Lincoln Investments "Participant Directed Platform"

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krow36
Posts: 2280
Joined: Fri Jan 30, 2015 6:05 pm
Location: WA

Re: Lincoln Investments "Participant Directed Platform"

Post by krow36 » Mon Apr 23, 2018 8:17 pm

HAWK23, thanks very much for detailing your experience with the Participant Directed Platform! It’s especially helpful because you are in Chicagoland, IL. NJ districts seem to all have access to the PDP but where else it’s available is a bit of a mystery. Is your annual fee $35 or $60? Both have been reported and it’s not clear if it varies by district (state?), of it has been reduced from $60 to $35.

HAWK23
Posts: 113
Joined: Sun Feb 25, 2018 3:59 pm

Re: Lincoln Investments "Participant Directed Platform"

Post by HAWK23 » Mon Apr 23, 2018 8:39 pm

krow36 wrote:
Mon Apr 23, 2018 8:17 pm
HAWK23, thanks very much for detailing your experience with the Participant Directed Platform! It’s especially helpful because you are in Chicagoland, IL. NJ districts seem to all have access to the PDP but where else it’s available is a bit of a mystery. Is your annual fee $35 or $60? Both have been reported and it’s not clear if it varies by district (state?), of it has been reduced from $60 to $35.
I asked that question and he said it was $8.75 per quarter ($35 per year). I even asked him if he was sure it wasn't $60 because I had read that. He told me someone else had recently asked him the same thing but assured me it was $35. I guess time will tell but to be honest, whether it's 35 or 60 doesn't really matter much to me! Not having to invest in expensive garbage is well worth the small yearly account fee.

HAWK23
Posts: 113
Joined: Sun Feb 25, 2018 3:59 pm

Re: Lincoln Investments "Participant Directed Platform"

Post by HAWK23 » Tue Apr 24, 2018 8:08 pm

HAWK23 wrote:
Mon Apr 23, 2018 7:34 pm
Okay - I'm ready to post my experience with getting this plan set up. I'm a teacher from the Chicago, Illinois area:

On March 7th, 2018 I messaged the following e-mail address associated with Lincoln Investment Planning: inquiries@lincolninvestment.com

I wrote to them:
TO: inquiries@lincolninvestment.com

I would like the PDF form to sign up for the 403b Participant Directed Platform (RS1PD.PDF). I would also like to know if I could have the number of one of your financial advisers that I could speak with to ensure I fill this paperwork out correctly. I'm a school teacher in Illinois (Chicagoland area). Thank you.
The very next day, on March 8th, 2018 I was e-mailed by one of their advisers who included 4 PDF files for me:

1. New Account Form
2. RS2 Transfer is if you’re transferring assets outside of Lincoln Investment to this plan.
3. The SOL 200 is for transferring inside of Lincoln Investment
4. Salary Deferral agreement tells us how much to expect and when.

The adviser also gave me his number and offered help over the phone. I did call him later that day to figure out exactly which forms I had to fill out and for some general help on some of the form questions. I only had to fill out #1 (new account form) and #4 (Salary Deferral Agreement). The Deferral agreement form is where I was able to specify exactly what Vanguard Funds I wanted to use. They had every Vanguard Fund that are routinely talked about on this board including VTSAX, VTIAX, and VBTLX (and endless others). They also had every Vanguard Target Fund.

By March 15th, 2018 I had everything filled out correctly and e-mailed them to the adviser who had e-mailed me and whom I had talked to on the phone. He told me that by my next paycheck I "should" see the deduction but he couldn't guarantee it since my company/district would have to get some paperwork done on their end.

On March 23rd, 2018 I received my 2nd paycheck of the month (goofy date because Spring Break was coming up and we got paid beforehand). I e-mailed the adviser and let him know that my paycheck had come but there were no deductions (I was concerned by this point). I e-mailed the adviser and asked if there were any issues.

