Reminder for those laidoff - Move your 401k off VOYA or get hit with fees - post regarding Bank of New York Mellon Corp. layoffs

Reminder for those laidoff - Move your 401k off VOYA or get hit with fees

They charge you an admin fee for keeping your account with them post employement.

"If you are not employed by BNY Mellon, you pay Voya’s
$25 annual administrative fee. A portion of the fee is deducted from your account on a monthly basis. Specifically, a
monthly fee of $2.09 is deducted each March, June, September and December and $2.08 is deducted in each other
month on the last business day of the month."

Move it off to Vanguard, Fidelity or Schwab. Much better option then keeping it on Voya

Comment! It's anonymous!

12 replies (most recent on top)

@6eev,
I use the passive funds in my Voya 401(k) and the fees seem very reasonable.
For instance, the Large Cap Stock Index Fund is 0.01%
Google says Vanguard's Large Cap Stock Index Fund charges .17%

@6tmg+1lcbzHMj you must be blind to think that the fees they are charging you is the only cost. Their expense fees are also much higher too. Btw Vanguard started charging fees but they void it if you go paperless which is fair. No such optij with voya and voya not only charges you an annual fee but also higher expense fees per fund. But DYOD

@6jzz, I understand the fees and Vanguard has them too. But that doesn't change the fact that the OP is complaining about a $25 annual fee.

Just take it all out in cash, market speculation and investing is something for the rich.

(Joking)

@5gwd

I’m not @3lps but I can help you if you pay attention.

Hint: the real fees are found in the Prospectuses of the Voya funds. You’ll never see them on a Statement or on the the website. They’re in the back of the prospectus of each fund. Root them out, read and understand. Then you’ll know what you’re doing when you switch… likely to Vanguard.

https://individuals.voya.com/product/mutual-fund/prospectuses-reports

Really, @3lps? The BNY 401(K) fees are very reasonable. And hear are the vanguard fees that you apparently think are less than ours.
https://investor.vanguard.com/client-benefits/account-fees

@31ps - I suppose you’re one of the people who can’t afford 25.00 per year. If that .07 cents per day is gonna break the bank you have other problems you should be looking into.

@2sbj

Sadly clueless on time value of money and destined for hard life lessons. If ever there was an individual who needed to talk to Vanguard it is you.

You can’t afford 25.00 a year? Lol

@azq, don't invest in target funds.

@sct+1lcbzHMj have fun paying 0.11%+ expense fee for a target retirement fund with all the extra fees that only Voya charges vs much less expense rates switching over to vanguard

I was wondering why my budget79 was off by $2.09. Thanks for the tip, Dave Ramsey!

Thread regarding Bank of New York Mellon Corp. layoffs

Reminder for those laidoff - Move your 401k off VOYA or get hit with fees

12 replies (most recent on top)

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