When you separate and leave the company how long does it take for Voya to show you are separated to close your savings account and get the money if you are taking the hit on taxes and cashing it out?
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Not very much in the 401 as being forced to leave as part of NALI so taking the hit and paying stuff off with it. Does anyone know the turn around time to be able to go online and request to close it and get the check mailed to you? Thanks
You may want to roll over any after tax money to vanguard, but keep the rest in Voya due to the low expense ratios.
Just went through this. Two weeks before retiring, I called Voya to understand timing & process to initiate a rollover to my IRA at my bank. They said wait ~ 1 week after retirement date for XOM to tell Voya that I have retired. I called 05-Oct = not indicated as retired. I called 12-Oct = indicated as retired and was able to kick off the rollover. You will need details for the destination IRA (institution name, account #). Voya will cut a cheque payable to for the benefit of . Pay the $35 to have it sent by courier...
@g2 Different person here, but I was reading through the summary plan description this week and it read that Exxon pays any fees to maintain. So what fees are you referring to? Also, the expense ratios at Voya are incredible low. I think equity funds is like 0.0025% or something. Half of vanguards.
@a7 it’s not very fees. Why are people who don’t know anything do confident on here?
My 401k went to Vanguard. They have near-zero fees and much more control/options.
Roll it to an IRA to avoid taxes
You have to initiate with Voya
I would recommend keeping funds in Voya. The funds are pretty good and there are zero fees. I don’t know any other 401k plan with 0 fees