JIANMIN CHEN: Initial Question/Comment: I like to sell mutual fund in my retirement account and then purchase a new fund. How can I do that?
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David D.: Hello, my name is David. Please give me a moment to open your account.
David D.: Go to Manage Account > Investments > Transfer
JIANMIN CHEN: Good to hear from you.
David D.: Is there anything else I can do for you at this time?
JIANMIN CHEN: And also I like to ask question about my account, I did not know why my fund is changed to different fund automatically.
David D.: Which funds were changed?
JIANMIN CHEN: My current fund MetLIfe GAC $5317, I never knew that I made purchase on the fund. I did not know when I did.
David D.: That transaction goes back to 3/27/2018 for $5,203.83.
JIANMIN CHEN: I also like how to specify sell $3000 dollar value fund from metlife GAC, and then purchase $3000 index fund. The option -rebalance is not working very well. What is transaction cost?
David D.: You will want to do this as a $3,000 transfer from metlife to the index fund.
JIANMIN CHEN: What is the minimum of fund amount for new fund? Should it be $3000 dollar minimum for fidelity index fund? What is transaction cost for each sell/ purchase.
David D.: There are no fees to make transfers in your 401k as well there are no minimums.
JIANMIN CHEN: Wow, unbelievable benefits.
David D.: Great!
David D.: Is there anything else I can do for you at this time?
JIANMIN CHEN: Do I have limit to transfer in one year? Number of times to transfer, rebalance? I also need to make sure that my balance is above $5,000 dollars, otherwise I cannot stay in the account.
JIANMIN CHEN: What if I fall below $5,000 dollars, can I move my IRA account balance from another account to this account to meet $5,000 dollar minimum.
JIANMIN CHEN: I need to trial and error and figure out a few things on this platform. I did not do any thing from 2008 to 2019 over 11 years.
David D.: May I ask what your objective is for this account? Are you wanting to exchange funds or take a distribution? I do not see that you made a transfer yet.
JIANMIN CHEN: I will do it. This is my 401K account back in 2007, I have IRA CDs over $20,000 dollars with NYCB. I have to push myself to learn how to get into stock market.
JIANMIN CHEN: Last time I lost $2,000 dollars back in 2008, and then I like to say good bye to stock market. I believe that stock market will go up in the long run. So I need to get back to index fund etc.
David D.: Your plan does not allow partial distributions; so, if you take a distribution, you will need to take it all out of the plan.
JIANMIN CHEN: what is partial distribution?
David D.: A great place to learn about investing is the Learning Center at the top of your page.
JIANMIN CHEN: I will do that. I spent six month to learn from morningstar video and personal finance director Christine.
David D.: A partial distribution is when you only take part of your funds out of the plan.
JIANMIN CHEN: I will make a few transfer and limit myself one rebalance at most one quarter. I believe that I should be allowed to do that.
JIANMIN CHEN: Thank you to explain partial of distribution.
David D.: You have the rebalance options of one time; 2 x per year, or 1 x per year.
JIANMIN CHEN: Can you explain in more detail, every year how many times I can do rebalance?
JIANMIN CHEN: How many times I can do transfer?
David D.: You can transfer as often as you like; however, some of the funds in your plan do have trading restrictions.
JIANMIN CHEN: I read those trading restrictions already.
JIANMIN CHEN: Thank you. I think that you answer all my questions now.
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