On April 2nd, 2018 I received a reply back from my March 23rd e-mail:
I looked further into this for your and found that an OMNI salary reduction agreement has to be submitted to OMNI not ours. You can do that online through this link or simply google “403b salary reduction agreement OMNI”

https://www.omni403b.com/forms_SRA_403b.aspx
So I did call the adviser later the day (April 3rd, 2018) to figure out what this other form meant (and wanted to make sure I was filling it out correctly). I submitted the form fairly easily on the same day. The adviser told me to wait until the next paycheck to see if deductions took place.

Between April 3rd, 2018 and my next paycheck I was able to log into my online Lincoln Investment Planning website. I must say, the website blows. Not user friendly at all, but whatever I was going to hopefully be getting a 403b plan using Vanguard Funds, as a teacher - very difficult to do.

On April 15th, 2018 I received my next paycheck and I did notice that the deductions had taken place (yes!). So, of course, I log into my Lincoln Investment Planning site and it's showing $0 in the account. I wait a day to see if it needed a day to update, and that didn't work, so I called the adviser and he told me to wait until next week.

Fast forward to today (April 23, 2018). I finally logged into my account and saw the paycheck deduction had finally been added to my account total for my Lincoln Investment Planning 403b account. It also listed both of the investment options I had selected (Vanguard Target Fund 2045 and a small portion of VBTLX). I had checked everyday since the 15th, so for whatever it reason it took 8 days to show up - but it's there so I won't complain!


Hope the summary of my experience helps someone. If anyone has any questions feel free to ask.


P.S. I do have one question for someone else who has a Lincoln Investment Planning account. Were you able to link it to your Mint or Personal Capital Apps? I have been unsuccessful to this point.
Just wanted to add that today I was successfully able to add Lincoln Investment Planning to both my Mint and Personal Capital apps.

workinfortheweekend!
Posts: 2
Joined: Fri Dec 08, 2017 7:51 pm

Re: Lincoln Investments "Participant Directed Platform"

Post by workinfortheweekend! » Wed May 23, 2018 5:18 pm

I have a Personal Capital account and I was able to successfully link my participant directed account with it. It updates whenever i log on without a problem.

Topic Author
A440
Posts: 488
Joined: Mon Sep 02, 2013 7:46 am
Location: NJ

Re: Lincoln Investments "Participant Directed Platform"

Post by A440 » Tue Jul 31, 2018 6:37 am

A440 wrote:
Tue Apr 10, 2018 5:30 pm
A440 wrote:
Sat Dec 09, 2017 7:53 am
A440 wrote:
Tue Jan 10, 2017 6:29 pm
Update on Fees:
According to my December '16 statement from Lincoln:

"RetirementSOLUTIONS PREMIER Custodial Fee Elimination
For those investors with retirement accounts, the annual retirement plan custodial fee that ranges from $0 to $35 per account for up to two
accounts (maximum of $70) is being eliminated effective January 1, 2017."

However,

"SOLUTIONS/SOLUTIONS PREMIER Investor Platform Fee
Regardless of the number of retirement or non-retirement accounts held on our SOLUTIONS and/or SOLUTIONS PREMIER platform, an
investor will be assessed an Investor Platform Fee of $15/quarter ($60/year) per social security number or tax identification number. This
fee will cover administrative expenses associated with carrying all of your accounts and will be deducted from just one of your accounts.
The fee change will be effective January 1, 2017."

