Orphaned Simple IRA

[Plain Old Petunia]

My employer's Simple IRA plan had been established at Edward Jones. Recently, our guy at EJ left to found his own investment firm. My two bosses (they are partners) chose to leave EJ and follow him. We employees were given the option to move our plans anywhere we choose. So our plans are "orphaned".

I was all excited about moving to Vanguard. However, I was told today that Vanguard will not accept my account unless I provide them with the SSN of the contact at our company, who would be one of my bosses. Our company's EIN is not acceptable. He refuses to provide his SSN, and I can't say that I blame him. I find this requirement odd. Another employee successfully moved her orphaned Simple to Ameriprise, so apparently Ameriprise does not have this requirement.

I'm very disappointed. I'm not certain what I am going to do now.

Anyone have any advice? Experience with an orphaned Simple? Knowledge of who might accept it, other than another load fund firm?

[Plain Old Petunia]

Thanks for the suggestion, Tough. I hadn't even thought of TIAA Cref. However, it seems they offer SEPs and Keoghs, but not Simples.

[Plain Old Petunia]

I'm not worried about the money already there, I'm worried about my contributions and matching going forward.

I'm not trying to start a Keogh, Sep, or Simple. My employer has an established Simple. They are moving custodians and giving the employees the option of moving where they would like, which makes us "orphaned". Not all custodians will accept orphaned Simples.

If at all possible, I would like to use this opportunity to get out of loads and high expense ratios.

[The Virginian]

Personally I would stick with the more well known and larger firms.
I use Schwab. I prefer to be able to control my investments myself online. The problem with using a Vanguard or Fidelity is they tend to push their own products and sometimes have a more limited option. Please take a look and the Dividend Stocks thread and consider buying individual stocks for your IRA versus using "Mutual Funds". Mutual Funds have a middle man or sometimes more that siphon your profits away.

[Bluerobin]

Plain, I rolled my 401 k over into a regular IRA at then, Smith Barney. I gave them the info, a copy of the statement, and had them go get the funds. One of the best moves I ever did. Our company always chose the funds. With now, MSSB, I can invest where I want. Definitely stick with a larger firm on this.

[Plain Old Petunia]

Well, with the permission of my boss, I filled out new paperwork today naming myself as the plan administrator and company contact. Hopefully, it will go through with no trouble.

This arrangement will be fine as long as no one else decides to move to Vanguard. At the moment, no one plans to.