My 401k would be making money right now. But with it inaccessible during the "transition", what happens...? Do they cash out our 401k's and then move them "as cash", or what?
Are we just SOL on any gains that happen during this time?
Anybody know how that works?
I don't understand why our money should be totally inaccessible for so long. I'm trying to NOT be paranoid, but I just have a hard time trusting them with my life savings, and not even being able to SEE my 401k anymore worries me.
I don't see the OP needing to study "sound investment principles" or needing to bury his money in the backyard. He simply doesn't know how the transitioning of a plan works. I work in retirement so I get it, but have had to explain things many times to intelligent professionals.
The number of shares you own doesn't change. The value of those shares will change as the market goes up/down during the blackout period. Thus far, the market is up a bit, so no worries there. If your future depends on what happens in any 2 week period with marching funds, you're not saving enough. Matching funds will be there and WF stock has been going up since there blackout period began, so no big deal.
More importantly, everyone, please stop with the "the black out period is a conspiracy!!" nonsense. It's 100% SOP / normal when these transitions to a new administrator occur. Google it. The blackout is normal...the duration of the blackout is normal. It's not a plot by company leadership to get you. Your account didn't stop "making money". If the market value of your shares increases, it still increases during the blackout. If there's dividends to be paid, they still get paid. Nothing has changed in that front, all that's happened is that you can't access / change your account while they transition it over.
401K freeze periods are really pretty basic and common occurrences. The only concern really is not being able to sell Wells match in stock. That’s toxic to hold and a real concern if you cannot sell immediately. Perhaps automatic rebalancing could alleviate that.
how did you not get cut? jeez... you work at a frickin' bank.. read the notices, FAQs, etc.. .all the things that tell you what will happen
if you were that paranoid and wanting to see, wouldn't you have actually taken a screen shot or downloaded a recent statement on the number of shares and such before they froze for the conversion? and if you're that sensitive to needing to look at your balance, you shouldn't be looking at the balance anyways. its not like to company sprung this on you, there was plenty of explanation of what was going to happen and the timings.
you sound like someone who missed the employee benefits enrollment. Or, on the other extreme, you submitted and have called into HR 100 times asking if it was really recorded, not remembering what you had actually selected.
It'll be fine. You should be more concerned with getting your employer matching funds only once per quarter now.
You really, really need to take a course on sound investing principles
You evidently have no business being invested in anything. YIKES! Bury your money in your backyard...Have mercy and read a book.
The record keeper changed - your accounts/funds/allocations do not change. For the pay this week, the amount you allocated to the retirement account goes into your accounts, same as the last pay. (look at your pay voucher to see how much went in). No funds were sold, you were not moved to all cash. I've been through this a couple times, it is unnerving, but will soon end.