ING screwed up my acct

[bright eyed]

My co. recently switched plans in our high cost 403b to another high cost 403b (slightly better) and the switch happened this june.

When they switched, my contributions were put into the new account - but they used an ancient allocation list and so they bought a bunch o duds since June.

I already called and they switched over future allocations to the new/correct list, and re-allocated the recent purchases to the new list as well.

But i lost a bit of change since the $ would have been in less dudd-ly funds...could have gained $40-60? instead of losing $20...not that big a deal.

but should i say something? or is there nothing to be gained. they suck!

 

[FinanceDude]

My co. recently switched plans in our high cost 403b to another high cost 403b (slightly better) and the switch happened this june.

When they switched, my contributions were put into the new account - but they used an ancient allocation list and so they bought a bunch o duds since June.

I already called and they switched over future allocations to the new/correct list, and re-allocated the recent purchases to the new list as well.

But i lost a bit of change since the $ would have been in less dudd-ly funds...could have gained $40-60? instead of losing $20...not that big a deal.

but should i say something? or is there nothing to be gained. they suck!

Well,you could try to bitch about it,but good luck. Generally, the "new plan" will follow the asset allocations of the "old plan" initially, for CYA reasons.........

Maybe mickeyd has a solution?

 

[bright eyed]

Hmm...

they used an old allocation -

i changed my allocation in the old acct in February 07 and that is where the money was going previous to that...

they must have set up the transfer prior to feb 07 and had no system for updating if there were changes made, and i'm not aware of any notifications like, "hey if you changed your allocation since X -06 or 07, then let us know"...

 

[FinanceDude]

Hmm...

they used an old allocation -

i changed my allocation in the old acct in February 07 and that is where the money was going previous to that...

they must have set up the transfer prior to feb 07 and had no system for updating if there were changes made, and i'm not aware of any notifications like, "hey if you changed your allocation since X -06 or 07, then let us know"...

Happens all the time.......... More interesting, the SEC is starting to look at "overpriced bundled annuity products".....wonder what will happen with that, besides nothing??

 

[LOL!]

You should make it known because there are probably others at the company that have had their 401k screwed up and they may be unaware of it.

 

[bright eyed]

yeah, i called our acct person so she knows and let our HR folks know too...

 

[bright eyed]

They SCREWED UP AGAIN!

I can't believe it...
I just looked over my September quarterly statement and they ROYALLY screwed up my account!

So because they were trying to REVERSE the dumbo transactions they screwed up last time... my account is f'd up!

They reversed the incorrect transactions from before...and then every "contribution" became a "reversal" and my statement said i made NEGATIVE $3500 in contributions last period... that's not the earnings side, it's what came out of my checkbook...

I'm soo annoyed and will call tomorrow AM to figure out what went wrong - but now, that's a LOT of $ they've screwed up...

What should I ask? What do they owe me?

I also missed out on some big days in the DOW

So not only did they not put my $ in the right place a LOT of $ is missing!!! WTF!

 

[Buckeye]

Do you have online access to your account? I check my 401(k) at least once a week online to make sure nothing is strange.

 

[bright eyed]

i do, and i check it...but the "reversals" didn't show up until i saw the statement, or i wasn't looking in the right place...just saw the current contributions seemed to be going to the right place.

for some reason they went back to last november and started doing all these "contribution reversals" but then that $ didn't get redistributed anywhere else as far as i can tell...

 

[bright eyed]

I called their customer service this morning and they said someone up the chain has to investigate since the reversals were soo high! uh huh.. hope they can finally clean up the mess...