I work for a small hospital in Lafayette. As of July 1, we were bought out by FMOLHS. Our 401(k) was with Nationwide before the buyout. FMOLHS is offering a 403(b) with Lincoln Financial, and we were told we could rollover our old 401(k) into that plan in 2021.

I would like to rollover my 401 to an existing rollover IRA with vanguard, but I’m hearing rumors that FMOLHS is blocking that transaction. Our last contribution and employer contribution was June 26. I was 100% vested. Can they legally do that? Trying to get some answers from Money Talk before going to HR.

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Posted by KamaCausey_LSU

Member since Apr 2013

14478 posts

Posted on 7/2/20 at 12:40 pm to Crescent Connection

quote:
rumors that FMOLHS is blocking that transaction

Rumors? Or they are actually blocking it? Maybe FMOLHS is saying that they can't/won't rollover the 401k into a separate plan themselves.

I would think it would be your responsibility to contact Nationwide and do the rollover yourself.

Vanguard Rollover

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Posted by Crescent Connection

Lafayette/Nola

Member since Jun 2008

2017 posts

Posted on 7/2/20 at 12:49 pm to KamaCausey_LSU

I talked to Nationwide this morning, and I have the form to rollover to Vanguard, but it needs a signature from HR

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Posted by KamaCausey_LSU

Member since Apr 2013

14478 posts

Posted on 7/2/20 at 1:12 pm to Crescent Connection

quote:
I talked to Nationwide this morning, and I have the form to rollover to Vanguard, but it needs a signature from HR

Gotcha. I've always found it ridiculous how hard they make it to control your own money.

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Posted by Janky

Team Primo

Member since Jun 2011

35957 posts

Posted on 7/2/20 at 1:19 pm to Crescent Connection

quote:
but it needs a signature from HR

This is normal. A plan administrator has to sign off for vesting purposes.

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Posted by TigerintheNO

New Orleans

Member since Jan 2004

41158 posts

Posted on 7/2/20 at 3:13 pm to Crescent Connection

Since they are offering a 403b, you might want to ask if/how the 15 year rule applies to you. Does your years at the small hospital count?

quote:
if an employee has 15 or more years of service with certain nonprofits or government agencies, they may be able to make additional catch-up contributions to a 403(b) plan that those who have a 401(k) plan can't make.

Under this provision, you can contribute an additional $3,000 a year up to a lifetime limit of $15,000. And unlike the usual retirement plan catch-up provisions, you don't have to be 50 or older to take advantage of this. But you do have to have worked for the same eligible employer for the whole 15 years

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