For those whose solo 401k funds moved to Ascensus from Vanguard ...
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Anonymous
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This is for those of us who had individual 401ks with Vanguard and whose funds got transferred to Ascensus. Has anyone had success moving the funds from Vanguard to another trustee? Are there specials forms/websites/incantations that will help me transfer my money?
I am trying to "amend and restate" the plan and move it to Fidelity, but OMG Ascensus has made it difficult and mad me very nervous that everything is going to get messed up. 1. Ascensus is telling me that I need to terminate myself as an employee to process the rollover. 1a. I tell Ascensus that I am still an active employee and don't feel comfortable inaccurately terminating myself. They say to do it anyway because actually when I fill in a termination date next to my hire date, it means I'm terminating their services. Luckily their website is down so I can't do this even if I wanted to! 1b. I tell Ascensus that I don't want a rollover because the Plan should remain active; I want a transfer the Plan to a new trustee. They say they call transfers rollovers and it's all the same and to not get bogged down with legalese and they've done this thousands of times and don't worry. 2. Ascensus tells me to fill out a distribution form and to check the box that says I read the Distribution Notice. 2a. I download the Distribution Notice, which lists a few "triggering vents" that will allow me to receive my vested balance. None of the events apply to me. 2b. The Notice refers to the Summary Plan Description, which should help me identify specific triggering events which apply under my Plan. 2c. I ask Ascensus for a copy of the Summary Plan Description. 2d. Ascensus does not have a Summary Plan Description at this time. They're still waiting on Vanguard to send it and will maybe receive it in September. WTF? Do I fill out forms and check boxes that seem wrong and hope it all works out? Do I wait until they maybe receive the actual Plan documents from Vanguard? Do I file a complaint with someone official? Am I overthinking this? In the meantime I'd love to contribute to my retirement, but I've been on hold since this drama began months ago. I tried to transfer the funds out of Vanguard when they made the announcement, but Vanguard dragged their feet, lost my forms, and here I am in 401k purgatory. |
Anonymous
| Go through fidelity. |
Anonymous
Fidelity says Ascensus has to do it. *sobs* |
Anonymous
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https://www.dcurbanmom.com/jforum/posts/list/1225058.page
Bogleheads has a huge thread on it. |
Anonymous
The last page (27) is interesting because I received the same email from Ascensus outlining the steps to terminate myself as an employee. I replied to the email and said that it seems wrong to do so and re-stated that I am trying to amend and restate the plan. But no one replied to the email, and the person I spoke with on the phone today hated me because I wouldn't readily accept what she was saying about rollovers being the same as transfers. I am not a lawyer or a retirement fund expert, but I'm very nervous that a taxable transaction will get triggered, or that my Plan will be terminated and then I won't be able to contribute for a year. Am I being unreasonably difficult? Either way it's discomfiting that they can't provide a copy of the actual Plan Description that governs what's happening with my money. |
Anonymous
| They are giving you the runaround because they are being told to give you the runaround. Think before you do whatever they say. Maybe ask a lawyer. |
Anonymous
| Ascensus closed my account on 8/25 and told me I will receive the check around 9/6. I wish that I hadn't moved my individual 401(k) from Fidelity to Vanguard! |
Anonymous
Did you go through the steps of terminating yourself as an employee and filling out their distribution forms? Maybe I am unnecessarily nervous about this. It’s a lot of money and I don’t want to mess it up! |
Anonymous
| Im in the same boat, i filled out the paperwork and emailed it to them. Thursday someone calls me from an 888 number claiming to be Ascensus and asking me to verify myself , I declined to do that because I have no idea if this is identity theft, I asked her to let me verify she actually is from Ascensus , then she rudely tells me she cant tell me anything until I give her personal information. i told her to email me from Ascensus and I never got an email. it is horrible!!! |
Anonymous
I did all of those and sending out the check makes me nervous. |
Anonymous
| According to the bogleheads forum, if they distribute, you can’t open a new solo 401k for a year or so? Instead you need to initiate a transfer of the trustee of the funds? Am I understanding correctly? |
Anonymous
Boggleheads is saying not to do this. The plan literature lets you fire them as trustee and appoint a new trustee. Send it certified citing the language and it's their problem (and a big deal to their regulators) if they can't figure it out |
Anonymous
Who are their regulators? It’s bad that they can’t actually provide the Plan literature. |
Anonymous
| Hi all. I apologize up front for what I am reading below, but I am interested in helping. I am the Head of Client Service at Ascensus. You can verify my identity on LinkedIn or via Goole Search of my name. Please email me at Rick.Irace@ascensus.com and I will help you with what you describe below, but I do need additional information. Thanks! |