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ja2ss

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  1. ja2ss

    Nationwide

    http://www.pionline.com/news.cms?newsId=43...TcwNzIxOTkwMjIx Here is a link. Orange County Sheriffs are currently suing Nationwide. Anyone involved with Nationwide may want to check it out. Steve
  2. local Yes Sorry it took me so long to reply. I have been talking with Employee Fiducuary and trying to find time to call Fidelity. I also have been running up and down the stairs at City Hall talking with our plan administrator. It has been very helpful talking to all of you. I am not overly knowledgeable about investing in 401 k's, 403 or 457(b) plans. I do know how to recognize when something is broken though and I am a quick study. Nationwide should not be treating people like this. http://www.pionline.com/news.cms?newsId=43...TcwNzIxOTkwMjIx Here is a link you might be interested in. It seems Nationwide is currently being sued.
  3. In my experience with Nationwide and my 457(b) it happens like this. First the company you want to get into has to offer a 457(b) plan. Your employer also has to be willing to offer them as an alternative to Nationwide if you are attempting yourself to bring them in which is what I am doing. If your company already does offer them or is willing to get involved with them and offer them as an alternative you can then begin. So far, in my experience with attempting to bring in a new company, you will have to be willing to do all the leg work. If the new alternative fund company is not offered by your company the new alternative usually requires a minimum of 5 to 7 employees to defect and join them to even get started. So you need to get the minimum amount of employees to leave Nationwide and be ready to join the new company. You then have to fill out all the asset transfer paperwork. The new fund company will usually have a kit that you can print off in pdf form from their web site. In my case I also have to get my plan administrator to sign off also as willing to let me leave Nationwide. Once this is done your money can be rolled out of Nationwide into the new alternative company. Nationwide also required me to fill out their own asset transfer paperwork. So I filled out asset transfer paper work for both Nationwide and, in my case, Vanguard. While filling out the asset transfer paperwork for the new fund company they will ask you to choose which funds and how much money or percent you want to go into each fund. You will also have to choose a beneficiary again. Then you mail it all in and wait. And believe me Nationwide was in no hurry. So I began overnight mailing everything to them and then calling to confirm that they got the paperwork. As I stated in an earlier posting in the end I learned I couldn't roll over from a 457(b) into a Vanguard 403. But this hasn't stopped me from trying to find an alternative, quality company, as an alternative. It is quite a bit of work. You will find most other people you work with don't want to think about it. It's to much trouble as far as they are concerned. They signed up, someone else told them where to place their money, and they no longer want to think about it. One of the things that makes me the most angry about Nationwide is that when you talk to them they act like its their money, not yours, and you have no business asking them about it. You may also find your plan administrtor isn't as involved or doesn't want to be as involved as you might like. They usually act as if it is just extra work you are placing on them. Sweet talk them and tell them you will do all the leg work for them. This included, in my case, distributing Vanguard promo flyers and talking with numerous City employees. Police, Fire, City Hall etc.... I hope this helps/Don't give up Steve
  4. After reading articles in Forbes and Money about Employee Fiduciary I contacted them today. I spoke with a Mr Parker Payson for almost an hour. He stated that my discontent with Nationwide wasn't the first he had heard about. I requested he send me more information about his company and their 457(b) plan. If anyone else is interested in what so far appears to be an interesting alternative to Nationwide the web address is WWW.EmployeeFiduciary.com. Thanks to everyone for all the help. I will look into your suggestions also. I just think there has to be a reasonable alternative to Nationwide. They will give you three different answers to the same question, they refuse to give you information regarding fees, and are generally no help what so ever. This pretty much sums up my and many of my co-workers experience with them over the years. Thanks Again Steve
  5. ja2ss

    Suggestions

    I am looking for suggestions for an alternative to Nationwide. I no longer believe they are on my side. Does anyone know of any company that is a better alternative to Nationwide? Nationwide's 457(b) is my only choice at work right know and our plan administrator said we can have up to three, Any suggestions would be appreciated. Thanks
  6. ja2ss

    Gvit

    In my original posting I was going to let every know how much trouble I was having with Nationwide. I is exactly the same as yours. You can call and talk to three different people and ask the same question and get three completely different answers. My problem is that Nationwide is the only 457 choice I have at work. I tried to bring in Vanguard and transfer my money and was unsuccessful. My new problem is I am Looking for another alternative to Nationwide but don't know of any that are as good as Vanguard and also offer a 457 so I can roll my money out of Nationwide. It sounds like you delt with the same ignorance in Ohio that I did.
  7. ja2ss

    Gvit

    I did and could only come up with some info. Not the ticker symbol
  8. ja2ss

    Gvit

    Has anyone heard of the fund "GVIT Small Company Fund-Class I" It is one of my choices through Nationwide and I cant find out anything about it. I called Nationwide and THEY don't know the symbol. They couldn't even tell me anything about the fund. I was supposed to receive a call back from them yesterday when they found the symbol or any info and I am still waiting. So if anyone knows the symbol or anything else I would appreciate it. Thanks
  9. Hello; I have a question that no one seems to be able to or wants to answer. If you have time could you please answer it? Why can't you transfer from a 457(b) plan into a 403(b) plan. Isn't the 403(b) a more restrictive plan? Why can't you move from a less restrictive plan into a more restrictive plan? I am a city employee in Michigan. Nationwide Retirement Solutions offers only a limited number of funds, and style of funds, in the plan they offer through my employer. I then tried to transfer from Nationwide to Vanguard but they wouldn't let me. When I asked why Nationwide advised me the US Federal Government makes the rules and they won't let you transfer from a 457(b) into a 403(b) plan. When I asked them to explain in more detail they stated, "Its complicated and you just can't." I have tried to research the answer on my own and I can't find it. I even have a family member that works for the IRS and he can't tell me why. I must be looking in the wrong places or I am asking the wrong question. I don't believe it arbitrarily reads somewhere, "No One can transfer from a 457(b) plan into a 403(b) plan." There has to be an explination. If anyone has time to answer this question or to point me in the right direction I would greatly appreciate it. Thank You In Advance Steve
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