I quit my job earlier this year. My employer used Lincoln Financial for our 403b accounts. It took about 3 requests but the account has finally been completely rolled over to my personal Roth IRA with another institution. I got a letter today in the mail saying Lincoln Financial was opening a SelectSolution IRA for me. I didn’t ask for this account. The letter says it’s a custodial account that they have to open for money left in my 403b. There’s a note that if I revoke the account, they have to send me any money in it without adjustments for admin fees and other expenses. There’s also 4 other pages of disclosure that frankly I don’t understand at all. It looks like there are annual fees.
So can I get rid of this account without owing random admin fees? How do I avoid paying any more money to Lincoln?