I worked a job that had a 401k. When I left, the money stayed in that acct until the company changed administrators. I never agreed to any terms with the new company that received my money. That was TransAmerica. After many years of very poor performance, I decided I wanted to get the money out and invest it myself (in another IRA). In this process, I have encountered many ridiculous things: 1) They tell me I have to fill out forms, and get them notarized. They cannot provide any documentation that I agreed to this. 2) They then tell me that the plan administrator has to release MY MONEY before they can do anything with it. Why does anybody but me have to give that permission? 3) There's a $100 processing fee for the form. 4) If I dont tell them, on the form, where I am reinvesting, so they can do a direct rollover, they will hold 30% of MY MONEY until the end of the year, as "prepayment of taxes.
Who gave them the right to hold my money or tax me? I don't want to tell them where I reinvest, but I don't want to wait until the end of the year to be able to do so. This company is horrible. I wouldn't recommend anybody do business with them. If you're working in HR, I'd recommend you look for another company to handle your 401k.
This company makes it a business practice to eat up small accounts with charges and fees.
I was sold a 401k account by Transamerica and my employer.
2 months later I'm laid off.
I only have $200 in that account. I can't add more money to the account, my employer wasn't "required" to match my funds (apparently it was optional and no one told me), Transamerica and its mutual funds ate up $50 in admin costs and charges, and now they want $40 to roll the money over into another IRA.
If I continue to argue with them, they will eventually close the account, take the fees they want, open another account outisde the 401k plan, at an institution of their choice, and give that institution the remainder of my money. They have done that.
Transamerica Retirement Services Reviews
I worked a job that had a 401k. When I left, the money stayed in that acct until the company changed administrators. I never agreed to any terms with the new company that received my money. That was TransAmerica. After many years of very poor performance, I decided I wanted to get the money out and invest it myself (in another IRA). In this process, I have encountered many ridiculous things: 1) They tell me I have to fill out forms, and get them notarized. They cannot provide any documentation that I agreed to this. 2) They then tell me that the plan administrator has to release MY MONEY before they can do anything with it. Why does anybody but me have to give that permission? 3) There's a $100 processing fee for the form. 4) If I dont tell them, on the form, where I am reinvesting, so they can do a direct rollover, they will hold 30% of MY MONEY until the end of the year, as "prepayment of taxes.
Who gave them the right to hold my money or tax me? I don't want to tell them where I reinvest, but I don't want to wait until the end of the year to be able to do so. This company is horrible. I wouldn't recommend anybody do business with them. If you're working in HR, I'd recommend you look for another company to handle your 401k.
This company makes it a business practice to eat up small accounts with charges and fees.
I was sold a 401k account by Transamerica and my employer.
2 months later I'm laid off.
I only have $200 in that account. I can't add more money to the account, my employer wasn't "required" to match my funds (apparently it was optional and no one told me), Transamerica and its mutual funds ate up $50 in admin costs and charges, and now they want $40 to roll the money over into another IRA.
If I continue to argue with them, they will eventually close the account, take the fees they want, open another account outisde the 401k plan, at an institution of their choice, and give that institution the remainder of my money. They have done that.