I have two topics to choose from for today's post. I'm in the mood for the less serious one. You're welcome. Might do the other one next week -- we'll see.
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I never thought Santa Fe was the back of beyond until I moved here and tried to get timely mail service to and from the East Coast.
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| I wonder if these guys are still around. ronleishman | Deposit Photos |
The most recent debacle happened just this week. Well, actually, it started in mid September, when I was notified that my former employer was switching 401(k) managers (again; they seem to do this every few years). I had meant to stop taking distributions after I went back to work full-time, but I never got around to it because the process of changing anything is a pain in the ass and almost always requires contacting somebody in the Boston office of my old employer. (She's very nice, but I figure at some point she'll retire, and then who would I call?) So this seemed like an opportune time to roll over my 401(k) to an IRA.
Setting up the IRA account was a snap; I did it all online. Next step was to call the firm's 401(k) manager and get the money moved over. The nice man on the phone was happy to help me, but then we hit a snag; the firm was requiring that I fill out some kind of paperwork about my spouse. Spouse? The divorce was final years before I started that job. Anyway, I had them send me the paperwork -- which they did, electronically. It was the same form I had filled out before to initiate and change my distribution.
"Well, okay," I thought, "I'll play your game." I filled it out and sent it back to the 401(k) manager, asking that they electronically transfer the funds to my new IRA account. I was looking at a couple of deadlines: I mistakenly believed I was required to re-home my money within 60 days of the 401(k) manager cutting the check (it's actually 60 days from when you receive the money, and it doesn't apply to direct rollovers anyway), plus there was going to be a blackout period of several weeks where nobody could do anything with their 401(k)s while the paperwork was transferred to the new manager. To make sure I didn't run afoul of the blackout period, I sent the form via FedEx, and received a notice the next day that they'd received it.
The electronic transfer never happened. Several phone calls to the 401(k) manager's customer service folks, plus a call and some emails to my old firm, revealed the reason: this particular management firm does not do direct rollovers electronically. It doesn't matter whether you have $1,000 or $1,000,000 in your account; they always issue paper checks. Mine was cut September 23rd and sent a few days later via regular mail.
You were wondering when the post office would come into it, weren't you?
Waited a couple of weeks; the check never showed. More back-and-forth with customer service and the old firm. We all finally agreed that the initial check was probably lost in the mail and that the management firm would void the original check, issue a new one, and send the new one Priority Mail so we could track it. (At this point, we were in the blackout period, so my contact at my old firm couldn't get into the system to see whether the first check had been cashed. Or issued, even.)
The second check was issued October 24th or so. The day before Halloween, I called them for the tracking number, which they provided. It seemed almost impossible when I got mail from them on Saturday, November 1st -- and it was; the check they'd issued September 22nd had finally shown up, almost six weeks after it was mailed.
I relentlessly tracked that replacement check across the country. It was supposed to be delivered this past Wednesday, November 8th. It got to Albuquerque that day and went out to be delivered here -- whereupon it dropped off the radar. I was mildly panicked, but I held firm; past experience told me it would be delivered here the next day. Which it was. Finally.
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Why did the first check take six weeks to get here from Boston?
In April of last year, the USPS began easing delivery standards for first class mail. For example, mail that used be guaranteed for delivery in three days wouldn't be counted late if it was delivered in five. At the same time, mail collection times were changed, so that mail that used to be picked up from collection boxes in the morning would now be picked up in the afternoon; in practice, that added a day's delay. More mail is being shipped by truck instead of air to save on transportation costs; of course it takes longer to drive than to fly. And another factor could be a shortage of staff. (It's not because of the government shutdown; the USPS is an independent agency funded by sales of postage and such.)
The whole roster of changes is supposed to be phased in over a ten-year period. Another phase went into effect in April of this year, and yet another just a couple of months ago in July.
I'd noticed the degradation in service earlier. It used to be that I could get birthday cards to my kids if I mailed them a week ahead; now it's taking more like two weeks. Might have to start mailing them a month early, huh?
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I'd love to blame Trump, but the postmaster general he appointed in his first term, Richard DeJoy, lasted through the Biden administration; his term was up in March of this year. The new guy is David Steiner, a lawyer who used to be head of Waste Management (yes, the dumpster company, and yes, I'm refraining from making the obvious joke) and also sat on the board of FedEx. The ten-year cost-cutting plan was created under DeJoy, though, so we can still blame Trump.
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Anyway, I deposited the good check the same evening I received it via the IRA provider's app. The deposit was credited to my account the next day. That I could have wrapped all this up a month and a half ago, if only the 401(k) manager would have done an electronic transfer of my money, I refuse to dwell on. This process has been maddening enough.
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These moments of frustrated blogginess have been brought to you, as a public service, by Lynne Cantwell. Hang in there!



