Does anyone have any insights into reasons behind the move of our 401(k)s to empower?
17 replies (most recent on top)
@ssi+17YeZcTM, as far as the number of jobs eliminated by moving the plan, probably less than 100. It's not a cost saving move. WF sold the department that works on the 401(k), and obviously won't support the system it's on any more, so it has to move.
I think they are #2 or 3 largest retirement provider in country
Never heard of Empower. Low cost provider?
Just got my 401k letter and it was a bunch of garbage. It was all legal speak and nothing selling it as an advantage. I'm sure chainsaw can by a new boat with his added bonus, while outsourcing our lives.
Post ID: @ehl+17YeZcTM “This is done by the provider”
Good to know, and thank you. Having said that, experience with Wells Fargo projects/technology/“enhancements” etc has taught me to hope for the best but be prepared for the worst.
"I am going to take a snapshot of my holdings before the lockout. And will verify everything switched over properly to the new vendor once we have access again. Have gotten in to that habit regarding ALL system changes at Wells Fargo and have never regretted it. We are not known for pulling off technology changes seamlessly."
This is done by the provider(s)
Anyone know the number of WF jobs that will be eliminated (cost-saved) by this move to Empower?
I am going to take a snapshot of my holdings before the lockout. And will verify everything switched over properly to the new vendor once we have access again. Have gotten in to that habit regarding ALL system changes at Wells Fargo and have never regretted it. We are not known for pulling off technology changes seamlessly.
For what its worth, my grandfather was a successfull investor his whole life. His best advice was, "you only lose money when you sell low". If you can avoid cashing out and stay in the market, it will come back.
Went to cash, too close to retirement and uncomfortable with no access during transition. Pandemic, unemployment, politics...can go back in later.
Target Dates can move too. They have similar funds in the new provider.
To save them money; they won’t have to service the accounts.. to the person who asked about moving to cash- no, that would not be a smart move. You can keep your current investments, outside of the target date funds
Because retirement was sold to TPG last year.
It's cheaper.
No you should not move everything to cash. Everything is moving to same funds.
Asking financial advice on a layoff website is a sure road to financial success...
Should we move everything to cash ahead of lockout period? I am confused about how to handle this.
We sold our retirement business. That LOB used to manage our retirement