Consolidating 403b accounts

– For ages 28-32, 68% of workers were with their employer for less than 2 years.

Those numbers drop, but not significantly, as people age.

Faculty and staff who have retirement plan balances with more than one financial provider may be interested in consolidating their accounts through Purdue's new retirement plan recordkeeper, Fidelity.

"Regulations within the financial industry require that accounts through Fidelity must be active before Fidelity can accept a transfer of funds from another retirement account," says Teresa Wesner, benefits manager.

In the three employer’s I’ve been with since graduating, I have found the fund options to be a bond fund, small, medium, and large cap domestic growth and value funds, a REIT, and a token international fund and maybe a second set of each just so they can say you have choices. 401K administrators often receive a cut of each of the crappy, over-priced mutual funds they push to employers in the % of asset fees mentioned earlier. While some argue that too many options is overwhelming, I’m all about freedom of choice.

Confidential consultations will be an ongoing service from Fidelity.

Regional campuses will communicate their own schedules. Fidelity's help to manage the transfer and consolidation process Employees who think that consolidating their accounts is the best choice for them can come to a walk-in help session or visit the Purdue Investor Center in Purdue Memorial Union. Faculty and staff should bring the account numbers and official statements of all accounts they would like to transfer.

Online statements do not automatically reflect account numbers, so employees who obtain their statements online also will need to look up and bring their account numbers.

Confidential consultations for those who prefer them Faculty and staff preferring to sit down face-to-face with a Fidelity Representative can schedule a confidential consultation at any time.

Call Fidelity's reservation line at 800-642-7131 or go online to to schedule a confidential consultation.

Search for consolidating 403b accounts:

consolidating 403b accounts-32

Leave a Reply

Your email address will not be published. Required fields are marked *

One thought on “consolidating 403b accounts”