Did Xerox empty out the existing 401K account and force it into Voya today??
18 replies (most recent on top)
I’m former XBS but moved to Xerox last year. My Xerox account stayed in the same funds, however my XBS account was moved into a target date fund.
@7yfp+197bg8XE I am very sorry this happened to you. I was one of the lucky ones I guess and didn’t experience any changes in the funds. I hope they fix it soon.
Same thing happened here and when the check was written the funds were not invested, the lady at Voya said she has been hearing about this happening a today and yesterday. I am suppose to be called back within 2 days and has not happened yet. We can report Xerox and Voya to the Security Exchange or whatever agency monitors and keeps them on track. I need to find a new investor and get advice and move funds ASAP. Voya is saying they had nothing to do with this. Im sure they watch these forums but have not answered anything or Xerox.
I'm not sure how Voya got a 'similar, but not the same' Vanguard target retirement fund, but I'm all ears.
Between Jan 26th and Feb 1st, the Dow was down roughly 1000 points. Do you think that had anything to do with your 3% loss?
As any Zeroid knows can’t trust the X !
Just registered my account and already lost over 3 since transfer from prudential. I'm calling complaint in !morning with them.. BS
@5koe+197bg8XE. Where in the world did you get that idea, the options are not the same! I lost 4% since the 26th. The funds were transferred into what Voya offered as similar. NOT THE SAME.
Unbelievable.
Checked new Voya website for 401k. All money still in its correct funds, as expected. Not a fan of the Voya website/interface at all, but all the money is as it was before.
This is @1ghd+197bg8XE here again. For those of you who have been with Xerox Direct longer than 10 years, you may recall when Xerox moved from Hewitt as the 401K administrator to ACS (which they probably felt they had to do, as ACS was now part of Xerox and offered the same service to other companies). Then, when ACS was spun off, Conduent was the administrator. There was concern at the time amongst us employees that the 401K investments themselves would get screwed up in the process, but all was well.
I found this reference from 2012: https://docplayer.net/62189437-Xerox-retirement-plans-transition-document-xerox-retirement-plans-important-news-about-a-change-in-your-benefits-administrator.html
I hope this historical example will alleviate concern.
If you didn't sell your GameStop stock by Wednesday, you're $&@%#$. I hear aol is cheap to buy.
"do we even read what xerox sends us"? You yourself may want to re read. You are getting cashed out and put into ONE fund which will be determined by your years left to retirement.
Do you guys even read what Xerox sends you?? The package we received in December clearly states that your 401k will remain invested in your current selections throughout the transition period, and any contributions will be allocated based on your current choices. Nothing was "cashed out", "emptied out" or moved to cash. This is purely an administrative activity.
I don't think anything untoward will happen - all that Voya is taking over is the administration of the 401K, NOT the funds themselves. From what I read, the funds stay the same.
Well, look at that. Market dumps the day they lock it up.
Just can't catch a break. Hopefully Voya has it sitting in cash from my balance on 1/26. If not, this will hurt.
I am just hoping we are in cash after today, mine was cashed out yesterday but not sure when it goes into the new voya fund they select.
Watch the market tank while it's locked up. Would be the icing on the cake for this dumpster fire of a company.
The said jan 27- feb 1 would be a black out period if I recall the documentation we got. I took snapshots and saved dynamic statements Monday just in case it comes back online and anything screwy happened. Be on the look out for mail from voya. It should have a pin in it to sign up next week to see your accounts.