Good Idea... Mine is idle as I retired and can no longer contribute, but the wife is adding 30% each paycheck to hers for a few more years.
They saying nothing will really change.
Empower retirement company?
- Thread starter old medic
- Start date
Good Idea... Mine is idle as I retired and can no longer contribute, but the wife is adding 30% each paycheck to hers for a few more years.
They saying nothing will really change.
Franklin
Recycles dryer sheets
Timely thread. I got my post card today indicating Prudential Retirement is being sold to Empower. Today Prudential manages my Deferred Comp plan with my past employer. My past employer owes me the funds but Prudential has managed the investments where the funds are invested. It has worked well. So, I naturally did some research on Empower and all seemed legit. As long as they offer the multiple funds offered by Prudential, and offer daily accress updates it should be a non event. I did note today that the Prudential site was non accessible?? I appreciate everyones sharing the experience with Empower.
Retired Expat
Full time employment: Posting here.
My company did that and switched to Empower and I didn’t care for them….as soon as I retired I transferred my 401k into my IRA
Morgan22
Recycles dryer sheets
I would roll over to Schwab if I had a choice. We don't care for Empower. Customer service varies, but mostly has not worked out. We've had issues with DH 457b with them. Contributions and now withdrawals.
DS has had problems with them when switching jobs. Both old and new employers used Empower. Empower CS couldn't figure out how to shut down his previous 401k so he could start contributing to his new one. Took moths to resolve.
DS has had problems with them when switching jobs. Both old and new employers used Empower. Empower CS couldn't figure out how to shut down his previous 401k so he could start contributing to his new one. Took moths to resolve.
target2019
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I recalled this incident which pushed me to finally rollover the Empower 401(k) to Schwab IRA. For years I noticed that I had post-tax contribution in the report. This was provided by megacorp as part of a settlement over fees. I wanted to withdraw just that, and any associated growth. Even though it was clearly tracked, a withdrawal would come partially from that, and elsewhere, according to customer service.
So I got the very-long rollover form, filled it out, got to a notary, and uploaded. What led me to do that was the option on the form to receive two checks, and yes, one was for the post-tax and associated growth.
I received the FBO check and drove to the local Schwab office. By the time I arrived home the check had been deposited to my account.
So I got the very-long rollover form, filled it out, got to a notary, and uploaded. What led me to do that was the option on the form to receive two checks, and yes, one was for the post-tax and associated growth.
I received the FBO check and drove to the local Schwab office. By the time I arrived home the check had been deposited to my account.
A similar question about Empower came up on the Clark Howard podcast a couple of months ago. His opinion was that it really depends on your employer. Some will have negotiated good fees, but some will have high fees. I remember this episode because my employer switched to them a few years ago, and I hadn't heard of them before then and was a little concerned. Personally they seem to be OK, but I found the interface to not be intuitive in some places.
retire48in2018
Recycles dryer sheets
- Joined
- Mar 12, 2008
- Messages
- 367
Had empower.
Selection of funds - that was employee related was poor. Also mutual funds did not have standard nyse ticker symbols and were not tracked easily. I assume this was employer not empower.
However - empower stopped permitting 3rd parties import and track. I was using fidelity and quicken. Empower no longer permitted that. Totally unacceptable in my opinion - especially when mutual fund options within 401k were not standard NYSE tickers. Had to regularly update my other financial trackers. I talked with theM
And tried to escalate - fell on deaf ears.
Taking money out (xfer) when leaving employer (and empower) was ridiculous. They only permitted physical checks, and only to my registered home address and communication was only through the registered email. Um - I retired - no longer have work email - no recourse to update. I was traveling and had to coordinate getting a big $ check that was delivered to home, then have to send (at my expense again) to my rollover company (fidelity) was ridiculous. Risk of such large amounts in a physical check, and being sent twice - and out of any market for those days. They would not send direct to rollover.
Selection of funds - that was employee related was poor. Also mutual funds did not have standard nyse ticker symbols and were not tracked easily. I assume this was employer not empower.
However - empower stopped permitting 3rd parties import and track. I was using fidelity and quicken. Empower no longer permitted that. Totally unacceptable in my opinion - especially when mutual fund options within 401k were not standard NYSE tickers. Had to regularly update my other financial trackers. I talked with theM
And tried to escalate - fell on deaf ears.
Taking money out (xfer) when leaving employer (and empower) was ridiculous. They only permitted physical checks, and only to my registered home address and communication was only through the registered email. Um - I retired - no longer have work email - no recourse to update. I was traveling and had to coordinate getting a big $ check that was delivered to home, then have to send (at my expense again) to my rollover company (fidelity) was ridiculous. Risk of such large amounts in a physical check, and being sent twice - and out of any market for those days. They would not send direct to rollover.
