petulant wrote: ↑Fri Aug 12, 2022 9:13 am
You Know What I Mean wrote: ↑Wed Aug 03, 2022 5:56 pm
petulant wrote: ↑Wed Aug 03, 2022 8:01 am
SquawkIdent wrote: ↑Wed Aug 03, 2022 7:48 am
petulant wrote: ↑Wed Aug 03, 2022 7:40 am
Did you ever figure it out? I am a bit concerned with how long my recent rollover in has taken.
I’m still trying.
They claimed they never got the first check and paperwork.
So, I placed a stop payment on the first check and started all over again. I’m now in the process of trying to find out what the status of the second attempt is. When you call the TSP, they can only give you very generic info. Yesterday however, they claimed they have received the second attempt and it’ll be credited to my account shortly.
1 1/2 months and still trying to get this done. This is ridiculous. Prior to the “upgrade” I had done this process twice and each time it was 2-3 weeks from start to finish.
That's terrifying. I did get a delivery confirmation on mine, so hopefully that means it won't get "lost."
I am still trying to decide whether to transfer an old 401k from Fidelity to TSP. This kind of problem worries me. I think I am going to wait a while longer in hopes things improve (or at least, the wait times on the phone go down).
Hi You Know What I Mean! An update. Previously I mailed my rollover check made out to TSP fbo me with all correct forms and overnight delivery on July 27. The funds finally appeared in my account today. I count 12 business days since delivery. During that time period, the S&P 500 increased by over 5%. TSP couldn't even follow my instructions to deposit the money in the C Fund; they put it in the G Fund instead. The only suggestion I would make is that if you do it, you could target bond holdings for being in limbo during the rollover--i.e., if you have a 50/50 allocation and 25% of your money is in the old 401(k), count the 401(k) rollover as part of your bond holdings and put stocks elsewhere first. Missing 3-4% interest for a few weeks probably wouldn't hurt as much.
Hi, Petulant. Great to hear from you! Thanks for the good advice. As it happens, my direct transfer will be fixed income only: from the Stable-Value Fund in the 401k to the G Fund in the TSP. (We have a relatively large "Cash & Stable-Value" allocation in our long-term portfolio.)
So, my transition period will have relatively minor impact, as you indicated. I'm sorry to hear that the delay in your transfer happened the way it did. I've always been concerned about things like that in the few times I've transferred between accounts. I don't like to be out of the market.
Coincidentally, just yesterday I started the process. For anyone who's interested, here are a few details so far. I started to do the transfer form online, but got an error message that said, "Some information that usually appears here is currently unavailable."
So, I called TSP. After going through the long menu process, I was quickly transferred to someone in the rollover section. He sounded new, but was helpful. He put me on brief holds several times while getting answers to my questions. When I asked the quickest way to do the transfer, his answer was that he would email a form to me to fill out and email back.
That wasn't quite what happened. His email didn't include an actual form. It was just a notice that there was an important message in my secure mailbox at TSP. That secure message included the (10-page) form. I haven't decided yet whether I'm going to fill out that form and scan it, etc., or try the online form again. Either way, I need to get a check from the 401k custodian, Fidelity Netbenefits.
I then called Fidelity. As expected, they were familiar with the process and quickly responded to my request. Good service. I asked for the check to sent to me by regular mail (rather than paying for two-day delivery). Since that call took place shortly after the markets closed yesterday, the check amount will be based on yesterday's close (just a few dollars in interest per day) and probably mailed today. I expect the check sometime next week.
After I receive the check, I will probably upload a scanned copy and the other required documentation (rather than mailing it). I asked the TSP rep how long it would take for the funds to appear in my account after they received the check. He said two or three business days. We'll see.
Good luck to all! I try not to sound too negative, though I repeat my disappointment with the bad new TSP website.
"Well, she was just seventeen, You Know What I Mean, and the way she looked... was way beyond compare."