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1. First attempt - opened an account with Security Benefit, stopped contributions to AXA, started contributions to SB. Sent AXA paperwork with TPA paperwork to TPA to be forward to AXA requesting the exchange. Got a letter from AXA saying they needed new account provider signatures on the paperwork. No return of original paperwork. 2. Second attempt - sent AXA paperwork to SB with self-addressed stamped envelope, requested SB signatures so I could send to TPA to forward to AXA. No return of paperwork. SB sent a letter to AXA requesting fund transfer and cc'd me on the correspondence. AXA sent a letter saying no exchange because no TPA signatures. No return of original paperwork. 3. Round 3 - sent AXA paperwork with TPA paperwork with request to foward to SB. Attached all correspondence from SB and AXA to forward to SB. Attached letter requesting SB signatures & forward of all paperwork to AXA. Got a letter from SB stating request was sent to AXA about contract exchange & then a follow up letter asking about the length of time in completing exchange. No communication from AXA, but about a week ago, logging in to AXA online stopped showing contract information. Today, logging in to SB account showed account activity and "carrier to carrier" transfer of funds. Finally done... the whole process started about 5 months ago.
Well just to keep record of things that can go wrong when filling out paperwork.... I apparently missed a section on my contract exchange forms from AXA that I submitted to my TPA. I didn't get back any of the original paperwork (snail mail), just a letter from AXA telling me the paperwork was incomplete a section, and that this is the only paperwork they will accept. All paperwork still has to go through the TPA, who has their own set of paperwork to complete. Boo... so now I'm re completing the paperwork, which will probably take another month to jump through all the hoops. I'm also supposed to attach my contract with my paperwork, and it took me this long to realize that I had all the information I needed to register my AXA account online. I got so used to thinking that I had to go through the AXA rep that opened my contract. I'm surprised and not surprised that he never suggested I check things online. It was so easy to register, and the site is actually really user friendly. Now I can pull up all the information and the latest numbers online, much better than waiting on quarterly reports.
I teach in PA. My TPA is PenServ. I have had a very difficult time getting consistent, clear, and correct information from them (except for their main Relationship Manager - he is extremely knowledgeable and helpful), Has anyone else had issues with PenServ? What are some other TPA's that work with teachers and school districts? Are you happy with their service?
I'm looking for some sage advice. My district is thinking about hiring a TPA. In the past, it had used "no cost" TPAs, companies selling annuities in the district. Omni's name has come up, but I have been following the comments about Omni and the issue of "preferred" vendors. Any recommendations? Also is there a TPA that works with Vanguard? Thank you