Workplace retirement plan with them has so far been impossible to transfer out
My wife has a workplace retirement account that is managed by Nationwide. She has changed employers, and has been trying to rollover the account to another institution. Nationwide has thus far made that impossible to accomplish. Their requirement for "a signed letter of acceptance from the new provider on company letterhead" is just not something that the big brokerages provide (we have made the request). So thus far, the money is trapped with Nationwide. Every other workplace plan rollover requires only a form signed and submitted to make the transfer. It seems that Nationwide want to make it as close to impossible as they can to move the money elsewhere, apparently to trap the retirement savings with them.
Date of experience: July 18, 2024