Help a reader with retirement account rollover | Yakezie Reader Insights | Yakezie Forums

Hey all,

I'm hoping you all might be able to help me respond to a reader's question that I received today. Below is his response. Feel free to link to relevant articles.

At a prior job I was generously giving to a Roth IRA with ADP. A year
after leaving that job, I noticed the fees were nibbling away at the
non-existent gains ADP was providing my balance.

I decided to roll over my Roth into my self-invested Roth at Vanguard.
I made several calls to ADP's India Call Center who informed me that I
would be levied a $50 fee for closing my account. Fine, better than
losing $30/yr over the last two years to fees and an utter lack of
investment gains.

But when the money transferred I found they had taken roughly half of
the money I had put into the account ($550). At no point was this
"Forfeiture Debit" discussed or mentioned on the voluminous paperwork
I filled out.

My old job did not contribute much to my retirement account (retail is
retail), but I am very distressed that so much of my personal money is
being withheld and that I was never informed of this throughout the
lengthy roll over process.

My calls to India are met by baffled employees who cannot explain the
charge and can only pretend to empathize with my first world problems.
What can I do? Is there anything? I'm almost 30 and playing catch-up
to a bad economy that has dealt me a tough hand with jobs and taking
this much of a hit on my retirement is just upsetting.