In switching its HR benefits administrators, Gannett is giving Charles Schwab & Co. the contract for helping employees manage their 401(k) plans. Unfortunately, however, Schwab's introductory communications have been less than perfect. A Gannett employee tells me they were e-mailed the following advisory yesterday:
You recently received a Schwab Personal Choice Retirement Account Agreement Form, and in that form it stated that you may invest no more than 10% of your Gannett 401(k) Savings Plan (Plan) balance in the Self-Directed Account (SDA). This is not correct. You are allowed to invest up to 90% of your plan balance in the SDA.
We apologize for any confusion or concerns this miscommunication may have caused. A corrected version of the Schwab Personal Choice Retirement Account Agreement Form is being sent to you via US mail.
Friday, September 03, 2010
8 comments:
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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I find it surprising that anyone has received anything from the new source. I know I haven't other than the official e-mail general notice on Wednesday.
ReplyDeleteThis seems like BS, especially with two different supposed communications.
Jim, I certainly hope you are checking the facts and using independent verification prior creating your own post to incite the masses.
Jim is absolutely correct. The incorrect figure was on one of the forms I had to sign in order to move an SDA from Hewitt to Schwab.
ReplyDeleteThe letter that I received was wrong, too. But I didn't know it was wrong until I received the "urgent" email yesterday. My first thought was only 10%? WTF? At 10% it would be more hassle than it was worth.
ReplyDeleteI figured that I'd give them a call and find out what the deal was. So I called the phone number printed on the letter and it was not in service. The website addy didn't work either.
So who are you supposed to contact if you have questions about the new plan and plan administrator? I'm sure Hewitt has no info about the new plan and you can't call the new plan because the phone and website don't work.
I think this is BS, too. The change from Hewitt has not even been made yet, right?
ReplyDeleteI think this is BS, too. The change from Hewitt has not even been made yet, right?
ReplyDelete9/03/2010 11:23 PM
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It doesn't even happen until October. How can anyone have forms to sign to move anything anywhere? Never had to sign forms previously. The new plan contact information shouldn't work until we actually have the new plan.
I smell a fox in the hen house here. Someone with something against both Gannett and Schwab?
Come one, Jim. You are the one approving these bogus posts. Why are you allowing BS to get through your BS meter? It really hurts the credibility of this blog. Just like those USA TODAY names that were on the list of canned people. It was off for the most part yet you allowed the actual names through.
I posted the original item based on information from a reader I know.
ReplyDeleteUnder the Gannett 401k there is currently a Hewitt brokerage option where you can choose from thousands of funds. I've had quite a bit of my 401k money in the brokerage for many years because I have more choices than some of the crappy core 401k funds.
ReplyDeleteI received a letter because my Hewitt brokerage is being moved to the Schwab brokerage as part of the transition to the new 401k admin.
If you are not using the Hewitt brokerage option then you would not have received "the letter" that was sent to Hewitt 401k brokerage clients. This "paperwork" is, according to the letter, needed to transition to Schwab and for me to be able to access and buy/sell immediately upon the completion of the transition.
ACS, like Hewitt, is merely a processing site. It does not make investments, control them in any way. Both ACS and/or Hewitt process, transmitting to the actual mutual fund (I think there are 12). Also, the brokerage account, which I am told hardly anyone uses, is processed through here. My guess is that the new company is cheaper, because there are lots of companies in this space looking for business.
ReplyDelete