Time out of the market is common during rollovers.Hi all,
Requesting advice on how to handle issue with Fidelity.
I recently changed employers and rolled-over several plans (403b, 457b) from my old employer to the new employer's 401k. All plans are at Fidelity. When I called-in to request the rollover, I specifically asked if the funds would be out of market during the rollover, or if there would be no time out of market. The rep said there would be no out of market time. However, when the rollover was complete, I could see the transaction dated one day later in the incoming account, as compared to the outgoing account. There was a significant increase in the market on the day my funds were in cash. I wrote to Fidelity to complain and request the buy date be moved-up a day, and got a letter back (1) confirming that their representative told me that there would no time out of market (per their recorded line) and (2) they did not make an error and would not change the buy-date in the incoming account. Frustrating because I would have waited until volatility is lower for the rollover, or done in-kind via brokeragelink, if I had been told the rollover would be out of market.
Anyone else had this happen? Worth sending a second complaint letter, or complaining to FINRA?
Thank you
Practically unavoidable.
There have been numerous postings here about this through the years.
Statistics: Posted by steadyosmosis — Mon Sep 09, 2024 11:25 pm — Replies 1 — Views 54