So, this means an increase of $25 in fees (from $35 to $60 per year). I've reached out to Lincoln's Participant-Direct reps for confirmation. Still cheaper than their 90 basis plan. This information was confirmed by a Lincoln CSR on 1/11/17

UPDATE JULY 2017:
Hmm...so far, I have not seen an increase in any fees. Each quarterly statement so far shows a "platform fee" of $8.75 (so $35 over 4 quarters). I will continue to monitor as the next two quarterly statements become available and update again.
UPDATE DECEMBER 2017:
My December statement now shows a $9 Third-Party Admin Fee (to OMNI) in addition to the platform fee of $8.75. Even so, still cheaper than paying 90 basis points, or a 5.75% commission fee to purchase a Load Fund (usually American Funds) to the rep. Plus, the dividend yield of the fund itself, more than covers the fees.
UPDATE MARCH 2018:
It looks like the Third-party Administrative fee of $9 is only assessed in the last quarter of the year. My 1st quarter statement for 2018 shows only the platform fee of $8.75.
UPDATE JULY 2018:
The TPA fee of $9 returned for the 2nd quarter. Weird! I'm not sure why some quarters it is assessed and not in others. I'll update again when I get the 3rd quarter statement.
I don't know what the future holds, but I know who holds my future.

Scassi
Posts: 12
Joined: Wed May 16, 2018 2:43 pm

Re: Lincoln Investments "Participant Directed Platform"

Post by Scassi » Fri Mar 29, 2019 7:24 pm

A440: Thank you very much for this info and resource. Based upon same, we have just turned over all of my W's 403(B) investments. This thread was 'well done'!! Bump for same as the info here can make a real difference for all and esp those just starting out... Cheers. :beer
All I ask is the chance to prove that money can't make me happy - Spike Milligan

Topic Author
A440
Posts: 488
Joined: Mon Sep 02, 2013 7:46 am
Location: NJ

Re: Lincoln Investments "Participant Directed Platform"

Post by A440 » Sat Mar 30, 2019 5:09 am

A440 wrote:
Tue Jul 31, 2018 6:37 am
A440 wrote:
Tue Apr 10, 2018 5:30 pm
A440 wrote:
Sat Dec 09, 2017 7:53 am
A440 wrote:
Tue Jan 10, 2017 6:29 pm
Update on Fees:
According to my December '16 statement from Lincoln:

"RetirementSOLUTIONS PREMIER Custodial Fee Elimination
For those investors with retirement accounts, the annual retirement plan custodial fee that ranges from $0 to $35 per account for up to two
accounts (maximum of $70) is being eliminated effective January 1, 2017."

However,

"SOLUTIONS/SOLUTIONS PREMIER Investor Platform Fee
Regardless of the number of retirement or non-retirement accounts held on our SOLUTIONS and/or SOLUTIONS PREMIER platform, an
investor will be assessed an Investor Platform Fee of $15/quarter ($60/year) per social security number or tax identification number. This
fee will cover administrative expenses associated with carrying all of your accounts and will be deducted from just one of your accounts.
The fee change will be effective January 1, 2017."

So, this means an increase of $25 in fees (from $35 to $60 per year). I've reached out to Lincoln's Participant-Direct reps for confirmation. Still cheaper than their 90 basis plan. This information was confirmed by a Lincoln CSR on 1/11/17

UPDATE JULY 2017:
Hmm...so far, I have not seen an increase in any fees. Each quarterly statement so far shows a "platform fee" of $8.75 (so $35 over 4 quarters). I will continue to monitor as the next two quarterly statements become available and update again.
UPDATE DECEMBER 2017:
My December statement now shows a $9 Third-Party Admin Fee (to OMNI) in addition to the platform fee of $8.75. Even so, still cheaper than paying 90 basis points, or a 5.75% commission fee to purchase a Load Fund (usually American Funds) to the rep. Plus, the dividend yield of the fund itself, more than covers the fees.
UPDATE MARCH 2018:
It looks like the Third-party Administrative fee of $9 is only assessed in the last quarter of the year. My 1st quarter statement for 2018 shows only the platform fee of $8.75.
UPDATE JULY 2018:
The TPA fee of $9 returned for the 2nd quarter. Weird! I'm not sure why some quarters it is assessed and not in others. I'll update again when I get the 3rd quarter statement.
UPDATE:
The TPA fee of $9 and Platform fee of $8.75 are now consistent, so $71/year in fees. Vanguard's 403(b) charges $60, but since I am unable to invest with them directly as they are not a board-approved vendor, Lincoln is still the cheapest option for me. When I separate service, I can move my Lincoln funds to Vanguard if I wish.
I don't know what the future holds, but I know who holds my future.

