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Re: Pensions, 401K's, and fidelity . . .

By: DGpeddler in POPE | Recommend this post (0)
Sun, 01 Jan 12 10:06 PM | 66 view(s)
Boardmark this board | (The) Pope's for real stock market report 		Msg. 49205 of 65535
(This msg. is a reply to 49192 by Zimbler0)
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Zim, my retirement account, 401k, was with fidelity. I had it in, I thought, AT&T stock. After I had been retired for several years I started checking the account. I was not getting the dividends so I closed the account and had them send me the stock. When you take a stock distribution of a 401k that is totally invested in stock, there are no taxes until you sell the stock. I got a notice that my distribution was being treated as a cash distribution. When I questioned that, I was told that my accound had been in the AT&T stock 'FUND'. All the years that I thought I was buying stock, my money was going into an account that was a fund. Fedility kept the dividends and charged me for maintaining the account. They did not charge me after I retired but they kept the dividends. However, since I asked them to close the account, they kept $1.17 in left over cash in the account so they could keep the account open. So for the last few years they spend lots of money maintaining my account and sending me four statements a year. That $1.17 they did not send me has probably already cost them over $100.


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The above is a reply to the following message:
Pensions, 401K's, and fidelity . . .
By: Zimbler0 in POPE
Sun, 01 Jan 12 7:40 AM 		Msg. 49192 of 65535

DGPeddler> It came from Fedelity and is smaller than last months check which came from someone else. Fedelity riped me off on my 401k.


Hmmmmmm . . .
My employers were trying to sell us . . . and rather
than putting our pension plan where someone else
might steal the money, they liquidated it.

I was thinking about taking the lump sum, and
re-investing it in Fidelity mutual funds. Sounds
like maybe taking the 'immediate annuity' was
a better choice.

(Even though my retirement is actually still a few
years off {at the least . . with obamba it might
be longer} . . . I took the annuity and am re-
investing the moneys to give me another retirement
check.)

Anybody got any good horror stories regarding
fidelity?

Zim.

P.S. My employers pension fund was overfunded.
Sometime next year we should find out by how
much . . and, hopefully, my annuity check will
get a little bigger.

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