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KarenSLP

TSA --When to Get Out?

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Finally have the transfer from SB to Vanguard completed. It took a very looong  2 1/2 months with so many phone calls between SB, Vanguard and the Third Party Administrator that at times I thought this day would never come. If it were not for one woman  at  Newport Group and her allowing me to ask for her directly, I would still be attempting the transfer.

It started with the first check out from SB to Newport Group without the LOCKBOX number. Check returned to SB. Second check issued and it had one digit incorrect in the LOCKBOX number. Third check was promised to be sent overnight since it was SB error but when I called sent out in regular mail. SB did a stop payment and 2 days later  did overnight the check.  SB confirmed it was at New Port bank  NEwport did not have a record of it . Only when the Newport Group woman helping followed up with the bank using the total check amount did we find out  the check was sent to right lockbox number but did not have my name on it. The bank had to confirm with SB that indeed the money was for my account.

It was maddening because I had to wait 10 days after each time the check was issued without a way to determine where the money was or what the problem was or who how to follow up.

Thanks to MN Gopher for the heads-up.  "If the time between when Newport Group receives your transfer-in paperwork and SB sends them the money is more than one month, Newport may make you resubmit the form." For some reason when the Third party administrator  was sending the updated approval letter the fax got interrupted. Newport was telling me they  didn't have the updated form, third party administrator was insisting they sent it.   Didn't get that figured out till we did a three way call.

Moral of the story for anyone trying to get out of an annuity: follow the advise on the message board above, be persistent, keep calling, document each step and  try to get someone from the receiving company to help. MN gopher was right  when he warned the  outgoing company will  drag their feet a bit  (or more) with the exchange.

I have shared my experience with my co-workers. Many did not even know about our 403b options except for what the cafeteria salesman offered. I will continue to spread the word about 403b Wise and options! Thank You!

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I'm glad it worked out.  It's amazing to me that with all our modern technology, a simple transfer of funds is such a time consuming process.

 

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Congrats Karen. 

We all have similar stories. 

Thanks for sharing and reminding newbies that you have to stay on top of this because the 403(b) system, the people and the educational institution will not lift a finger. However, as you and MNGopher found out there is one person somewhere in the system that will help. 

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