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waldo

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  1. Not according to Fidelity, when I called them. Actually, they were the first I called, and they told me to talk with her hospital's HR Dept .
  2. In fact, the hospital does contribute to her 403, so it may have some control. I would agree, I find it pretty unbelievable that they can arbitrarily move her funds around. I might understand future contributions, but stuff already in accounts? Hard to comprehend. Hopefully, Fidelity will be useful in fixing what could potentially a mess. Going to the Dept. of Labor sounds like a long s######, since it probably would take a great deal of time and effort. Meanwhile, the damage would already be done. And that would assume a decision in our favor.
  3. Well, that's the question, isn't it? I'm not sure I have any recourse here. Of course, I don't want them to move funds around, since this against our wishes. I certainly didn't ask them to take control, but what can be done? Yes, this is ridiculous, but that is why I posted this topic. Thanks for your input.
  4. Thanks for all your responses. Yes, three stars is not necessarily bad, when you freely choose them. However, when you're invested in funds doing far better in rates of return, it is a problem. What will be interesting is how Fidelity will handle some of the funds we have that are closed. Additionally, I'll be curious to see what they charge me to reconstruct something already extant. I did call Fidelity, and they were arms length about the whole thing- told me to go back and talk to the employer.
  5. Thanks for the replies. When I called her HR department, they told me that all funds will be switched to their preselected funds, but there would be a brokerage option that would allow participants to move the money to what they deemed best. There will be a "small fee" involved, but it is better than nothing. I still am not sure how they'll handle closed funds. I was told that most people were not using the 403 option/matching funds to its fullest, and many who were were making poor decisions. (Not sure whose opinion this was). So this is why this policy has been instituted. Anyone have a similar experience and, if so, what was the outcome. BTW, they are going to have a meeting for further explanation and reps from each of the insurance and fund families. For the record, the brokerage option was not mentioned in the original material sent to my wife.
  6. Thanks for the response. As I remember, isn't there a way to set up another account and transfer the funds, still under the umbrella of a tax deferred account?
  7. We just received notice from my wife's employer (a hospital), that good news, they were going to restrict what funds we can contribute to within the Fidelity family. Their choices are not great- a lot of 3 stars (Morningstar). Meanwhile, I've spent a great deal of time and research building this portfolio and don't want to change a winning combination. What's worse, they are saying that they will automatically transfer our existing money out of our choice of funds into their "choices". Now, since the vast majority of the money is our contribution, not theirs, this seems rather outrageous. Any suggestions as to what I can do? Thanks for your help!!!
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