Has anyone successfully moved their solo 401k from Ascensus

[valgen630]

[Thread merged into here --admin LadyGeek]

I know there is a large thread on this topic. Has anyone been successful in moving their solo 401k from Ascensus to either Fidelity or Schwab?

[BogleTaxPro]

I know there is a large thread on this topic. Has anyone been successful in moving their solo 401k from Ascensus to either Fidelity or Schwab?

See Xelda's experience in the mega-thread. search.php?keywords=xelda&t=429947&sf=msgonly

[LadyGeek]

I merged valgen630's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)

Update: See below.

[DrivenToSuces$]

I merged valgen630's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)

LadyGeek, actually, would you consider allowing us to have two separate megathreads? Originally this thread was for discussing what to do as the July transition loomed; one megathread was effective for that.

But now that it's happened, there are two key issues we are struggling with, and combining them is making the thread unweildly:

Topic 1: For those of us who want to leave Ascensus, how can that be done correctly - since Ascensus is blocking it. Seeking advice, tax/legal research, as well as experience of those who have done it.

Topic 2: For those of us who want to stay in Ascensus, how to do contributions correctly. What date are deposits happening - will Ascensus indeed record 2025 deposits as 2024 if desired. What price/time do transactions use. How to have different investments in Roth vs Trad. Seeking experience of those who've done all this.

[LadyGeek]

LadyGeek, actually, would you consider allowing us to have two separate megathreads? Originally this thread was for discussing what to do as the July transition loomed; one megathread was effective for that.

But now that it's happened, there are two key issues we are struggling with, and combining them is making the thread unweildly:

Topic 1: For those of us who want to leave Ascensus, how can that be done correctly - since Ascensus is blocking it. Seeking advice, tax/legal research, as well as experience of those who have done it.

Topic 2: For those of us who want to stay in Ascensus, how to do contributions correctly. What date are deposits happening - will Ascensus indeed record 2025 deposits as 2024 if desired. What price/time do transactions use. How to have different investments in Roth vs Trad. Seeking experience of those who've done all this.

Sure. With your added details, it makes sense to to do. I put your discussion back into a stand-alone thread.

[GemCoder]

I successfully moved my solo 401k to Ascensus, though with some “minor” hiccups. The week before the transfer, I saw the transfer initiated in Vanguard. I waited out the week that was designated to receive contact from Ascensus, and received nothing. So I went to the transfer site and clicked through the employee login screen as “register my account” and created my employee login.

Funds were present and accounted for, much nicer website than Vanguard. No information for employer login. I called the contact number, waited 8 minutes on hold, and spoke with a rep about getting employer access. I had to provide my Vanguard account number and my EIN as proof of identity. She sent the employer email I never received, and waited while I got through the setup process.

It worked. I have access. I’ve successfully made deposits, and I like their mobile app very much. Slightly cumbersome to make deposits, as I must manually do each one, rather than an automatic transfer, but it does work.

[numberman]

I successfully moved my solo 401k to Ascensus,

OP is asking for people moving from Ascensus, to somewhere else (Fidelity, Schwab, etc).

[DustyDebris]

I am very interested in moving my SEP-IRA out of Ascensus into anywhere else, prefer into my Vanguard Trad IRA. I am considering simply withdrawing the entire amount and then depositing it into that T-IRA. Suspect it is more complicated than that , can anyone offer info on this?

[Infomom2]

I merged valgen630's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)

LadyGeek, actually, would you consider allowing us to have two separate megathreads? Originally this thread was for discussing what to do as the July transition loomed; one megathread was effective for that.

But now that it's happened, there are two key issues we are struggling with, and combining them is making the thread unweildly:

Topic 1: For those of us who want to leave Ascensus, how can that be done correctly - since Ascensus is blocking it. Seeking advice, tax/legal research, as well as experience of those who have done it.

Topic 2: For those of us who want to stay in Ascensus, how to do contributions correctly. What date are deposits happening - will Ascensus indeed record 2025 deposits as 2024 if desired. What price/time do transactions use. How to have different investments in Roth vs Trad. Seeking experience of those who've done all this.

