Thread regarding CVS layoffs

401k for laid off fte's

Does anyone have any information on who to call to have your retirement transferred for laid off employees? I called HR and it's a nightmare to get anyone on the phone. Thanks.

by
| 742 views | | 5 replies (last April 20, 2024) | Reply
Post ID: @OP+1s41nbS3

5 replies (most recent on top)

You may want to do a little research before you move to IRA. Vanguard has very low fees and there are some benefits to a 401K over and IRA (not being touchable by creditor judgements for one)

by
| | Reply
Post ID: @4uqy+1s41nbS3

You need to contact vanguard and have it moved to a rollover IRA Way better funds and lower fees You don't need to contact CVS Open a rollover IRA at Fidelity or vanguard and have the funds moved directly into that account then buy mutual funds or ETFs within that IRA

by
| | Reply
Post ID: @4fpp+1s41nbS3

Look carefully at the high fees charged by CVS in the 401K. The percentage by fund is easily 5-10 times higher than a IRA with any of the major investment companies. Transfer to another employer = loss of control over your money. 💴

by
| | Reply
Post ID: @3lmb+1s41nbS3

Reaching anyone at CVS is a waste of time. That will just refer you to Vanguard. You don't need to do anything with your 401k as a laid off employee. You can just keep it in Vanguard until you start a new one with a new employer and then transfer it over. I vaguely recall my former employer's 401k company charging a monthly fee for former employees if they kept the funds with them. I read thru Vanguard's options and it didn't mention any fees if you keep it there, but I want to confirm that at some point.

by
| | Reply
Post ID: @2pji+1s41nbS3

Of course. It’s so frustrating. Call Vanguard, the trustee for our plan. 800-523-1188. Make sure you are in a position where you can spend time with all the phone prompts. If you recall your login information it’s very easy to transfer it online instead. Good luck!

by
| | Reply
Post ID: @pbz+1s41nbS3

Post a reply

: