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squiggmo

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  1. I think it depends on the provider. We knew the funds were being withdrawn based upon my wife's paystub. However, we did not get a confirmation from them about the investment of the funds. For the first quarter this didn't surprise me because my 401k through fidelity only sends quarterly statements. Our prior 403b plan via American Funds did the same thing, so, I didn't realize anything was amiss until about four months out when I realized that I had received statements from our other accounts, but nothing whatsoever from 403b ASP. We have already made plans to withdraw from the fund at the annual enrollment period, so unfortunately, we are stuck with them for short period yet. 403b ASP really stinks as a company and they clearly don't have anything under control. I have never been so dissatisfied with a company in my life.
  2. Hi Everyone, I saw this thread and thought I would give you some input regarding 403b ASP. My wife's school district changed their plan as most did at the turn of the year. One of the approved vendors was 403B ASP. We chose this vendor as it was our only access point to American Funds. Also, our investment advisor looked them up and didn't report any negative findings. In any event, we faxed our documents to them, which they promptly lost and, after re-faxing, the account was duly signed up and withdrawals began. Shortly thereafter, I began to wonder a little about this company. We received no written confirmation from them about how things were set up. Eventually, we received an email with some login information. Upon logging in, we found that sometimes the site worked and other times it didn't. Most surprising to me was that, none of our requested investment elections were honored. In fact, all of my wife's contributions were being pooled into a single utility-based income fund that wasn't a part of the American Funds Family. Furthermore, none of the specified beneficiary designations that were submitted to the company are listed on the account. It's now been 8 months since we started investing via 403b ASP and we have yet to receive a mailed statement of any sort. A phone call to 403b ASP simply results in the following "our system shows the statements are being sent, we don't know what to tell you" or "why don't you just download them." We have worked with other 403b plans in the past and I have 401k accounts set up via Fidelity. I have NEVER had the type of issues getting things right and getting the correct information that I have had with this company. In 25 years of investing, I have never had statements just go missing as has happened with 403b ASP. I recently met with our advisor and I expressed my displeasure about how 403b ASP was handling things and he said that he was getting other complaints about them as well. Evidently, this company has grown too fast and has not brought on qualified people quickly enough, and, well, it shows. We are limited as to when we can change our plan options, but I do plan to change this as soon as I can. This is completely unsatisfactory. I am also considering notifying our state's security regulators because I don't think this company lives up to what it promises. Certainly, the fee structure is attractive, but this mess makes it completely not worth it. Perhaps others of you have had good luck with them. We certainly have not. I would not recommend this company.
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