Can someone please post the link to the other thread (would that be topic 2; I think this is topic 1? )? I need to follow both as I want to leave Ascensus, but looks like that may take a while and I want to know how to make contributions in the meantime. I tried to use the search bar, but am still unable to find it.

[bookgirl]

I merged valgen630's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)

LadyGeek, actually, would you consider allowing us to have two separate megathreads? Originally this thread was for discussing what to do as the July transition loomed; one megathread was effective for that.

But now that it's happened, there are two key issues we are struggling with, and combining them is making the thread unweildly:

Topic 1: For those of us who want to leave Ascensus, how can that be done correctly - since Ascensus is blocking it. Seeking advice, tax/legal research, as well as experience of those who have done it.

Topic 2: For those of us who want to stay in Ascensus, how to do contributions correctly. What date are deposits happening - will Ascensus indeed record 2025 deposits as 2024 if desired. What price/time do transactions use. How to have different investments in Roth vs Trad. Seeking experience of those who've done all this.

Can someone please post the link to the other thread (would that be topic 2; I think this is topic 1? )? I need to follow both as I want to leave Ascensus, but looks like that may take a while and I want to know how to make contributions in the meantime. I tried to use the search bar, but am still unable to find it.

Is this what you're looking for?
viewtopic.php?t=429947&hilit=xelda

[Finridge]

Ascensus has confirmed that they WILL start charging exit fees in the near future, so if you are not 100% happy with Ascensus and planning to stay, you will want to start working on getting out now. It will only get harder and more expensive to get out in the future.

[GoldenBear17]

Ascensus has confirmed that they WILL start charging exit fees in the near future, so if you are not 100% happy with Ascensus and planning to stay, you will want to start working on getting out now. It will only get harder and more expensive to get out in the future.

I think they're going to charge a $20 or $25 (I forget which) exit fee starting in January 2025, correct?

The other fees of $20 per account + $20 per fund I think kick in in around November. So those are the fees that are likely to be more expensive and that you might want to try to avoid even more by leaving earlier.

Is this your understanding too?

[Finridge]

Ascensus has confirmed that they WILL start charging exit fees in the near future, so if you are not 100% happy with Ascensus and planning to stay, you will want to start working on getting out now. It will only get harder and more expensive to get out in the future.

I think they're going to charge a $20 or $25 (I forget which) exit fee starting in January 2025, correct?

The other fees of $20 per account + $20 per fund I think kick in in around November. So those are the fees that are likely to be more expensive and that you might want to try to avoid even more by leaving earlier.

Is this your understanding too?

The manager I was talking to told me that they were going to charge $25 exit fee. He didn't say anything about a per account fee. But when I said that I could see what the trend was and that under private equity ownership, it would just get more expensive and harder to leave over time, I got the impression that he was not in disagreement with that.

[GoldenBear17]

Ascensus has confirmed that they WILL start charging exit fees in the near future, so if you are not 100% happy with Ascensus and planning to stay, you will want to start working on getting out now. It will only get harder and more expensive to get out in the future.

I think they're going to charge a $20 or $25 (I forget which) exit fee starting in January 2025, correct?

The other fees of $20 per account + $20 per fund I think kick in in around November. So those are the fees that are likely to be more expensive and that you might want to try to avoid even more by leaving earlier.

Is this your understanding too?

The manager I was talking to told me that they were going to charge $25 exit fee. He didn't say anything about a per account fee. But when I said that I could see what the trend was and that under private equity ownership, it would just get more expensive and harder to leave over time, I got the impression that he was not in disagreement with that.

The annual per account fee and per fund fees were always known from the time before the transfer to Ascensus even happened. Vanguard had similar fees but many had them waived by having a certain amount in Vanguard accounts. With Ascensus the waiver was removed. But I believe they're not charging those fees until November. And I was also told about the $25 exit fee coming in January long ago. So these are all according to plan.