On Wed, 21 Jun 2006 19:17:57 -0500, "Randy" <ranmcc[at]msn.com> wrote:

- quote -

Randy there is not enough information here for anyone to offer
meaningful input. Since $16/mo is a tidy sum, suggest you try to get
answers to the following, post it here and then we can help.

Questions for you:

Assume you are a former state employee or someone eligible for state
benefits. Which state?

There are several forms of deferred compensation - including 403b,
governmental 457, traditional IRA, etc. What was your "deferred comp"
and did you in fact roll it into a 401k? Who is the Custodian
(Fidelity, Citistreet, Vanguard, etc.) of your state 401k and what was
your reason for choosing this 401k?

Please confirm that you have separated service from this employer,
advise the balance in this account and give us your age.

--------
Questions for your HR Department or whoever they refer you to:

Is the $16 truly every month? Is it showing up on your statement, or
elsewhere? How is it coded on your statement? What is the fee for?

Will the 401k allow regular pay outs to you, offer direct deposit to
your checking account including tax withholding and do you plan to do
that? (Some 401k plans do, others don"t.)

Is the current balance rollable to another tax-deferred plan without
penalty, surrender charges or any other costs including commissions?

What is the trading symbol for the investment funds you are currently
using (trading symbols are usually five capital letters that identify
a specific fund... like VFINX)? Every fund has a symbol.


The above is a starting point. My suggestion is that you need to
begin asking questions and educating yourself. The above is a start.

Good luck.

-HW "Skip" Weldon
Columbia, SC

"Randy" <ranmcc[at]msn.com> wrote:
- quote -

Normally when people retire they take the money out of their 401k and do a
rollover to a self directed IRA. Not the norm at retirement to put money
into a 401k. What is the full name of the "state 401k" plan? What are the
other plan expenses? $16 a month is not a normal charge for any 401k or
rollover IRA account.

Randy wrote:

- quote -

Once you seperate from your company (e.g. quit, retire, etc) you may
roll the money into an IRA. Each broker has a minimum to avoid a
maintenance fee, but a common fee is $25/yr, not $192.

JOE

I retired and put money from my deferred comp into a state 401k. Now
they are charging me $16 per month. What is this?

Is this amount high?

Alternatives??????????