Do We Really Live In An Electronic Age
Below is a MRR and PLR article in category Finance -> subcategory Other.
Do We Really Live in an Electronic Age?
In today's world, we often hear about the convenience of our electronic age. But does that really apply to everything? Recently, I decided to transfer funds from one pension plan to another, and the experience was anything but seamless.
The Process Begins
After leaving the private sector, I converted my 401(k) into an IRA. Now working for the government, I needed to transfer these funds to the Thrift Savings Plan (TSP), the government's version of a 401(k).
I started the process on the TSP website, where I could download the necessary form?"thankfully, an electronic start. However, I had to fill out the form by hand and mail it to Fidelity the old-fashioned way.
Communication Breakdown
About a week later, I received a letter from Fidelity via postal mail. They claimed they had attempted to contact me by phone but failed. This was puzzling since I have voicemail on both my work and cell phones. Upon calling them, I discovered they didn't know how much I wanted to transfer, despite my clear instruction: "all."
After resolving the misunderstanding over the phone, they assured me the form would be submitted to the TSP office correctly.
More Snail Mail
Another week passed, bringing a letter from the TSP indicating they had received the check but not the necessary transfer form from Fidelity. Without the form, the check would be returned to Fidelity in 15 days.
When I contacted Fidelity again, they explained their process: the check and the form are sent from different offices. This disjointed system seemed impractical.
The Waiting Game
A week later, Fidelity sent another letter saying the form had been dispatched. I called the TSP office to verify, but confirmation was elusive; it could take 7 to 10 business days for the check and form to be reunited.
Finally, after another week, I received confirmation that the check and form were together in a lockbox. Relief came four days later when I saw the additional funds safely in my account. Success!
A Reflection
For nearly three weeks, my funds were in limbo, potentially earning interest for Fidelity or the government at TSP. Luckily, the stock market remained stable, so the value wasn't significantly affected. But it could have been.
It's perplexing that I can transfer money between my checking and savings accounts in seconds, or via PayPal in a couple of days. Yet, transferring funds between major institutions like Fidelity and TSP required navigating the post office and waiting almost a month for completion.
In conclusion, are we truly living in an electronic age? For now, the answer seems to be: not quite.
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