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gadfly

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  1. A former school district employee in no longer employed with the district. Is the employer allowed to make a contribution on behalf of the former employee? Thanks for you advice!
  2. Hi, I realize that this is off topic, but somewhat related. I deal routinely with Fidelity, Vanguard and Schwab. Here is a recent letter to Fidelity about my experience transferringan Inherited IRA. Thought you might like to pass on my perceptions to those who care regarding a recent transfer of an Inherited IRA to Fidelity. I use Schwab and Vanguard also. To put it bluntly, there is the feeling that there is no case managemt at Fidelity. Every letter is from some one different. Every phone is from someone different and every U.S. mail correspondence is from a different address. For instance, I have received communication from New York, Westlake, Texas and Cinncinati. I have received communication from Fidelity and I have received communication from National Financial Services, LLC. There is still unfinished business with some more money to be transferred and I don't have a clue who to talk to at Fidelity or WHO Fidelity really is. The last communication came from Texas, but one has the feeling that that is only going to delay things. In contrast, when I deal with Schwab, for example, someone calls me and follows through to completion. I hope this is useful for you. Sincerely, COMMENTS from Gadfly---anyone else had similar experiences. In general, Schwab, who also has my 403b7 is light years ahead in customer service. Who cares that the charge a bit more for trades? Unless one is a day trader, $10.00 really doesn't amount to too much given their level of service. Thanks for letting me vent, even though this isn't exactly kosher for this topic.
  3. In defining the terms I consider a LifeCYCLE fund as one of those with a target date (also known as target funds), such as 2020. I consider LifeSTYLE funds as those that emphasize different risk profiles such as MODERATE, AGGRESSIVE or CONSERVATIVE. My questions is this: If one picks a Life CYCLE fund, in which the manager of that fund, through fund of funds or any other method maintains a moving risk tolerance profile that generally goes from aggressive to conservative, with "year to retirement" being the variable, shouldn't one put all of their dollars into that fund and in general, say in a 403b, NOT try to micromanage by choosing other funds in addition tothe LifeCycle (Target) fund? Thanks!
  4. I think we keep missing the point which as to do with the issue of "dual agency." My surgeon may be wonderful, ethical and in fact selling the best heart valves, but the fact remains that he shouldn't be selling heart valves at all because of a POTENTIAL conflict of interest. My Realtor may be Mother Theresa, but she shouldn't represent BOTH sides of the transaction. My ATTORNEY shouldn't be representing both clients, the defendant and the plaintiff, ( even though he might be able to competently wear two hats) because of a POTENTIAL conflict of interest. That is the real issue that other professions understand...we must take away the POSSIBILITY of a conflict of interest and that is why EDUCATION must be separated out from the SALE of those PRODUCTS.
  5. I believe this is a case where the employer has just said NO to any 90-24 transfers. My understanding is that they can do this and do not need a reason to do so except that the law allows them to.
  6. gadfly

    Comparing 403bs

    I did locate the Education Minnesota products, all marketed through this link: http://www.mninvest.com/prod_info/prods.html#403 Couldn't find any links to expenses here. Gadfly
  7. I want to thank you for your answers. I haven't posted back because I am still negotiating through the labyrinthian arrangements of who-did-what-to-whom. The story will continue...thanks!
  8. Great-West says that they will ONLY allow a 90-24 transfer to the new vendor chosen by the District. The teacher wants to to a 90-24 to Vanguard. The District is OK with this, but it is the vendor, Great-West saying no in this case. Which portion of the law states that they must allow a 90-24 transfer if the Employer permits it?
  9. Sorry, I just read another of you posts regarding: The IRC permits this. See IRC sections 403(b)7 and (b)11. Rolling over into an IRA while employed if over 59.5.
  10. Thanks! That would be a PENALTY free, but not a TAX FREE and how about the CDSC (surrender fee)?! They can't move it to an IRA if they are working though, can they?
  11. Hi, My motto is "follow the money" aka, "follow the lobbyists. " Who lobbied for this and how does it help the consumer? Thank you for any comments? Gadfly
  12. Who came up with this one??? This seems to take leverage away from the consumer and does away with the "escape" clause!!! If I interpret what you said, this is very regressive. So if one is in a bad 403b and that 403b is the exclusive 403b for salary reductions, then they are stuck in that one and cannot under any conditions (short of retirement), move their money?
  13. A question came up. Even if one IS still working...can they take a penalty free distribution from a 403b at 59 1/2? Thanks!
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