Old retirement account

[plutosmoon]

I have an old 403b from an employer I last worked for in 2010. It is currently managed by Vanguard where I have a traditional and roth IRA, I am mostly happy with Vanguard.

I just received notice that at the end of August my former employer will be moving this money to Fidelity. I also have accounts at Fidelity, a 529 for DD and a tiny roth IRA I set up towards the end of my marriage so as not to mingle it with my pre marriage roth that I set up with a very small inheritance. I am not a  huge fan of fidelity's interface, so the roth remained tiny and uninvested there.

Should I roll this money into my traditional IRA before it gets moved? What do you all do with former employer accounts? Roll them over or let them be? I always rolled previous employer accounts into my ira, but I guess because this account was bigger and already at Vanguard with my other money, I left it alone at the time, this is my only old employer account. If it matters the account has about 60k in in it and there are some admin fees of around $50/year I am charged. My other vanguard accounts are currently around $35k. My current tiaa account, with my current employer, is where the majority of my retirement funds live now. I will likely remain at my current employer (a college) until retirement. I can't seem to decide what the best option is, or if it even matters one way or another.

[bee20]

For the amount you have I'd just roll it over to vanguard so you don't have to deal with 2 accounts.

I did intentionally not rollover a large (~50% of my retirement) former employer account because there are no fees and pretty good investment options, and I figured if something ever happened it maybe was better to have it split up (note...this is my own anxiety and not something I've seen recommended anywhere). In your case I'd consider your current employer account to be enough of a split and not want to deal with 3 accounts.

[plutosmoon]

Thanks bee20! I was leaning towards rolling it, but it is by far the largest account I have ever rolled. I think that might be what is making me nervous and wonder if there is something else I should do. I almost didn't even open the packet I got in the mail from them because it is such a set and forget account, but I'm glad I did. I've been getting notices regarding the class action lawsuit they resolved recently, I think the transition may be related.

[dcn]

Yeah I’d roll it into an IRA at vanguard.

[ohgillian]

I also would roll it. You'll be glad to have fewer accounts to deal with.

I would also bring your fidelity stuff over to vanguard, but that's just me.

[plutosmoon]

Aug 6, 2022 12:13:02 GMT -5 ohgillian said:

I also would roll it. You'll be glad to have fewer accounts to deal with.

I would also bring your fidelity stuff over to vanguard, but that's just me.

The roth at fidelity is laughably small, it is $100, it was only opened with the intent to protect my other roth during my divorce in the event I wanted to add to my retirement, I no longer have the need to protect my vanguard roth. I should probably move it so I don't forget it. The other account at fidelity is DD's 529, which is the only 529 that gets me my state's tax credit, so it stays. I actually still have a 529 in another state for her too, I'm a mess with a bunch of accounts at too many different banks and firms.

You have all convinced me to roll, now to decide on new funds! Picking funds is my favorite part of moving money. I might not be able to decide which institution keeps my money, but I'm really good at picking funds and stocks, I love looking through the financials. 

[bee20]

You can download the Vanguard app on your phone and deposit checks with instant confirmation if your current fund doesn't allow for electronic transfers. Much less stressful then mailing and waiting for weeks and you can get your money back into the market quicker.

[ohgillian]

Aug 6, 2022 12:44:33 GMT -5 plutosmoon said:

Aug 6, 2022 12:13:02 GMT -5 ohgillian said:

I also would roll it. You'll be glad to have fewer accounts to deal with.

I would also bring your fidelity stuff over to vanguard, but that's just me.

The roth at fidelity is laughably small, it is $100, it was only opened with the intent to protect my other roth during my divorce in the event I wanted to add to my retirement, I no longer have the need to protect my vanguard roth. I should probably move it so I don't forget it. The other account at fidelity is DD's 529, which is the only 529 that gets me my state's tax credit, so it stays. I actually still have a 529 in another state for her too, I'm a mess with a bunch of accounts at too many different banks and firms.

You have all convinced me to roll, now to decide on new funds! Picking funds is my favorite part of moving money. I might not be able to decide which institution keeps my money, but I'm really good at picking funds and stocks, I love looking through the financials. 

Got it. I hadn't thought about that so you're smart to leave it as is of course! 

[plutosmoon]

I have an irritated update and may end up with the account at fidelity after all. I submitted my rollover request, which vanguard is like "do online" only to be met two days later (while on vacation of course) with a form that must be printed, signed and mailed in. If the form is not received, processed and approved by the August transition date they will move my money to fidelity. The form can take 10 days to process after they receive it. Then another 2 days to be reviewed and then another 2 days for the money to move I sent the form off, but I'm not too optimistic. I'm am quite annoyed I can't esign, it's 2022 everything should be electronic!

[dr.girlfriend]

Aug 11, 2022 17:43:15 GMT -5 plutosmoon said:

I have an irritated update and may end up with the account at fidelity after all. I submitted my rollover request, which vanguard is like "do online" only to be met two days later (while on vacation of course) with a form that must be printed, signed and mailed in. If the form is not received, processed and approved by the August transition date they will move my money to fidelity. The form can take 10 days to process after they receive it. Then another 2 days to be reviewed and then another 2 days for the money to move I sent the form off, but I'm not too optimistic. I'm am quite annoyed I can't esign, it's 2022 everything should be electronic!

My husband has changed jobs like six times and part of my financial goals for the year is to nag him into getting them all those various retirement accounts rolled into one account.  I don't think ANY of them have allowed him to do it all digitally, regardless of the company involved.  It's a pain, I know, but I think there's just super-duper extra levels of security on these accounts.  

[plutosmoon]

Aug 11, 2022 19:14:49 GMT -5 dr.girlfriend said:

Aug 11, 2022 17:43:15 GMT -5 plutosmoon said:

I have an irritated update and may end up with the account at fidelity after all. I submitted my rollover request, which vanguard is like "do online" only to be met two days later (while on vacation of course) with a form that must be printed, signed and mailed in. If the form is not received, processed and approved by the August transition date they will move my money to fidelity. The form can take 10 days to process after they receive it. Then another 2 days to be reviewed and then another 2 days for the money to move I sent the form off, but I'm not too optimistic. I'm am quite annoyed I can't esign, it's 2022 everything should be electronic!

My husband has changed jobs like six times and part of my financial goals for the year is to nag him into getting them all those various retirement accounts rolled into one account.  I don't think ANY of them have allowed him to do it all digitally, regardless of the company involved.  It's a pain, I know, but I think there's just super-duper extra levels of security on these accounts.  

I have been lucky with esign so far, I didn't realize signing actual papers was still required so frequently! It was one page with my signature and date, no notary or medallion thing needed, they don't have my signature on file, so I just thought it was odd. I did my last Vanguard 401k and pension to Vanguard IRA entirely online, no forms to mail or print. I was also able to do my divorce transfer to my ex online with only e sign, they even had a place to upload my certified decree. I'd be less irritated if I could have at least uploaded the signed form, or if they had told me about the form up front. I'm hoping for the best.