Savings and Thrift plan?

[crabbypatty]

I asked DH to get me info about his work retirement plan. I assumed it was a 401k even though he always called it a "Savings and Thrift" plan. I wanted to look at his holdings.

He calls me and tells me that he can't change the holdings. That the company decides them and he has no say. What!

We never get statements from this plan. His employer , a large insurance company, does things by email. He doesn't get hardcopy paystubs either. He gets an email alert and has to print them out if he wishes. Perhaps they are the same way about statements for this retirement plan although Dh says he doesn't remember getting any email statements.

I also wanted to make sure I was the benficiary as he started the job before we were married and maybe he never got around to changing it. It turns out that he had changed it years ago when we were married, but he printed out paperwork that said that the spouse was the benficiary anyway unless you specifically change it, including the spouses signature (I guess so DH's/DW's can't change beneficiary during a divorce or something?)


Does any of this make sense to anyone?

[jIM_Ohio]

If your spouse is NOT the beneficiary of a 401k, the spouse needs to sign off on it.

I would assume this is designed to protect "stay at home parents".

I have heard of thrift plans, I do not know details.

[MonkeyMama]

Yes, there are all sorts of different plans. TSPs are generally for government employees. ? Is he government? I don't know much about it, but profit sharing plans are similar. I am in a PSP and have no say where the money goes. In fact, just recently found out my heirs only get 50% if something happens to me. But I Don't put any money in - it is all empoyer funded.

I have not heard of a plan where you put money in and you have no control, but wouldn't be surprised, all these different types of plans are different, and are set up in very different ways - no on plan is alike really - all of the 401ks out there have some set rules, but are all set up differently all the same. I am sure there could be some where you have no control over the funds.

That sounds pretty standard - you have to notify your spouse if you put someone besides your spouse as a beneficiary. So your spouse can't give all his money to his girlfriend or something without your knowledge - hehe - Not all plans default to spouse, but some do. It could be because you are in a community property state perhaps - I know that is standard in California - community property state. Maybe spouse notification isn't as necessary in other states - if not everyone has seen that in their plans... I just don't know - but yes - sounds about right.

For my PSP I get a summary annual report every year and my boss tells me my balance but I got to pay a fee and send in a request if I Want to see the holdings or get further info... That should be standard (the minimum) with most plans - best to ask his empoyer.

[creditcardfree]

If it is a TSP...Thrift Savings Plan...with the government, you would have a choice...although very minimal. The choices are large cap stock fund, small cap stock fund, bond fund, international and goverment securities. All are based on some index.

I'm guessing that you have something else, if there is "no choice." Is it a plan where your husband puts in his earnings towards the plan or where the company is putting money in on his behalf?

Spousal consent is very common. I even have to sign off on my husbands 401k rollover at Fidelity in front of a notary in order to roll it to an ira at Fidelity. Crazy, but I guess it is good to have checks and balances!!

I would have your husband arrange a meeting for him, you and a human resource member to discuss what his actual retirement benefit is and how it works. Knowledge is power!! Best of luck.

[crabbypatty]

I also found out that there is a pension plan paid for by the company. I'm sure it's not much but every bit counts. DH wasn't even aware he had it. He's been there just under 10 years so I'm guessing he's vested but we'll have to find out more.

Their HR is ridiculous. I call and they tell me they can't talk to me about it. I ask them if they want him to spend his work hours on the phone with them b/c after all, they aren't available after hours. I understand the protocol but it's a waste of their company time if he has to call when he's on the clock and they could explain it all to me in hypothetical terms.

[disneysteve]

Their HR is ridiculous. I call and they tell me they can't talk to me about it.

Actually, that isn't ridiculous at all. That's called privacy. Perhaps you can have your husband call HR and authorize them to speak with you. We've done that on a number of our accounts since I handle all the financial stuff. DW just had to give permission for me to be a contact person on her accounts.

[crabbypatty]

His HR does not allow authorized contacts

[creditcardfree]

Can they not talk to both of you at the same time in person? They could even check id if they are so worried about privacy. I understand the issue of privacy, but by not communicating with you they are doing a disservice to your husband...their employee! Good luck!

[disneysteve]

His HR does not allow authorized contacts

That's ridiculous. Privacy laws don't prevent them from speaking to someone when the client authorizes it. Maybe you could schedule a meeting for the 2 of you and the HR person to sit down and review everything.

[PRICEPLUS]

Something sounds amiss! I would find out as much as I could about this thrift plan. If necessary have hubby call on a day off! Soundsodd that they give so little info though!