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TRP ridiculousness



  • Beating a dead horse, and yet it continues to kick.

    I used to have an individual 401(k) with TRP, but closed it three years ago. Really, really closed it - informed TRP that I was terminating the plan, filed a final 5500 with the IRS.

    Got a mailing last week saying that I had to file papers restating the plan. This is something that happens every few years for plans that are open. Not plans that are closed, terminated, kaput.

    Called TRP (with the now typical 20 minute hold). They insisted that while I had zeroed out the account, the plan was still open. I asked how I could now terminate the plan. I was told I didn't have to do anything, I could just leave the plan dormant. Alternatively, TRP did have a way to formally close the plan - please wait while we put you on hold.

    When the rep came back, I was told that, sure enough, my plan really was closed. But that happened some time ago and she had to look into the records. (What was she looking at up to that point?)

    That still left me having received legal paperwork for a plan that was terminated years ago. What next? 5498s for IRAs that were closed out a decade ago? 1099s showing zero income?

    It appears you can check out any time you like (with a lot of effort) but you can never leave.
  • edited February 23
    Thanks to @hank here. Great stuff. Will ANYONE who is in charge, ANYWHERE actually pay attention to this? We all already know, eh? image
  • edited February 23
    The cartoon is funny. But the frustration experienced by @msf is genuine. I feel his pain. How much worse does it get than having them mail out 3 checks withdrawn on your account to another fiduciary only to have all 3 “bounce” when said fiduciary attempts to deposit those checks at their bank?

    I didn’t expect to vacate TRP’s funds after leaving. But, to a degree I have. My hold on TMSRX is less than half as much as before the move. PRSIX I’ve sold entirely. Lightened up on RPGAX. Also vacated TRBUX, PRAFX and 1 or 2 others. Bottom line: The ineptness of their client / fiduciary interface has cost them invested assets as well. I’m a small fish to them. Possibly they don’t care - as there are larger fish in the pond.

  • @msf has been through hell and back with TRP. To read about the crap he encountered makes my blood boil. I've not yet moved into Fidelity. There's an old expression some of us might remember: "More (of anything, insert here) than Carter's has pills."

    What Fido sent me is "more papers than Carter's has pills." I just don't feel like facing it right now. And then I'm supposed to attach a recent TRP statement. Gotta wait for one of those, anyhow.
  • This last miscue by TRP was relatively minor compared with my once-in-a-century travails in transferring an IRA. What got me was the way the conversation went. It wasn't so much that I had to push the rep to actually dig into the records. Unfortunately, this occasionally happens at other companies also. Rather it was the assurance that I wouldn't get any more mailings on the very closed account.

    No action was taken, nothing was noted. But miraculously after more than three years (plan was closed in 2018) the system would now realize it wasn't supposed to send more mailings? Sure.

    TRP used to be very helpful and a pleasure to contact. It is too bad they have changed so much.

    Fidelity's request for a recent statement is standard operating procedure in the industry. I imagine it is done for protection, yours as well as theirs. This helps them check that the account information provided is correct and that the correct assets are being transferred. I usually just download my most recent statement and then upload it to Fidelity.
  • After inquiring/complaining about not being able to view statements and tax forms for over a month, I FINALLY received this reply from TRP:

    Regrettably, due to the July 2020 enhancements made to how our statements are generated, account statements for trusts are not available for download through your online account access because they are registered to the tax identification number (TIN) for the trust and the online account access is registered to your Social Security number (SSN). We sincerely regret any inconvenience that this may cause.

    So, even though the trust was established in 2013, and the statements were viewable through 2020, AND I can view my current trust account with access registered to my SS#, because of TRP's "enhancements" I cannot download statements any longer. Somehow, Vanguard, FIDO, and probably many other brokerage houses were able to surmount this problem. If they REALLY regret causing the problem, maybe TRP can hire a programmer who could add a "TIN | SS#" line of code. Do you think?
  • +1. BINGO. Shaking my head here re: the rank AMATEURS that are in charge of stuff, everywhere you turn. DUMBED-DOWN STANDARDS, everywhere.
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