It's the "week of July 16" by my calendar and I do not have access to my 401K as promised after the Vanguard move. WTF is going on. I am retired and my 401K is very important
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What was the 401k match? I dont recall getting anything about it. We usually heard in March.
I would absolutely come here first, make a post, and see what quality advice I would get, before talking with anyone who could actually help. Granted this is likely just a fake post, because what sane, normal, person, who could actually hold a job long enough to get a pension, would do this.
OP did you find your 401k yet or is it still awol?
No penalty if you handle it properly as a direct rollover. But where are you gonna go? Probably Vanguard😂
@yrn+1nEz2e0G- If you are not 59 1/2 then you would pay a 10% early withdrawal penalty if you move to an IRA.
Don't panic, your 401k is in the system, and if it was dropped there are records showing the value when the migration took place. Document you concerns by sending some emails to the IT contact point for the migration.
@4adz…..Nobody has “ forced” you to invest in a particular fund. You are undoubtedly advised that many funds are available.
Here’s some info I was given as a plan sponsor myself, regarding my fiduciary duty:
“As a 401(k) plan sponsor, you have a fiduciary duty to protect the plan’s assets for the sole benefit of plan participants and their beneficiaries. This includes making decisions that are in the best interest of members of the plan, following the summary plan description, diversifying investment options within the plan, and minimizing expenses to defraying the costs of the plan and its investments”.
No court is going to find that State Farm breached any obligation by switching its plan administration to the (unaffiliated) industry leader in the field.
@4ucn…….Facts are irrelevant here if they don’t support the ignorant “State Farm bad” narrative.
I am trying not to laugh but Vanguard’s S&P find is the gold standard of Large Cap funds. In fact it represents over 80% of all Large Cap stocks. The SF fund was not even close largely because of its lack of contemporary tech stocks. Do yourself a favor and compare the returns on the old Sf fund and Vanguards. You will find that Vanguard outperformed SF every year sometimes as much as 4 or 5 percentage points. They did you a favor.
State Farm is breaching fiduciary duty as follows. As the plan owner they are bound by a fiduciary duty to plan participants. As a participant I selected to invest in Large Cap equities for over the past 40 years. With this move, they have cashed out my funds and invested it in a Vanguard Index Fund that mirrors S&P 500. If I wanted to invest in the S&P 500 I would have done that years ago. Apparently, "like kind" means S&P 500 Index would be equal to my Equities Fund investment. Thats is not true as many more companies make up the S&P 500 than were in my previous investment choice. Clear violation of Fiduciary duty by making me invest in something I did not select.
Did the befuddled retiree find his little 401k? I saw the cat dragging something but that wasn’t it.
@2toa+1nEz2e0G State Farm has moved to single sign-on from company computers to many outside vendors like AGERO, Accurint, WorkDay ...
You don’t have automatic log in to external vendors Einstein. Way to expose SF.
No automatic log in anymore with a SF computer. Way to go backwards SF.
What Fiduciary duty do you see breached? They aren’t choosing your investment choices. It’s a bit of a tech snafu which is unfortunate but part of modern life.
Hahahahaha DOL, good one!
This whole 401K move to Vanguard is a train wreck. It's weeks long impact on account holders and they can't even give a specific date on when account access will be available. What's this week of "July 16" BS. State Farm has an army of IT workers and they can't figure out how to do this switch in a timely manner. Mailed material initially said underlying investments were not changing and then later mailing say "like kind". State Farm is treating 401K money like they treat repair parts for cars. Like kind is good enough. Seems like a breach of fiduciary duty by the plan Administrator. US Department of Labor needs to investigate this.
chill
Due to the 13 billion dollar loss your 401k got converted to dollar scratchers
Ummm.... it's still the week of July 16. Hang in there.
if i left State farm would have rolled over my 401k over to my IRA, i would not trust to keep it there if i have the choice to move it over but that is just me, employees dont have a choice so its a valid concern, where is the 401k funds?
Great news I found your 401k! Do you want a $20 or four 5s?
Look at the replies here! Behavior issues at SF! Sad! They're just jealous they won't be able to retire because they have the same mo--ns running the joint now.
They using your 401k to fund the HCL retention bonuses
LOL-this is the retiree that hangs out on this site dispensing junk advice for new employees. He was the one complaining about acronyms because he retired over a decade ago….
I looked under my car but did not see it. Was that helpful?
So you figured that kvetching about it on this site will clear that up?