ICMA retirement transfer to Vanguard [457 plan administrator]

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dodgersummer
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ICMA retirement transfer to Vanguard [457 plan administrator]

Post by dodgersummer » Tue Jan 10, 2017 2:51 pm

I'm a gov't employee with a pension, 457k plan, and roth ira all through ICMA. From reading on here, it seems that switching my roth ira from ICMA to vanguard is the best thing for me. Is this complex to with a roth ira from one company to vanguard? TIA

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mhc
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Re: ICMA retriement transfer to Vanguard

Post by mhc » Tue Jan 10, 2017 3:47 pm

dodgersummer wrote:I'm a gov't employee with a pension, 457k plan, and roth ira all through ICMA. From reading on here, it seems that switching my roth ira from ICMA to vanguard is the best thing for me. Is this complex to with a roth ira from one company to vanguard? TIA
I'm pretty sure my DW had a ICMA IRA when we got married. It was easy to move it to Vanguard. Very easy. It was a number of years ago, but I think we were able to handle the whole thing through Vanguard.

bonfire
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Re: ICMA retriement transfer to Vanguard

Post by bonfire » Tue Jan 10, 2017 4:09 pm

I'm in the same gov't boat as you. My Roth is in vanguard and 457 is in ICMA. I much prefer Vanguards options vs ICMA's ERs are less, tracking error is less etc. ICMA is not as bad as some of the private sector options I've seen pop up on this forum but its no Vanguard or Fidelity.

Regards

Bill

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camper
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Re: ICMA retriement transfer to Vanguard

Post by camper » Tue Jan 10, 2017 9:23 pm

My 457 plan is at ICMA also. I love it. Vanguard fund options with dirt cheap ERs.
I wouldn't use them for an IRA though. Vanguard is the place for me.

shjin
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Re: ICMA retriement transfer to Vanguard

Post by shjin » Tue Jan 10, 2017 9:39 pm

Just make sure you create new account at Vanguard with the exact same name including middle initial as your current account to make transfer process smooth. Otherwise you may potentially need to get a Medallion signature guarantee stamp which is an extra step. For initial account signup, you can even call Vanguard to talk to a sales specialist to ask questions and she/he can guide you through transfer process with a transfer professional.

If you have assets that can be held by Vanguard, you can leave them as-is during transfer to ensure you stay in the market.

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WallyBird
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Re: ICMA retriement transfer to Vanguard

Post by WallyBird » Tue Jan 10, 2017 10:14 pm

My ICMA plan had access to VINIX and its tiny 0.04 percent ER. I loved it.

Alas, we recently lost it. New plan has VINIX but with a surcharge. Still cheap, but not dirt cheap.
Last edited by WallyBird on Tue Aug 01, 2017 12:48 am, edited 1 time in total.
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LadyGeek
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Re: ICMA retirement transfer to Vanguard [457 plan administrator]

Post by LadyGeek » Tue Jan 10, 2017 10:51 pm

dodgersummer - I fixed the spelling in the thread title "retriement" to "retirement" and also helped with acronym.

I assume ICMA is ICMA-RC, a 457(b) plan administrator.

If you wish to change the thread title further, just edit the Subject: line in Post #1.
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Giez641
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Re: ICMA retirement transfer to Vanguard [457 plan administrator]

Post by Giez641 » Wed Sep 27, 2017 6:56 pm

Our City uses ICMA-RC for our option to contribute to a 457b plan. They suck! I can't express that enough.
Last edited by Giez641 on Mon Oct 02, 2017 1:51 am, edited 1 time in total.

fortunefavored
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Re: ICMA retirement transfer to Vanguard [457 plan administrator]

Post by fortunefavored » Wed Sep 27, 2017 7:01 pm

I did a rollover from them earlier this year - the steps were 1) open vanguard account 2) request "rollover package" from ICMA-RC, fill out Vanguard details and send it in to ICMA-RC. Money showed up in a couple of days in Vanguard.

And yes, they are extremely expensive and it is embarrassing that government entities use them. :(

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