I work for a company that recently decided to force its workers to save for retirement. They auto signed everyone up for a 401(k) to which they don't contribute - and for which we are responsible for fees. To opt out, you have to log on to a very unfriendly Fidelity website and screw around for awhile before you figure out how to opt out of a very stupid plan.
Call a labor lawyer, if they don't have a signature from you, I'd take this all the way from suing them in court to a supreme court ruling if I had to.
Then I would sue them again for firing me, over the huge stink I would make over such a violation.
They don't contribute to it, nor do they subsidize the fees.
Right, but the benefit is tax-deferred savings (or post-tax with no future taxation, if Roth). In some cases it can be better to save in a taxable account, but it's unclear whether this is one of those cases.
Created Fidelity account almost two years ago because previous boss did well with them. Account was for 40,000.00. At that time, I was not questioned about how I would like to arrange those funds (which seemed odd). November 2015, I visited Warrington Pa office to rollover a third party IRA to my existing account. Personnel phoned the TotalIRA company, gathered info, had me sign forms and faxed these to TotalIRA. Was told that female agent would see me in five minutes. Few minutes later, was told she was too busy (I was only client present at time) go home, wait a month or longer for a statement that showed the rollover was completed. As of February, still no rollover.
March 11 visited same office explaining that an error had been made as statement still did not reflect rollover. Personnel researched my case and apologized profusely, explaining that agent responsible for transaction had abruptly left without completing transfer. Maintained my composure and was sweet-talked by agent promising to "bend over backwards", "make everything right" and "fast track your transfer". Four days later, account was still missing transfer. Requested my account be closed; however, Doug used high oressure tactics to prevent this and was also condescending: "why would you want to remove your account? Do you know that banks only give you one percent return?" Doug, why do you think I opened a Fidelity account in the first place?
Today, March 21, I called Fidelity 800 number RATHER than deal with Doug. Again, no transfer of my rollover. Told Fidelity exactly what I thought of their service and demanded that my account be closed. They refused.
Contacted Total IRA, the third party IRA. They denied any fax receipt and also denied phone calls from Fidelity had taken place. I was present when Fidelity made the initial phone call to this company. Who is lying? Total IRA refused to give me my funds and I engaged in loud broken record argument with rep. Ditto for rep, Sheri. Last, Mark Frankenfield, Marketing Manager (they have no PR Dept), called me a "bully", and refused to give company president's name/number. I was told to visit their website for this info. No surprise there because website did not list president. Kudos to Total IRA for your name selection. It is virtually impossible to do Internet research on customer complaints with that trade name. Mark had brazenly told me their company has never had a complaint and you can understand why. Should also tell you that TotaIRA has not sent me any reports since December; they also selected funds that I never gave permission for and created an "inkind account" without my knowledge as well.
I mention Total IRA for two reasons: an ex-employer forwarded my IRA to them when they merged with larger company and wanted to close out all accounts. Years ago, you could definitely leave your 401 with ex-employers and not encounter problems. However, I urge you NEVER to do this in today's economic climate. Secondly, contacting Total IRA is an exercise in frustration. They make it abundantly clear on statement and introductory letter that they want to communicate with clients on line. And as you can see,.they keep no records of phone calls (even from other brokers). Absolves Total IRA of any responsibility! This company is based in Pittsburgh and also uses the name Inspira.
Last phone call received from Fidelity was vexing. Branch Manager Robert C- could only offer multiple "sorries" along with " this is not what normally happens". Ironically, he provided me with the full name of the agent who dropped the ball on my account. This was only after I used the A word (ACCOUNTABILITY) and asked for remuneration for the "market volatility associated with inkind accounts". If I were K.Lynn, I definitely wouldn't be happy that an ex-employer shared my name. Is it possible she is a convenient scapegoat and Fidelity is trying to cover its tracks?
They used to have some of their brokers make unsolicited calls to me at work offering to "help" me with investing ideas.
I asked them to put a flag on my account noting that if me or anyone in my family got another such call, we'd close all the accounts. That was 16 yrs ago. Haven't got a call like that since then.