Guest Theresa Irvin Posted May 30, 2001 Posted May 30, 2001 We are looking at taking over an existing 401(k) plan that is currently using The New England. The client is wanting to keep the existing annuities, due to the fact that there are outstanding loans through the New England and also have Fidelity Investments for their deferral money. In other words they do not want to put anymore money with the New England other than for those participants that currently have loans. The other question I have is that they are currently using the New England non-standardized document, which they are wanting to know if they should switch that document or stay with the New England. Does anyone have any advise on this issue?
Guest b2kates Posted May 30, 2001 Posted May 30, 2001 where are they going to put "new Money". Does the plan permit such investment? That is really the initial question.
Guest Theresa Irvin Posted May 30, 2001 Posted May 30, 2001 well they are wanting to put the new money into Fidelity mutual funds. However, we have just discovered that their current annuity contract with the New England, states that it can be terminated if no contributions are deposited into the annuities. So now the question is I guess the client has to surrender the annuities at a 2% charge and acquire a new document. Another question is, what happens to the outstanding loans?
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now