A few weeks ago I decided that I should roll over my 401(k) and get out of the investment package I was in, since I have never made any money on it! Called ISC Group to talk about rolling it over to discover that my former employer, Community Healthcore, didn’t have the retirement plan set up as a 401(k) but as a 401(a) which SUCKS.
I can not add money to the account, it can ONLY be added by payroll deductions from the employer who set it up. I can no long control how the employer contributed money, that rightfully belongs to me, is invested, it is frozen in the fund where I had it at the time of my ‘separation from the employer”. The money is in two ‘sub-accounts’ mine and theirs…
I have closed down retirement funds twice before, both times I sent a request in by fax and I had what little money there was in 7 days. I have never had to pay a closing fee, or anything of that ilk, I sent a request, they held out the taxes an sent me the balance, SIMPLE.
Oh no, ISC Group is going to charge me $75 to close each sub-account, hold out the taxes and take their yearly commission out before they send it. of the $2400 that was in the account I was only vested at 30% with my employer so that drops it down to about $1000…after all of their cuts I’m going to be luck if I get $500 out of the account.
BUT, any money is better than no money, and slowly losing it all, at 2% a month. So on August 28th I sent in the required disbursement form. On the 5th I don’t have any money so I call. Oh it went to claims on the 30th and they have 15 business days to complete the transaction..which is September 20th.
I’m not trying to close out a $100k account. I’m wanting them to send me a lousy $500, and it take 15 days to make that kind of money ‘available’?
My patience is pretty much gone.