Voya Financial roll over process

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Voya Financial roll over process

Post by Samy » Thu Jul 11, 2019 2:00 pm

Has anyone "rolled over" a retirement account (401k, 457B..) held at Voya to an IRA? The mechanics seems to be very old fashioned.

They say, it takes 6 business days for them to send me a CHECK. They say they can not send electronically. Why? I am worried the check might get lost in the mail. It is for a six digit sum.

Any thoughts? Any way I could get them to wire the money? so it is faster and more secure?

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Re: Voya Financial roll over process

Post by keystone » Thu Jul 11, 2019 2:15 pm

I rolled over my 401(K) and pension plan within the last 6 months from Voya to Vanguard. I remember being asked if I wanted the transfer made by check or wire and I chose wire. The wire fee was kind of excessive ($75 per plan I think), but it was worth it to me. I was just glad to be getting my $$ out of Voya quickly.

Perhaps the wire option varies from plan to plan? Or maybe call back and see if you get a different answer?

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Re: Voya Financial roll over process

Post by TierArtz » Thu Jul 11, 2019 4:45 pm

I'm helping my father roll a Voya IRA inside of an annuity to Vanguard. I did not want to use Voya's method. Due to the annuity complication, I asked VG what approach to take. They sent me a partially filled Brokerage Transfer form to complete and have my father sign. VG listed it as "Pending Transfer" five weeks ago. Six other IRA transfers from within an annuity and a mix of other annuities from other insurance/investment companies using the same VG form or the 1035 process are also pending transfer from the same general time frame.

Possible Lesson for OP: 6 business days for a check might be worth the wait/risk. But, I suspect the annuity complication is the root of the issue for my father. A recent VG update stated Voya responded that the check has been mailed.

Hope your transfer goes quickly.

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Re: Voya Financial roll over process

Post by mpsz » Thu Jul 11, 2019 9:28 pm

This was my experience doing a rollover from a different 401k a few years ago... seems pretty standard, unfortunately. Long wait time to get a paper check that you have to then turn around and mail again.

Contact the IRA provider to see if the process can be initiated from their side... I haven't ever done this but I saw the option when I was transferring a different account earlier this year.

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Re: Voya Financial roll over process

Post by LadyGeek » Thu Jul 11, 2019 9:36 pm

This thread is now in the Personal Finance (Not Investing) forum (retirement plan).
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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Re: Voya Financial roll over process

Post by basspond » Thu Jul 11, 2019 10:41 pm

Mine was sent directly to my FA. It was less then a week and luckily for me the market went down 1% from the time the check was cut to when I got back into the market.

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Re: Voya Financial roll over process

Post by Samy » Fri Jul 12, 2019 2:56 pm

Thank you all for comments/suggestions. The account is being rolled over to Vanguard.

I called back Voya, another rep said the same thing. Roll over money will go by check only and mailed to the address on record. I asked if it can be sent to a Voya branch so that I can go pick it up. The answer was no. They have no btanches. They said they can UPS the check for $25. That is not too bad!!

Called Vanguard, and they said they can initiate it. That means while I am on the phone with Vanguard, they conference call to Voya, we go thru security q/a and then start the process.

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Re: Voya Financial roll over process

Post by DavidRoseMountain » Sat Jul 13, 2019 12:15 pm

Down the road I will have to do this process.

Does Voya charge you a fee to close out your account with them ?

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Re: Voya Financial roll over process

Post by TBillT » Sun Jul 14, 2019 9:12 am

Yes (2) we both did Voya rollover...both of us spouses had Voya 401ks, different employers.

No real complaints...yes both cases we got a check and drove to Fido office with it...could have mailed it. In the one case, where we had a more complex NUA involved, the Voya reps knew the best how to do that due to experience with my company. Fido was not so sure what we usually did. So for the stocks I rolled over to Voya for a while cause they knew what they were doing ( or should I say the agents working with my company knew how people in my company usually handed that) .

We just got a residual check for $32 taxable dist, not sure what that is all about, but it will not break the bank at tax time.

Also I should say FiDo (Fideity) is very helpful transferring 401ks, and helps a lot. Just that complex NUA thing they did not give me warm fuzzies that they knew how to handle the way we did it.

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