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wwilllie

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  1. You should call Vanguard small business 1-800-662-2003 and inquire. They should be able to steer you in the right direction. If your payroll department agrees, it would then be tax deductible contribution where payroll would forward your contribution to Vanguard.
  2. One really has to wonder why a retirement plan has to be such a complex issue. I have taken Mark's advice, and requested a copy of the plan. The website offers a 4 page version, but very condensed.... Talking about cost, the Mass Mutal 403b maintenance fees are suppose to be around 40 basis points. Currently, recieve a very condensed statement: Beginning balance, contributions, Ending Balance. To confirm what I was told about fee cost, I requested a quarterly itemized statement so I can see what is actually going on in the account. The only reply I ever get with these people is 'contact your plan administrator'. I replied that the current statement would be similiar to them recieving a monthly checking statement that only displayed the beginning and ending balance, you - the individual - figure out the individual credits and debits. Contacted the SEC, they told me since it had to do with a retirement plan, would have to go to the DOL. Another issue is that all the funds are subadvised; therefore, the average expense ratio is 1.3%. At Vanguard, where I have tried to transfer the assets, there is no maintenance fee, and the funds that we use average 30 basis points. The frustration level is just about an all time high, as our retirement contributions - like many others - will be our main source for funding our retirement, and play a major role in our taxes. It leaves one in a position where you feel that you can't stand your sister, but you have to love her cause it is the only one you have. Appreciate the replies guys. I'm still pursuing, and will advise of the results.
  3. My wife was with Citistreet/Travelers as the 403b/b7 provider for 5 years, and the hospital decided to change to Mass Mutual as of the first of this year, but the monies would not transfer till June. I saw this as an opportunity to try to transfer as much to Vanguard as possible (which is where we have all of our accounts). We contacted Vanguard to have a 403b7 established. Through a painful period with Citistreet, finally was able to perform a 90-24 transfer to Vanguard, but they only did the portion that was with Travelers, approx 1/3 of the assets. Filled out another form for the balance of which was with Citistreet, but during the interim the hospital authorized the total transfer of all the participants monies to Mass Mutual, including my wifes. Wrote a cover letter to be attached to the Vanguard forms sent to Mass Mutual stating that the transfer was made in error, and requested that a transfer of that amount which was transferred from Citistreet be made to Vanguard. Mass Mutual denied the request. This is where I really get annoyed, as Mass Mutual seems to forget who that money belongs to. The transfers were authorized by the Plan Administrator, and I cannot see the grounds that Mass Mutual has for making that decision. If the monies had been total contributions to Mass Mutual, perhaps, but not the case; although, she has been contributing to Mass Mutual since January 2004. Very ironic, the guy that apparently was involved in setting up the plan between the hospital and Mass Mutual told us that the MM plan was not a 90-24 plan, but a group investment plan and therefore cannot do a 90-24 transfer. I asked him if he had been on the MM website lately, as there is a link to promote individuals to consolidate their funds with MM. Hit on the link and there is a 90-24 transfer form all filled out, all you have to do is fill out the portion where MM has to go to get the funds. So MM would probably be great in helping one get money transferred in, but going out.... Feel up against the wall at this point!I would be very interested if anyone can provide some guidance as to any other course of action I may have with Mass Mutual to resolve this issue, or just bite the bullet and move on. I am aware that she could resign for a couple of weeks, and transfer the total to her IRA, but not really in a position at this time.
  4. been there, done that, and still doing. My wife was with Citistreet/Travelers, and the hospital was changing to Mass Mutual as of the first of this year, but the monies would not transfer till June. I saw this as an opportunity to try to transfer as much to Vanguard as possible (which is where we have all of our accounts). The minimum is $5,000 to establish a 403b7. Through a painful period with Citistreet, finally was able to perform a 90-24 transfer to Vanguard, but they only did the portion that was with Travelers, approx $30,000. Filled out another form for the balance of $60,000 that was with Citistreet, but during the interim they did a total transfer of that portion to Mass Mutual. Wrote a cover letter to be attached to the Vanguard forms stating that the transfer was made in error, and requested that a transfer of that amount, be made to Vanguard, which Mass Mutual will not honor. This is where I really get annoyed, as Mass Mutual seems to forget who that money belongs to. The transfers were authorized by the Plan Administrator, and I cannot see the grounds that Mass Mutual has for making that decision. If the monies had been total contributions to Mass Mutual, perhaps, but not the case; although, she has been contributing to Mass Mutual since January 2004. I would be very interested if anyone can provide some guidance as to any other course of action I may have with Mass Mutual to resolve this issue.
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