Dear all, hope you are having a great holiday season. I left Exxon early this year after working there for almost a decade. I was too busy with my new job and family businesses, and thus left my sizable 401k in Voya since - I am wondering for non-XOM employee, how much fee does Voya charge annually? From the Voya investment disclosure and my statements, I can only see something like 0.02%-0.05%/y depending on the investment categories, but are there additional overhead cost for an account? I am not too worried about the sub 0.1% fees for near-term but if there is a 1-2% overhead (similar to other investment advisor service), I would probably want to move my 401k out to a personal IRA account asap. Please advise and thank you.
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There are no IRS rules that prohibit keeping your Voya plan past age 72. However per IRS rules Voya requires taking RMDs starting at 72.
From Voya perspective, there is no 'Ex' XOM status. Fees the same for all participants of that specific plan.
If you do own some XOM stock in there - say, those matching funds they use to give us - it is time to transfer those XOM shares to something else. Pronto.
We are about to tank again bigtime.
@uag+1ksL0kDD
My last check and vacation payout were direct-deposited to my bank account. The paper paystubs were mailed to my home though (definitely need to keep a copy as the proof my job)
Anyone knows the exact Voya overhead fees for ex-XOM employee?
Great topic, I was told I can keep it there until my 60's then would have to eventually move it over. Did not ask about fees though.
Question regarding your last check and remaining vacation payout, was it deposited or mailed to you?
I retired in 2019 and left my Savings Plan with Voya. You’ll have the same investment options and the fees remain the same. In late 2021, I moved the majority of investments into Common Assets (cash) which has surprisingly yielded 6.43% ytd. It’s fairly easy to balance your portfolio amongst the 5 different options, and not have to pay a 1-2% brokerage fee. Just know that once you make a withdrawal from the plan that is considered a qualified distribution and you must rollout of Voya at the end of that calendar year. On the other hand, receiving stock dividends is NOT considered a qualified distribution. Under current IRS rules, you can keep your Voya plan until age 72.
You can leave it in Voya but I believe you have limited ability to change investment direction. You will have to take the money out eventually. You can also move it to another IRA. Just be careful when you rollover so you don’t end up paying taxes.
Honestly those fees sound reasonable...
Leaving it untouched with Voya is a good option