Does anyone have any information on who to call to have your retirement transferred for laid off employees? I called HR and it's a nightmare to get anyone on the phone. Thanks.
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You may want to do a little research before you move to IRA. Vanguard has very low fees and there are some benefits to a 401K over and IRA (not being touchable by creditor judgements for one)
You need to contact vanguard and have it moved to a rollover IRA Way better funds and lower fees You don't need to contact CVS Open a rollover IRA at Fidelity or vanguard and have the funds moved directly into that account then buy mutual funds or ETFs within that IRA
Look carefully at the high fees charged by CVS in the 401K. The percentage by fund is easily 5-10 times higher than a IRA with any of the major investment companies. Transfer to another employer = loss of control over your money. 💴
Reaching anyone at CVS is a waste of time. That will just refer you to Vanguard. You don't need to do anything with your 401k as a laid off employee. You can just keep it in Vanguard until you start a new one with a new employer and then transfer it over. I vaguely recall my former employer's 401k company charging a monthly fee for former employees if they kept the funds with them. I read thru Vanguard's options and it didn't mention any fees if you keep it there, but I want to confirm that at some point.
Of course. It’s so frustrating. Call Vanguard, the trustee for our plan. 800-523-1188. Make sure you are in a position where you can spend time with all the phone prompts. If you recall your login information it’s very easy to transfer it online instead. Good luck!