I had requested fund transfer of all funds from my previous compies 401K into my new 401K. This did not happen as the plan's policy had moved my funds from 401K to an IRA.
Just so happens the IRA fees on that policy transfer are more than the money being made, so basically they fee-ed my account to death (the average fee over the past 10 years is 11.5x how much I made in interest). I recently moved and got a notification in the mail about this account. In trying to salvage the little bit left was told they can not even get the remaining funds distributed as their fee to distribute ($75) is $5 more than what is left in the account.
So they get to keep what is left until the balance is zero... They are more interested in their bottom line than their customers as in my discussion with them the response what that it was my responsibility and not their fault.
User's recommendation: find a better company, fees should be based on money made not company greed.
Location: Friendswood, Texas
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