Author Topic: state of Hawaii pension delays with roll-over  (Read 703 times)

clarkfan1979

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state of Hawaii pension delays with roll-over
« on: August 21, 2020, 05:32:19 PM »
I was a state employee of Hawaii from 2015 to 2019. You need to have 10 years to be fully vested. I only lasted 4 years, so they give you 2% on your money and return it to you as a refund or roll-over. I have around $20,000 in the account. I did not receive any matching funds from my employer. All of the money is from a 8% deduction of my salary over 4 years.

They received my paperwork for a roll-over to Vanguard on June 9th. They said it usually takes 6-8 weeks to transfer the money, but due to COVID-19, it could be much longer.

It's been 10.5 weeks, so I called the office. I got a recording stating that the office was closed due to furloughs. I will call again to see if they are open on Monday. Maybe they are just doing Friday furloughs?

If the money was transferred in a more reasonable time, like 3 weeks (June 30th), I would be up 9.6%, since June 30th. Instead, I am getting 0.3% during the same time (2% over one year). I'm actually up 10.6% in my current employer retirement account since June 30th.

I feel like it is a conflict of interest for them to hold onto my money. They can get an average return of 8% from the stock market, but only have to pay out 2%.

What would you do? Just sit and wait? Raise hell? Anything else?
« Last Edit: August 21, 2020, 05:40:28 PM by clarkfan1979 »