I have found the latest greatest mutual fund from T Rowe Price and would like to invest...only problem is the fund is closed, but I can get in if I have $250k in household $ with T Rowe. I have always wanted to check out T Rowe anyway. The rollover situation is this;
a 457b with Lincoln Financial will be rolled over. In Alaska I had basically no choices of mutual fund companies, this is the smallest expense ratio in Lincoln, an S and P 500 fund. within an annuity. Up front from my financial advisor(required in Alaska) was the positive information, "when you leave Alaska employment, you can move the 457b money, with $0 surrender fee." The surrender fees would be over $7000, on an account of about 120k.
I agree I am a little paranoid, but I do not trust Lincoln to verify that I no longer work for the school district. Lincoln has interesting timing, in that they recently moved all of their call centers overseas, so I do not feel comfortable talking to an English Language Learner.
I tried to talk Lincoln into verifying I do not work in Alaska first and then proceeding with the direct rollover and they basically laughed at me.
Next I called my financial advisor to see if he had a direct line to anybody at Lincoln. No, but he solved the problem. Asked me if I had approached the dreaded third party administrator. No, but I will give it a shot, and they were very helpful for a change. They promised to check it out, verify I am no longer working in Alaska, and get an email to me within about 5 to 7 days. I then will attach the form to my application to Lincoln and they will send the money to me or T Rowe,will need to double-check.
Does this sound about right? Anybody ever heard of such behavior?
Any advice on how to deal with Lincoln?
a 457b with Lincoln Financial will be rolled over. In Alaska I had basically no choices of mutual fund companies, this is the smallest expense ratio in Lincoln, an S and P 500 fund. within an annuity. Up front from my financial advisor(required in Alaska) was the positive information, "when you leave Alaska employment, you can move the 457b money, with $0 surrender fee." The surrender fees would be over $7000, on an account of about 120k.
I agree I am a little paranoid, but I do not trust Lincoln to verify that I no longer work for the school district. Lincoln has interesting timing, in that they recently moved all of their call centers overseas, so I do not feel comfortable talking to an English Language Learner.
I tried to talk Lincoln into verifying I do not work in Alaska first and then proceeding with the direct rollover and they basically laughed at me.
Next I called my financial advisor to see if he had a direct line to anybody at Lincoln. No, but he solved the problem. Asked me if I had approached the dreaded third party administrator. No, but I will give it a shot, and they were very helpful for a change. They promised to check it out, verify I am no longer working in Alaska, and get an email to me within about 5 to 7 days. I then will attach the form to my application to Lincoln and they will send the money to me or T Rowe,will need to double-check.
Does this sound about right? Anybody ever heard of such behavior?
Any advice on how to deal with Lincoln?
Statistics: Posted by AlaskaTeach — Mon Aug 12, 2024 9:11 pm — Replies 1 — Views 272