RMSA at old employer. What to do?

[Mykle57]

FIREd 4+ years ago. Still have an RMSA at megacorp. Haven't needed to dip into it (thankfully). Its just sitting there. About $10k. They don't add to it. Don't even know what its invested in.

Megacorp notified me they're moving it to Fidelity. I've got nothing against Fidelity, but, I use Schwab for everything else.

What's the smart thing to do here? Is there something like an RMSA-rollover where I could move it to Schwab? Or is there a better place for it?

 

[chassis]

One option is to wait until the Fidelity transfer is done, and see if you like Fidelity’s features. It would be very easy to open new accounts with Fidelity and move the Schwab assets into Fidelity. Just one possibility.

Another avenue is to roll it into the appropriate account at Schwab, if such an account is offered by them.

 

[savory]

I am not sure this is true of all RMSAs but in my case, the money does not technically belong to me. I let mine ride for a while and it grew nicely. Now, I am aggressively spending it down. I do not believe my Megacorp plans to take it or is in trouble. But, once I learned about this technicality, I figured it was not worth the risk to leave it there.

 

[foxfirev5]

I am not sure this is true of all RMSAs but in my case, the money does not technically belong to me. I let mine ride for a while and it grew nicely. Now, I am aggressively spending it down. I do not believe my Megacorp plans to take it or is in trouble. But, once I learned about this technicality, I figured it was not worth the risk to leave it there.

Big issue for the few that hold an RMSA. Back in the day it was OK to promise these things while leading the employee to think they own the whole account. Once I realized when I'm gone a big chunk of it is gone I started withdrawing as much as possible. Medicare part B , dental, eyecare etc. Not that I'm paranoid but I do notice they're much quicker to deny a claim for a technicality than my corp. HSA. Spend the RMSA and save HSA dollars if applicable.
Now I leave my separate HSA account invested in Vanguard total stock market instl. shares with much lower cost and total ownership by me. With a combined six figure total this is a real issue for me.