It goes something like this (condensed version):
- I left an employer after 5 years of working for them back in April.
- Hired into new employer in mid-Summer. After completing the probationary period (401-k), I start the process to roll my existing 401-k account into the new one. Early October 2015.
- I submit the paper work to the former fund manager: Ameritas.
- Ameritas requested two (2) mailing addresses on the withdrawl form: my home, and that of the destination fund manager (Fidelity). Nowhere on the form does it indicate one being a preferred mailing address. The usual process is to mail the check to the requestor.
- After some minor delays, I discovered that the withdrawal had to be approved by the Account Manager at the former employer. Eventually, that person was contacted and they signed the request. The request was then processed.
- After a few weeks, Ameritas cut the check, and mailed it directly to Fidelity. Not good.
- Fidelity received the check and, not having a signed rollover form (because it was at my house, awaiting the arrival of the check), had to place it on hold. After many discussions with Fidelity, they tried to hold it long enough for my rollover form to arrive and be matched up. But because my rollover form took too long to arrive, they had to return the check.
- Fidelity mailed the returned check to my home address.
- I contacted the former fund manager (Ameritas), and they said they cancelled the check I had received, and would issue a new check, and (hopefully) mail it to my home address.
- The Ameritas fund manager informed me that my former employer initiated a transfer of their account to a new fund manager (not Ameritas) and that it would place all transactions on “lockout” for several weeks.
- It is now December 2015, and this process is still in limbo, with me having to send daily emails to inquire of the status of the new check.
And people wonder why banking and investment institutions are hated so much.