Back after my mom fell we decided she would take the cash out option of her 403b from her 19 years of work at her employer. She got done work due to her disability, and was able to cash out with no penalties other than federal and state income taxes.
I call, as my mom and ask what she needs to do. Well, they say- her balance is about 1/2 of what I think it should be. I say- na thats not right- seems they had her as ZERO vested from employer contributions. ZERO? after 19 years, naaaaaaaa your wrong. That was November 7th.
Call again every other day- to see if they're fixing it. Call HR in her former employer, I'm right, it should be 100% vested, they'll look into it.
Finally the Friday after thanksgiving I call and after getting the run around AGAIN I ask for a supervisor. I was very polite, explained to the super what was going on, she saw that i had called X times, and each time I was promised a call back and each time nobody called. When we left it, she said she'd take care of it and call me back. I didnt hold my breath. That was about noon on black friday.
I leave for work, and my cell rings about 3pm. I let it go to voice mail as I didnt have much signal. SUre enough- supervisor calling back- she fixed it and now the total seems correct to me.
Monday i fax them the cash out paperwork, I call Friday to make sure they got it. Lady says- um ma'am, your deposit hit your account yesterday. I said- HUH? You guys said 2 weeks to process. She says, hold one second please. I was like oh man this is gonna be bad. Next thing I know its that supervisor. WIshing my mom well, hopes my mom gets better soon, and if there is anything else I need please dont hesitate to contact her. She had put a note in my moms account that if I called in to transfer to her. I thought that was nice.
SO I hang up tell mom- you got your money. She looks at me funny- i said dont ask me, thats what they say LOL....we go to the bank, sure enough its in her account, minus the 20% irs and 25% of the 20% to the state...
Now, mom can finish the garage at my brothers house, and FINALLY GO HOME!!! she's still at my aunts, and wants to go home very very badly...
Before anyone says she shouldnt have cashed out, this was the ONLY way she could do it without penalties...if she rolled to IRA she wouldnt have been able to take advantage of the penalty free requirements she met by taking it this way. This was the only way she could get the garage turned into her apartment, as my brother JUST bought the house 5 months ago and has no equity....
She's happier than happy, now to get the contractor moving...
Brandy
I call, as my mom and ask what she needs to do. Well, they say- her balance is about 1/2 of what I think it should be. I say- na thats not right- seems they had her as ZERO vested from employer contributions. ZERO? after 19 years, naaaaaaaa your wrong. That was November 7th.
Call again every other day- to see if they're fixing it. Call HR in her former employer, I'm right, it should be 100% vested, they'll look into it.
Finally the Friday after thanksgiving I call and after getting the run around AGAIN I ask for a supervisor. I was very polite, explained to the super what was going on, she saw that i had called X times, and each time I was promised a call back and each time nobody called. When we left it, she said she'd take care of it and call me back. I didnt hold my breath. That was about noon on black friday.
I leave for work, and my cell rings about 3pm. I let it go to voice mail as I didnt have much signal. SUre enough- supervisor calling back- she fixed it and now the total seems correct to me.
Monday i fax them the cash out paperwork, I call Friday to make sure they got it. Lady says- um ma'am, your deposit hit your account yesterday. I said- HUH? You guys said 2 weeks to process. She says, hold one second please. I was like oh man this is gonna be bad. Next thing I know its that supervisor. WIshing my mom well, hopes my mom gets better soon, and if there is anything else I need please dont hesitate to contact her. She had put a note in my moms account that if I called in to transfer to her. I thought that was nice.
SO I hang up tell mom- you got your money. She looks at me funny- i said dont ask me, thats what they say LOL....we go to the bank, sure enough its in her account, minus the 20% irs and 25% of the 20% to the state...
Now, mom can finish the garage at my brothers house, and FINALLY GO HOME!!! she's still at my aunts, and wants to go home very very badly...
Before anyone says she shouldnt have cashed out, this was the ONLY way she could do it without penalties...if she rolled to IRA she wouldnt have been able to take advantage of the penalty free requirements she met by taking it this way. This was the only way she could get the garage turned into her apartment, as my brother JUST bought the house 5 months ago and has no equity....
She's happier than happy, now to get the contractor moving...
Brandy
