Thread regarding Ford layoffs

OP great Post. I was considering doing the same and this information helps.

Questions:

• how to you move money out of Investments? I see links to move money in but not out.
• Does Fidelity handle the transfer or do you need to add a bank account and submit the form to rollover?

HSA is not like your 401K.

For active employees there are rules for rolling money out of your 401K. Certain moneys are not allowed to move until you retire or separate.

HSA is a different bird and is not age or employment dependent. Fidelity is the only one so far that I know about. It is ranked #1. Vanguard does not have one.

For retirees..log on to Fidelity and search for HSA and fill out the required move request form and they will take it from there. Your Alight HSA account will need to liquidate investments to the spending account. You can request Fidelity to take everything but Alight will charge you $25 when you close the account which Fidelity will reimburse you if you ask. Or put the screws to Alight and Request Fidelity to take an exact amount but $6 less than your balance. Then go buy a bottle of Tylenol and have Alight expense it out and close the account to a zero balance.

For current employees.. you can't close the account but you can move the majority of it to Fidelity and each month move more. But don't take it all as the $25 fee will apply if your balance goes to zero even if you have money in the investments.

And if you don't realize the benefits of the 401K, Roth, IRA, HSA or 529 plans then get educated. You should also know the rule of 55 and what a 72T is.

"Does Vanguard or Charles Schwab have HSA?"
No.

This is a good source:
https://www.morningstar.com/specials/the-best-hsa-providers-of-2022

"Does anyone know if 401k funds can be moved to a self directed investment account?"
Yes as long as it is a IRA account. Make sure the new place knows the type of account to establish: i.e. must be rollover IRA account

"Regarding moving 401k funds - I was told by a financial advisor I could not do that until age 59 1/2 without paying a penalty."
Get a new financial advisor! There is no penalty for rollover. There is a penalty for taking it out before 59 1/2... but there is also an exception where you don't pay a penalty. Best is to check with a Tax advisor.

Companies don’t select Alight to make employees happy; they do it because Alight is cheap. Alight doesn’t invest in competent customer service reps, so that’s one way they shave costs. They also charge exorbitant fees, and pull other stunts to siphon off funds. I wish some government entity could investigate Alight’s unscrupulous practices, but that’s doubtful.

HSA has triple advantage

• you do not pay taxes now ( pre tax)
• you do not pay taxes on the growth of your money
• And you do not pay tax when you withdraw for qualified expenses

What’s the point of contributing to workplace HSA? What’s the perk? Better fund ? I doubt it ? Ford match ? You can contribute your after tax money to hsa yourself then get a tax refund on your next year 1040…

Is this advice for retirees or active employees? I get charged $2.50 per month as an active employee. Might be because of balance over $10,000. Also as an active employee how do you avoid paying a fee if we have to donate twice a month. Is there a way payroll will allow you to make contributions to Fidelity.

Regarding moving 401k funds - I was told by a financial advisor I could not do that until age 59 1/2 without paying a penalty.

Does anyone know if 401k funds can be moved to a self directed investment account?

Great suggestion to the team. I also moved my Alight HSA to Fidelity HSA. I liked the account not having any charges but also it allows you to invest 100% of the account and not have to leave $1,000 in cash like Alight did. Also, the customer service at Fidelity is so much better and they have every investment option available to us. One more thing, I told Fidelity about the $25 Alight account closing fee and they actually reimbursed me for that so definitely worth calling Fidelity and asking if they would do the same for you. Happy retirement

Does Vanguard or Charles Schwab have HSA?