Topic Author
A440
Posts: 488
Joined: Mon Sep 02, 2013 7:46 am
Location: NJ

Re: Lincoln Investments "Participant Directed Platform"

Post by A440 » Sat Mar 30, 2019 5:11 am

Scassi wrote:
Fri Mar 29, 2019 7:24 pm
A440: Thank you very much for this info and resource. Based upon same, we have just turned over all of my W's 403(B) investments. This thread was 'well done'!! Bump for same as the info here can make a real difference for all and esp those just starting out... Cheers. :beer
Awesome! That's why we're here. :sharebeer
I don't know what the future holds, but I know who holds my future.

dalbright
Posts: 217
Joined: Sun Oct 21, 2018 6:23 am

Re: Lincoln Investments "Participant Directed Platform"

Post by dalbright » Wed Jan 01, 2020 2:22 pm

I'm going to be trying this this soon as my wife lacks good options for her IL teacher 403/457's. Seems like the PDP is the way to go so I hope i have some luck setting it up for us to start the new year!

Topic Author
A440
Posts: 488
Joined: Mon Sep 02, 2013 7:46 am
Location: NJ

Re: Lincoln Investments "Participant Directed Platform"

Post by A440 » Wed Jan 01, 2020 2:27 pm

Happy New Year!
Kindly let us know how you make out with the PDP, or if you need any help.
I don't know what the future holds, but I know who holds my future.

dalbright
Posts: 217
Joined: Sun Oct 21, 2018 6:23 am

Re: Lincoln Investments "Participant Directed Platform"

Post by dalbright » Fri Jan 03, 2020 7:15 am

A440 wrote:
Wed Jan 01, 2020 2:27 pm
Happy New Year!
Kindly let us know how you make out with the PDP, or if you need any help.
I received the form so it appears to be available for me, hooray! Did you have to list an advisor/branch on the form if doing the PDP program in order for your school to process it properly? I'm doing this on behalf of my wife and their benefit/payroll person is not the best i've gathered. I can always call lincoln to check but I wanted to ask those who have had successful setups first. Also, were you able to make changes to the deductions and investments online once you submitted the form and your account became setup? Thanks!

Topic Author
A440
Posts: 488
Joined: Mon Sep 02, 2013 7:46 am
Location: NJ

Re: Lincoln Investments "Participant Directed Platform"

Post by A440 » Fri Jan 03, 2020 8:03 am

I used my closest branch and filled out the form at their office. We have a TPA (OMNI) that I use if I need to make changes to my contributions. I have not changed the allocation, but this most likely can be done online.
I don't know what the future holds, but I know who holds my future.

krow36
Posts: 2280
Joined: Fri Jan 30, 2015 6:05 pm
Location: WA

Re: Lincoln Investments "Participant Directed Platform"

Post by krow36 » Fri Jan 03, 2020 12:16 pm

dalbright wrote:
Fri Jan 03, 2020 7:15 am
I received the form so it appears to be available for me, hooray!
Congratulations on getting the application form! Is your wife's district in the Chicago area?

dalbright
Posts: 217
Joined: Sun Oct 21, 2018 6:23 am

Re: Lincoln Investments "Participant Directed Platform"

Post by dalbright » Fri Jan 03, 2020 12:30 pm

krow36 wrote:
Fri Jan 03, 2020 12:16 pm
dalbright wrote:
Fri Jan 03, 2020 7:15 am
I received the form so it appears to be available for me, hooray!
Congratulations on getting the application form! Is your wife's district in the Chicago area?
Correct! Suburb of Chicago :)

krow36
Posts: 2280
Joined: Fri Jan 30, 2015 6:05 pm
Location: WA

Re: Lincoln Investments "Participant Directed Platform"

