TPAs frequently provides a Certificate of Approval for transfers that you print out. Both the new vendor and AXA need evidence that your district's Third Party Administrator (TPA) approves the contract exchange.You may be asked to include a recent account statement. Ask the new vendor for this form and complete it. That is the case for Fidelity, Vanguard and Aspire. The receiving vendor likely requires you to complete their form for incoming transfers.This “code” sets the 90 days by which the completed form must be returned to AXA. AXA reps have told participants that the form must contain a "unique identification code" generated by AXA that is only available by starting with your online account. You are doing a contract exchange to a lower cost (non-annuity) vendor, and it’s a no-brainer (and they probably know it). The AXA rep is required to read off a number of points to you, so you need to listen to them so they can check that off. You will be dealing with the AXA 800 help #, not with your rep. For larger balances, a call was required. For lower balances, you may be able to download and print the form. Go to Withdrawals and select Third Party Transfer. Start in Transactions in your online account. AXA requires that you request their transfer-out form by starting in your online account.How to Get Out of AXA/Equitable Instructions Start contributions to new vendor via a new SRA.If you are stuck with only bad choices, you have several options: a) Use the 403bwise Advocacy resources to make the case for the addition of a better vendor b) See if your employer offers a 457(b) plan which has some key advantages over the 403(b) c) Open a Roth IRA through any financial company you want. The vendor list is maintained by your district’s third party administrator (TPA). If you are not already a FB Group member, join and get help identifying a low-cost vendor. Ideally you have access to one of these companies: Aspire, CalSTRS Pension2 (California), Fidelity, MissionSquare (formerly ICMA-RC), TIAA, T. Open a new account with a lower-cost vendor available through your employer.Cease contributions to AXA/Equitable by filling out a new Salary Reduction Agreement (SRA) with your employer.First Things First: Stop Contributions to AXA/Equitable He was inspired by the numerous posts asking how to do this. Teacher learns how bad it is and wants to get out of it.Īs documented in a blog post Welcome to the Hotel AXA/Equitable you can "check out" but it is not easy. One of our most prolific posters, Dan Dews, compiled a "How to get out of AXA/Equitable" document. The stories are remarkably similar: Unknowing teacher sold a high-cost variable annuity product in the staff lounge, classroom, or at an off campus appointment. One of the most popular discussion threads on the 403bwise Facebook Group is how to get out of an AXA/Equitable 403(b).
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