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Posted by Poe on December 18, 2007, 7:00 am
redmonds@sprynet.com wrote:
> wrote:
>
>> Elle wrote:
>>> Are you after money? Or are you hoping the next customer of
>>> this firm does not have the same experience you had? Or
>>> both?
>>>
> snip
>>
> snip
>> My issue in a nutshell is this:
>>
>> I called the 401K plan administrator of my plan and asked to initiate a
>> rollover. The said I needed to obtain the rollover forms from my former
>> employer, so I contacted a plan trustee from my former employer. She
>> said I had to work with "their 401K guy", and forwarded me to an
>> employee of a brokerage firm - so we have 4 entities involved here - me,
>> my former employer, the 401(k) plan administrator, and this broker person.
>>
> In my opinion the bad guys here are your former employer's 401K
> trustee and/or your former employer directly. The basis for this
> thought is that these are the people who have dumped your process into
> the hands of a brokerage firm that is not operating in your interest
> rather than providing appropriate administrative services to employees
> and former employees. It is presumably the case that the brokerage
> firm in question is operating as an agent (contractor) to the trustee
> (and hence to the employer).
>
> I could not even remotely suggest that there is anything illegal here,
> but it seems certainly incompetent. You might consult an attorney
> regarding the fiduciary duties of the trustee and the employer,
> however.
>
This has crossed my mind (the bad guys being the plan trustees). They've
become extraordinarily quiet since this has soured, and were exceedingly
unhelpful before that.
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