterday. She said the financial advisor was responsible for limiting the selection of funds when the 403(b) was initially set up. I asked if there was any way to access Vanguard funds through our existing account, or by opening a new self-directed account without a financial advisor. She told me that was not possible, but that I "might" be able to open an IRA and roll the 403(b) money into that. Honestly, this rep didn't exactly inspire confidence (especially the part about an IRA rollover, which sounds wrong?). So I'm not fully convinced that a self-directed 403(b) is out of the question, but FWIW that's the story I was given. If I were committed to Aspire I would call back to verify that info with another CSR before abandoning the idea entirely, but since I prefer the lower fees of NEA DirectInvest over the broader fund list of Aspire I won't be pursuing this further unless DirectInvest fails to pan out for some reason.
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