Post by krow36 » Fri Jan 03, 2020 12:37 pm

OK, great! So far as we know, the Participant Directed Platform is only allowed in NJ, a few districts in NY, and in the Chicago area. Keep hoping new areas will turn up.

dalbright
Posts: 217
Joined: Sun Oct 21, 2018 6:23 am

Re: Lincoln Investments "Participant Directed Platform"

Post by dalbright » Wed Jan 08, 2020 9:45 am

krow36 wrote:
Fri Jan 03, 2020 12:37 pm
OK, great! So far as we know, the Participant Directed Platform is only allowed in NJ, a few districts in NY, and in the Chicago area. Keep hoping new areas will turn up.
For those that set up an account and went through the paperwork, do you recall what you put in the advisor branch info section since it is a PDP plan? We have a person that is the schools contact rep person listed on the 403/457 form but I'm not sure if something else needs to be placed here. I left a message for Lincoln but they have yet to call back. Also were you able to email in the form or only snail mail? Sorry for the silly questions but my wife's salary/benefits person has trouble with normal little things, so I presume this would be way out of her scope... Thanks!

dalbright
Posts: 217
Joined: Sun Oct 21, 2018 6:23 am

Re: Lincoln Investments "Participant Directed Platform"

Post by dalbright » Fri Jan 31, 2020 7:11 am

Looks like my plan is setup and will hopefully go through within the next few payrolls. For those with the PDP accounts are you able to make any trades to other funds in the account, rebalance, etc or is it purely buy and hold. The website at this point did not give any trading options so I was just curious for the future. Thanks again for those of you that found this option!

krow36
Posts: 2280
Joined: Fri Jan 30, 2015 6:05 pm
Location: WA

Re: Lincoln Investments "Participant Directed Platform"

Post by krow36 » Fri Jan 31, 2020 1:49 pm

Thanks for the update. Hopefully someone with Participant Directed Platform experience will answer your question.

Topic Author
A440
Posts: 488
Joined: Mon Sep 02, 2013 7:46 am
Location: NJ

Re: Lincoln Investments "Participant Directed Platform"

Post by A440 » Fri Jan 31, 2020 1:56 pm

I only use the Total Stock Market Index with my district's PDP 403b. I don't see why you couldn't had more than one fund and re-allocate when needed.
I don't know what the future holds, but I know who holds my future.

dalbright
Posts: 217
Joined: Sun Oct 21, 2018 6:23 am

Re: Lincoln Investments "Participant Directed Platform"

Post by dalbright » Fri Feb 14, 2020 11:13 am

Just an update to anyone who may have Lincoln as a 457/403 option, my wife's PDP through them is now funding properly. The pdf form that others have discussed is still valid. You will need to start with that form in order to get the ball rolling with Lincoln. You can then after some time (about a week for me) call/email to get an account number from them in which you can then properly fill out the salary reduction agreement with your school. The SRA needs the account number, for which then they must send to your schools third party administrator. I also contacted the schools TPA as well to confirm that everything was setup properly. I unfortunately had to learn the entire process since my wife's payroll person at her school had a mental breakdown and quit during the middle of everything...and nobody at the school knew how to manage everything in her absence. I being realist had budgeted six months for this to all get handled properly but am please with the six weeks including the quitting of staff during the process. All parties were very easy to contact if needed via email at Lincoln and phone for TPA/school.

krow36
Posts: 2280
Joined: Fri Jan 30, 2015 6:05 pm
Location: WA

Re: Lincoln Investments "Participant Directed Platform"

Post by krow36 » Fri Feb 14, 2020 5:16 pm

Thanks dalbright for the update and details on the account number needed for the district's salary reduction agreement. Congratulations!

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