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Found 10 results

  1. How about AXA now requiring every transfer out to have their own personal unique code on the transfer form or they will reject the transfer. This means the client has to login online and most likely call the call center after a 30 minute hold time just to get their login info. How can this even be legal?
  2. Recently, an AXA representative who visited my school said that his company has developed a low-cost, self-directed product for the school market. Has anyone heard about this or know anything about it?
  3. AXA's aggressive salespeople locked my wife in and she has some money in there now - about $6k. I want to change it to one of other providers available to her. Please let me know what the best choice is for lowest fees. Unfortunately, Fidelity was removed, and there's no Vanguard either, which would have been no-brainers. Is it Aspire? Also, if you guys know if we're going to get screwed by AXA on rollover fees, etc. that would be helpful. See the image for the providers. As an aside, I also have a SEP-IRA ($25k) and a 457 ($105k) also locked into AXA, but my employer has them as their only choice with this 1985-era annuity that is absolutely savage on fees... 1.35% off the top for a "separate account fee" plus everything else. I've complained but my HR person has zero HR experience, my GM is unmotivated and nobody else knows anything. I transfer $ from my SEP-IRA to a Vanguard IRA annually via a rollover of the max amount I can that is fee-free, but beyond that, I feel helpless. As I'm maxxing out my 457 right now, I'm not even really sure I should be doing that or should I be using a different investment vehicle? FWIW, I gross about $98k and expect to retire in 17 years. Responses to either of these issues would be much appreciated.
  4. 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.
  5. Hi all, Thanks for all the helpful information on this website - it's been a godsend. Based on a lot of my research, I decided to cease contributions to the AXA Equitable 403b plan that my school district offers and shift into the Massachusetts state 457 plan ("SMART Plan"), which has much lower fees. I've been trying to figure out if I am allowed to roll over AXA funds into the 457 plan, and it seems as though this is not possible until I turn 59.5 or leave my current job. I was wondering what suggestions you all had in terms of next steps for the money that is in that account (I've been contributing for the past five years to the 403b) - I'm happy to pay surrender fees if it gets me into a better investment vehicle, but I don't even know if that's possible. Are there specific funds or AXA plans that are "least crappy"? Or general advice for what to do with money that's already in a bad 403(b)? My school only offers plans from AXA and Lincoln Financial, so there's not a "good" 403b option within my employer to transfer to (Vanguard, Aspire, etc.).
  6. 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.
  7. Well.. my account is set up! Thank you for all the help! I applied through the online sign up, and after the docusign confirmation of "application signed" email I waited... and waited. I guess I was expecting a "welcome, your plan is active, call or come register online" type of notification once the application was approved, but that did not happen. My employer requires us to have an active account prior to submitting a salary reduction agreement. So... 2 weeks after submitting the online application, I emailed customer service. A few days later, while I was at work, (public schools are back in session in HI) someone from security benefit called and left a message to call back. Now, a week later, I finally was able to carve out time to call back within the time zone differences and the representative I spoke to confirmed my account was active and helped me register for my online account. I haven't finished poking around the site, but it seems fairly user-friendly. Now I have to mail/fax the SRA and still have to fill out my paperwork to move my money from AXA to Security Benefit, but at least I'm on the right track. Mahalo! I am grateful for this forum and its posters.
  8. Hi, Some of my 403b is with AXA - 13 years this month. I have no surrender fee (that I'm aware of). We just added Aspire in a mix of lousy options so I am now eager to exchange my Ameriprise and AXA monies out and into Aspire. I've thought about keeping the 3% guaranteed interest active in case it's my safest, conservative option down the road when I want more conservative investments. I don't think it makes much sense since it's AXA and I'm not keen on keeping money with them but is there a valid reason why I might want to?
  9. I've had the great fortune of happening upon 403bwise, and after reading a lot here, I've decided to come forward and seek the wisdom of these forums My mother is a teacher at a public high school in California. She is now 60 years old. About 8 years ago, she signed a contract with Axa for their Equi-vest 403b variable deferred annuity. It very recently came to our attention that this was bad decision. I am sure most of the readers here know of Axa's exorbitant fees, dense contract, and many of the other issues that often come with variable annuities (thanks to these forums I now am one of those in the know too!). Anyway, my first question is: how much should she expect to pay in charges and fees if we decide to surrender this contract and rollover the money into a much more favorable account? If I've understood the contract correctly, there will be no withdrawal charge given that she is older than 59 and a half and had the contract at least 5 years. Are there other potential charges or issues we may not be aware of? My second question is: what option would be recommendable for a rollover? Here is a link to the list of her options: https://www.403bcompare.com/Employee/MyEmployer/EmployerDetail.aspx?eid=107682. Some of her options are Calstrs Pension2, Vanguard, and T. Rowe Price. We are leaning toward Calstrs Pension2 given that they have "Easy Choice" portfolios, which seem inexpensive and simple. Thank you for your time and any help you can provide. :)
  10. Hi, I am a new member to this forum and I joined after making some changes to my plan in the past month and trying to changes in my wife's district. I teach in NJ and AXA is in our district at least twice a year and pretty much cornered the market in our schools. I found out that we had Fidelity as one of our approved vendors and since I was 13 years in I was able to avoid the 12 year surrender fees. My wife teaches in a nearby district and AXA is also very prominent in her district. Her district has 3 providers in her town, AXA, AIG/VALIC, and Lincoln. So basically a broker and two insurance companies and the best she can do is pay the .9% fee that Lincoln charges. She is trying to add a new vendor to her town and she is running into some hurdles with the district policies. First, we were pushing Vanguard and had a contact from Vanguard who was very helpful and even spoke to the 403B administrator in her town. The problem is Vanguard does not allow loans against the 403B and the sharing agreement that is standard. The contact at Vanguard said we could probably get by the sharing agreement, but the loan thing is a total killer and unless we can get that removed from the board policy we would not be able to add Vanguard. Fidelity was not as helpful as the loan provision was a potential problem, but they also wanted 10 participants and $1,000,000 assets in order to add them as a vendor. Her district is not very large and that might not be a possibility. T Rowe Price is actually no longer adding school districts into their 403B plan. And finally we talked to TIAA-CREF and they would not give a lot of information without the school administrator on the phone. And their fees seem to be quoted at .42% to .92% which is much better than AXA, but not in the same class as Fideity or Vanguard. Those seem to be the four best low cost 403B vendors and the ones I had her target. If there are any names I am missing please let me know. So now I am still trying to push Vanguard and I am interested to know if anyone has had a similar problem with a provision in the rules with the board of education and how to get that changed. The ability to take a loan exists with 3 vendors already so adding a vendor that does not allow loans seems perfectly reasonable to me. My wife is meeting with the 403B coordinator next week and is trying to find out all the informationshe can beforehand. The school administrator is being helpful and understands the problem, but it seems her hands are tied by the policies a little bit also. Also, I have read about ACTS in NJ becoming law in July of 2013 and TIAA-CREF will be a vendor. I tried to call Ed Wade today and eventually got the name James Jefferson who never returned my call. But, if ACTS does become available for all K-12 teachers and she is not able to add Vanguard would she be able to open an account with TIAA-CREF through ACTS despite not being an approved vendor? And would she be able to transfer her assets from her AXA plan she is currently in? Thanks for any help in advance and I look forward to getting myself and other teachers as informed as we all should be as soon as possible,
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