Jump to content
Sign in to follow this  
Rtngolf

Gatekeeper & 403basp What A Joke

Recommended Posts

Hey everyone let me start by saying these new regs are just great!!!! I am forced to use gatekeeper tpa and then 403basp to invest using vanguard. Well let me tell you it has been an experience so far. Sent in 403basp paper work in 3 weeks ago still have heard nothing from them. What great customer service. Gatekeeper My great TPA is even worst. Sent forms in still not one word on my account. I heard today from our buisness manager that my school has been sending them check since Early Jan and gatekeeper has been sitting on our money not dispersing it to any company. Needless to say I just stopped my contributions from being taken out of my check. Then again my alternatives are so palatable. Send gatekeeper my money who has not responded to me about my account application so they can not foward my money to 403basp who also has not responded to my new account request.

 

Good luck all I am through with the 403b

 

Rich

Share this post


Link to post
Share on other sites

Rich, sorry to hear this news. Especially since our district will soon be adding 403basp (they have signed the paperwork and will be available in < 1 month). I have found there customer service to be sporadic at best as well. Supposedly, based on another post from another member here, they have added additionaly staff to try to meet the increase in demand. Apprently, this is not enough. At times I get responses from what seems like founders of the company with very thorough answers and then I cannot get a person over the phone or a returned call for days or weeks on end (hence my report card of : "Sporadic at best"

I really hope they can iron this out. As long as I can get setup with them and assure that my money is getting to Vanguard or Fidelity (havent chosen allocation yet), through them, I will be ok. I wont be contacting them for any reason after this has been established. Kind of a set it and forgte it scenario. But of course it does leave an uneasy feeling especially if I ever need to withdraw, loan, or general questions need to make contact.

Is it 403basp that you are putting blame on, or your TPA>?

was 403basp contributing 20$ of their custodial fee to cover your TPA as advertised?

Where will you go from here? contribute to a Roth IRA?

Share this post


Link to post
Share on other sites

Also, not sure if you have seen this, but the following message has been posted on the fron page of 403basp

 

I am optimistic that they will be able to meet my needs as an investement platform for my 403b....

The new regs are hard on everyone, I thin we just need to give them the benefit of the doubt here and allow them to prove that for many districts, they are the best option.

 

"IMPORTANT NOTICE: We understand your concerns regarding the timing of remittance and posting of your contributions to your 403(b) account.

 

Due to high volume and strict adherence to quality control measures, some accounts may be experiencing delays with contributions being reflected. To prevent further delay, contributions received in January will continue to be processed and will be completed no later than February 20th.

 

We appreciate your patience during the initial plan and account establishment period and please be assured that future contributions will be made with much greater expediency. All of us at 403b ASP wish to thank you for choosing us as your Investment Provider, and we will continue to improve upon our service standards."

Share this post


Link to post
Share on other sites

Sully,

 

Hard to say where to put the blame!!! To this point in my opinion Gatekeeper and 403basp have proved incompetent. I will use the Roth IRA and I will continue to push our district to write our own plan. As long as this TPA garbage is around I will not use the 403B

 

Rich

 

Due to high volume and strict adherence to quality control measures, some accounts may be experiencing delays with contributions being reflected. To prevent further delay, contributions received in January will continue to be processed and will be completed no later than February 20th

 

Sully this is absolutely not acceptable!!!!

Share this post


Link to post
Share on other sites

Yeah, I guess I have to agree..... I mean isnt it borderline illegal as well? I thought that the time-limit to get money in is 15 days?

 

What if the market had begun its rebound (which historically is quite abrupt and impressive) and it was during this delay, you and many others would have missed some impressive numbers?

 

Shit, I dont know anymore........... I am sticking to the Roth IRA as well until next year and hoping for the 2009-2010 school year that 403basp has their act together......

 

It is also scheduled to add a 457 for our district for next year. If we can get a low cost provider in their, this will be my investing priority. If I can contribute > 16,500 next year, I will hope that 403basp is good to go by then.....

Share this post


Link to post
Share on other sites

Just to give you an update. Today is March 27th 2009 My original post was on Feb 18th 2009.

 

I have still not gotten any account info from 403bASP!!! Called 3 times since then and have emailed at least 4 times and have gotten no!!! Response. Hey where is James now??? Gatekeeper about the same no info what so ever from them. To my school district credit they have been sending my money directly to vanguard the old way so for know I keep contributing. But they say that will eventually have to stop.

 

Quick question for somebody. What kind of Info can I expect from the TPA? Will they have an acount number for me or are they just a middle man and I will only get and account number from the finacial service provider?

 

 

Rich

Share this post


Link to post
Share on other sites

To my school district credit they have been sending my money directly to vanguard the old way so for know I keep contributing. But they say that will eventually have to stop.

 

Don't remind them.

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...