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rhollowood

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  1. Money came out of Ameriprise as of yesterday! I'm assuming overnight check to Fidelity and up and running shortly, Or I could be wrong. In either case, I think I'm over the big hurdle now.
  2. Is there anyone that can tell me what to expect at this point? When my paperwork wasn't quite right I heard back from Ameriprise within a week. It's closing in on two with the re-submission. Fidelity sent a letter of acceptance and now...I'm not clear on what's happening or what to expect. Radio silence.
  3. It's possible that I've got this thing cracked. I received a letter from Fidelity stating that they've sent a completed letter of acceptance to Ameriprise. If I'm reading the form correctly that should satisfy the requirement in Section 7 which is why my initial set of forms got bounced..
  4. So...thanks again krow36. Great work on what needed to be marked on the paperwork. Better than the Ameriprise rep who reached out and got the clear message that I had no intention of staying in their annuity product. Pretty weak attempt at retention. So, the paperwork got bounced back to me. And now I'm being told that I have to send it to Fidelity first to complete part 7. They were very specific that it has to be completed by a corporate officer. Lol. I suppose it will then be bounced again if they're not satisfied with who signs it when it gets to Fidelity. Perhaps next, the Grand Poo-bah will be required. Anyway a fairly lengthy phone call with Fidelity this morning yielded no result as to where I have to send it. What I described to the representative resulted in a bunch of fact finding on her end about what gone on so far and, eventually, I get students in the morning. I guess summer is coming if I need to concentrate on this some more.
  5. So Fidelity was surprisingly unhelpful in this. To distill the conversation with the rep it was: do the Ameriprise paperwork for a direct rollover and we'll give you the address to get it to us overnight. Really said there was nothing they could do. Frustrated me enough that I'm calling the third party administrator and seeing if I can do a 100% drawdown and pay the surrender charge to be completely done with these people or if the process would have to start from scratch to do that.
  6. The Ameriprise paperwork goes on for 8 pages and requires me to see a notary. With my wife present. Seriously. Thanks to krow36 for pointing out the mailing address. The form is pretty "noisy" to my eye. https://www.ameriprise.com/content/files/AMP_30482.PDF
  7. Got approval from TSA Consulting Group and Fidelity. Now Ameriprise is telling me that they can't accept it because they only take their own paperwork, not Fidelity's. 15 days for the first real hitch. They also tried to pitch me to stay for the guaranteed 3% interest rate feature since my contract is so old and I have that baked in. The rep said he'd email the paperwork I need when I said I still wanted to move forward with the contract exchange but that email has mysteriously not shown up thus far.
  8. Looks like about $1,103.95 in surrender fees. Based on your calculations it looks like it would still be beneficial to pay the surrender fee and get into the lower expense ratio funds with Fidelity. Does that seem correct?
  9. I haven't decided on my asset allocation and will certainly be looking at information already provided and continuing to post / ask questions. Right now I need to know what people's experience is with the plan exchange with regard to the amount without surrender charge. Yesterday the amount I put on the paperwork was the 93,770.98 which is what Ameriprise had for my account as available without surrender charge yesterday, Today it's up - just shy of $95,000. I figure I stopped contributions two years ago so I have 5 years left to not sustain the hit of the surrender charge. I also figure that I'll be able to periodically move the money. Not sure what I should do here as the amount available has ALREADY fluctuated and will continue to do so (?). What have other people had happen?
  10. Gave Fidelity a call and got the ball rolling today. Now, to choose investments while I wait for the contract exchange process to occur.
  11. Ok...so Fidelity or TIAA CREF probably. No reason to go the ASPire route since I have good choices and it seems like ASPire is what people do when they only have that as a workaround to get better funds. So I guess my next question is: can I take the $93,000 that's available without surrender charge and move it from a variable annuity investment to a mutual fund investment. Or do I just end up with a better annuity when I land elsewhere? I've heard over and over how great TIAA is but the Teacher's INSURANCE and ANNUITY part has concerned me. Anecdotally I've heard that annuity is a four letter work with the exception of an immediate payout annuity. So, as I navigate the next steps of choosing Fidelity or TIAA I'm wanting to know what to expect. I talked to Fidelity once a couple of years ago and got unsure of whether it would solve my problems and gave up not wanting to just get into another mess.
  12. I started a 403b in late 2001 with Ameriprise in a variable annuity product - Riversource Retirement Advisor 5 Advantage. I'm closing in on 15 years in this thing and have known for some time that I needed to make a change but wasn't finding information on what to do. The district I work for seems to be absolutely infested with insurance salespeople masquerading as financial advisors. I went in to see the "advisor" at Ameriprise once to attempt to get out of the variable annuity and get directly invested in mutual funds. I got brushed off with a change to the underlying investments that I think were mostly meaningless...I really don't know. It appears to be insurance products wrapped up in other insurance products. I'm sure it's been expensive (can't tell) and hasn't brought nearly the returns I should have seen (also can't tell) over the 13 and a half years or so I've contributed to it. If someone does know if I have been getting hosed here (or not) I'd appreciate the input. I stopped contributions to the 403b in 2014 in favor of going fully toward a Roth IRA with Vanguard recognizing that both my wife and I will have a pension benefit of up to 75% of our final salary, all taxable. But with the income we're earning the $11,000 a year ($5,500 each) we can contribute to the Roth(s) isn't even 10% of our income. I'd like to start making new contributions to a 403(b) if can figure out how to get into one where I can be invested much more directly in a portfolio of stocks and bonds with low expenses. I'd also like to free myself of the current Ameriprise annuity and move the money there so it can grow. The Ameriprise annuity has total purchase payments of $66,182.90 and a cash value of $116,331.43. The current amount available without a surrender charge is $93,770.98. The district vendors can be found here: http://www.tsacg.com/individual/plan-sponsor/nevada/clark-county-school-district/ The list is too long to post. The advantage of the huge district is I'd expect some of you will be able to spot some real winners, point out those who are a must to avoid, and give some sage advice on whether it's a fool's errand to try to undo the current annuity. 457 plans are also available through the district so that could be an answer. I can't discern the difference between 403 and 457 currently. I'm not totally opposed to speaking with an advisor that would be acting in my interest. I've gotten the impression that it's hard to find one that really knows the ins and outs of the 403/457 investments. I've been (mostly) D-I-Y my investing for the 15 years. I've gottent to $190,000 over that time. But I'd also like to probably quadruple that number in the next 15. I expect that's going to take (at least) getting more knowledgeable myself OR getting professional help. I'd like to attempt to get full income replacement for retirement meaning we'd need to cover 25% of an unknown final figure (75% of average of highest three years of pay). I figure it might be $800,000 or more to do that. Bottom line, I'd like to get the current 403b money working better for us - maybe moving it to a new provider / getting free of the annuity and getting it into a mutual fund investment instead, start contributing more to that new 403b
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