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Vanguard Has Rejected Me :(

April 21st, 2012 at 01:10 pm

I received my check from Card Pool on Thursday, and have already turned it into a mortgage chip.

Bad news with my Simple IRA transfer. Frown I received a letter from Vanguard asking me to call. I did so and was told that I need to supply the SSN of the retirement plan contact person at my company. That would be my boss, and he has declined to provide his SSN. So...I cannot move to Vanguard. Frown I'm very disappointed.

I am checking with Wells Fargo. I know that they offer Simple IRAs, but don't know if they will accept orphaned Simple IRAs, and also don't know if I can set it up as a brokerage account and get the same deal as I have on my plain vanilla traditional IRA (100 commission free trades per year). Heck, if they'd just let me share my free trades between the two, that would be more than sufficient.

As a last resort, I will start a new account at the new company (our old Edward Jones guy recently started) with my two bosses, then roll the money currently in my Simple at Edward Jones to my traditional IRA. My fear is the commissions and fees at the new company will be even worse than they were at Edward Jones. After all, it is a new company with lots of start up costs.

6 Responses to “Vanguard Has Rejected Me :(”

  1. ThriftoRama Says:

    I don't understand why they would need your boss's SSN number. That seems weird.

  2. M E 2 Says:

    I am with ThriftoRama, why in the world would Vanguard need anyone's SSN other than yours and your beneficiary? Very weird indeed.

  3. baselle Says:

    I have to agree with thrift and ME. The only way I can see that is if the company is directly owned by your boss and even then not too swift on his part. And officially, if you put contributions in your retirement, it is your money and you should be able to move it after you leave the company and if its more than $5K.

  4. Petunia 100 Says:

    I thought it was odd, too. I also posted this on The Bogleheads' Forum, and several people thought my boss was being unreasonable. Someone suggested I should see if I can be the company contact. I think I will look into that.

  5. creditcardfree Says:

    I would clarify if they need a ssn for a contact person or the owner of the business. A contact person should not have to give out a ssn.

  6. baselle Says:

    I agree with CCF. It might be that they need the tax id of the business entity, rather than that of the contact person. The only good thing about corporations being people. Smile

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