AndyH

The client or the agent? (Back to the future again).

Very sorry to hear this. Mike was a really important resource and contributor for a long time and could always be counted on to keep wayward commenters on their toes and in check! But he’d apologize for his sometimes abrupt “online personality” in person. They didn’t make two of him! He will be missed.

I always cautioned that such an arrangement was potentially a PT - as an indirect loan.

But for the right price......😁

Agree on all points. But cost is probably #1. BTW, COLA provisions used to be very common for very small, tax driven DB plans specifically because they were a technique to increase deductions. This was before changes to IRC 415 rules (I want to say mid 80's) were changed to limit the maximum benefit payable as a lump sum to the actuarial equivalent of a life annuity, calculated without any COLA provision.

Thanks for the suggestion Peter. I was going to call DOL and follow your suggestion tomorrow but got resolution late today. Senior management heads need to roll there; the people answering the phones were fine and the supervisors are stressed; gotta feel bad for them. I bet there are at least hundreds of other people, maybe many more, in similar situations.

Now on week 5 (since valid authorization forms were sent to Nationwide). Based on the experience that I (and apparently many, many others) have had, I think Nationwide's retirement plan services should be shut down, and I don't say that lightly.

Yes, being very very very kind.

Well the situation that you describe is clearly an error on the part of whoever set up and/or approved the contract. Nothing was "just fine" IMO. In the original post, the error is clearly on the part of whoever wrote the document.

Yeah, but somebody's got to sign the SB. I wouldn't do that without legal guidance. Unless it gets reversed and redeposited - maybe that's the answer.

Never heard of such a thing. Time for ERISA counsel.

What is a reasonable to await processing of a rollover request (ACH) by an insurance company, in this case Nationwide? Paperwork, all in order, submitted to Nationwide 3+ weeks ago and nothing but crickets. My former employer says Nationwide is having issues from a January system conversion and rollovers are taking weeks. I've never been on this side of such an issue. Is waiting weeks normal? What if the market had tanked?

Congratulations and Best Wishes!

Haha I know you can handle it! Not sure if I told you, but it took me a while to figure out who "Bri" was and that he (not she as I thought) actually worked with me. But I was always impressed with your comments lol. You're one of the current and future Benefitslink stars! That's good because lots of the old ones are gone or getting quiet these days. But not all of them.....

Thanks Tom you've been very much missed here! I hope you are enjoying your retirement. Not sure if you ever increased your church going (probably) and bread baking (probably not) like you said you were going to, but I do know we don't have any new pension songs from you, so time to get back in the studio😁