contacting 403b agent

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niagara_guy
Posts: 5
Joined: Tue Feb 11, 2020 8:32 am

contacting 403b agent

Post by niagara_guy » Tue Feb 11, 2020 8:49 am

My wife has a 403b account at Voya Financial (opened a long time ago). We called them with some questions; they said we would have to talk to her agent to answer those questions. We called her agents (there are actually 2), one we left a message for, the other was a fax machine number. No reply. We called Voya 3 weeks later and they said “yes, he is a busy agent, here's another number for him” which we tried, voice mail again. What do we do when we can't contact her Voya agent? Should I complain to SEC or FINRA?

dbr
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Joined: Sun Mar 04, 2007 9:50 am

Re: contacting 403b agent

Post by dbr » Tue Feb 11, 2020 9:12 am

Is there any recourse through her employer, someone in compensation and benefits? If the plan custodian is not responsive the employer is their boss after all. Further run-around is a large possibility.

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Wiggums
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Joined: Thu Jan 31, 2019 8:02 am

Re: contacting 403b agent

Post by Wiggums » Tue Feb 11, 2020 9:20 am

Good advice. I’m sorry that they are not being responsive to you. Very frustrating...not to mention, unprofessional.

bighatnohorse
Posts: 256
Joined: Thu Oct 13, 2016 4:04 pm

Re: contacting 403b agent

Post by bighatnohorse » Tue Feb 11, 2020 9:54 am

You have the agents name. You can learn more about the agent on the FINRA website - do that just to familiarize yourself with the website.
Later you can add a little threat to your voicemail message by suggesting to complain to FINRA regarding their non-responsiveness.
FINRA can be a real bitsch to investment companies - so give the agent a chance to respond to your voicemail before filing a complaint.

BashDash
Posts: 752
Joined: Mon Nov 28, 2016 12:31 pm

Re: contacting 403b agent

Post by BashDash » Tue Feb 11, 2020 10:34 am

www.403bwise.org is your friend. They have an amazing discussion board too. You will be shocked at the fees you are paying at Voya compared to other providers you hopefully have available ( vanguard, fidelity).

renue74
Posts: 1870
Joined: Tue Apr 07, 2015 7:24 pm

Re: contacting 403b agent

Post by renue74 » Tue Feb 11, 2020 10:39 am

Have your wife ask her HR person at work.

My wife is a teacher and has a 403b. The HR person gave us some details, but was very sketchy about it because almost no other teacher contributes to the 403b AND the teacher pension fund.

But...the HR person should be notified and you should stay on them. If the retirement product that the employer chose is not performing well for the employee, the HR person should know...so maybe in the future, choices can be made.

EdLaFave
Posts: 430
Joined: Fri Dec 26, 2014 2:31 am

Re: contacting 403b agent

Post by EdLaFave » Tue Feb 11, 2020 3:50 pm

Is your wife a K-12 employee? If so I'm going to safely assume that Voya charges high fees and they're exploiting investors.

If I were you I'd ask the district and/or the district's Third Party Administrator (TPA) to give you the list of approved vendors for both the 403b and 457b. Often you can google for that information too. Then come back here and share that information and I can tell you what the best options are.

It is very likely that it's in your wife's best interest to sign up with a better plan (Vanguard, Fidelity, Security Benefit's NEA DirectInvest, state sponsored 457b, etc.) and then roll over the Voya account to that new plan.

Katietsu
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Joined: Sun Sep 22, 2013 1:48 am

Re: contacting 403b agent

Post by Katietsu » Tue Feb 11, 2020 4:53 pm

Have you tried email? I do not have experience with Voya but have received email responses faster and with less effort. In fact, my workplace advisor basically requires an appointment (can be by phone) to speak with him.

Topic Author
niagara_guy
Posts: 5
Joined: Tue Feb 11, 2020 8:32 am

Re: contacting 403b agent

Post by niagara_guy » Tue Feb 11, 2020 7:48 pm

I called her prior employer (she is retired), they weren't professional enough to return my call. Thanks for all the advice.

EdLaFave
Posts: 430
Joined: Fri Dec 26, 2014 2:31 am

Re: contacting 403b agent

Post by EdLaFave » Tue Feb 11, 2020 10:20 pm

If she is retired then I don’t see any reason you wouldn’t just rollover the account to an IRA at your favorite vendor with rock bottom fees.

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