Complaint: ***
I am rejecting this response because: The error caused caused a negative transaction on my accountI incurred a loss of $due to their error and subsequent slow response timeWhile waiting for the response Fidelity advised me to sell an equivalent amount ETF at a loss to cover the negative cash balanceThis was done to avoid higher penalty fees.
Sincerely,
*** ***
Good afternoon, After review, we have determined that Mr*** was a participant in the JAB Broadband dba Skybeam Inc401(k) Plan (the “Plan”). His Plan account balance upon separating from service with Skybeam Incwas below the Plan’s minimum balance. Correspondence was sent
to his address of record on January 29, 2016, informing him that absent action on his part by March 29, 2016, his balance would be moved into an alternate account (attached). As no additional communication was received from Mr*** by that date, his funds were moved into an Empower Retirement Traditional Rollover IRA (“IRA”)Mr*** may request the distribution of his IRA at any time; our records indicate that distribution paperwork was forwarded to him by e-mail on April 11, 2016, as per his phone request. Once Mr***’s distribution paperwork is returned in good order, the distribution will be processed within three to five business daysHe is not required to establish an additional account in order to distribute his funds. We could not determine where this indication was given, nor what error Mr*** may have encountered on our web site, without additional information. We apologize for the miscommunication and any inconvenience it may have causedWe hope you will find this helpfulIf the participant has any additional questions, he may call Empower Retirement at ###-###-####Service Center representatives are available weekdays from 7:a.mto 6:p.mCentral time and will be glad to assistSincerely,*** ***
Lead Regulatory Correspondent
January 2, Plan Name: *** *** *** *** *** *** *** *** *** ** *** Plan Number:
***-** Complaint Number: *** Thank you for bringing this participant issue to our attention By way of background, *** *** (***) provides recordkeeping services to the *** *** *** Incentive Savings Plan (the Plan) under a services agreement with the Plan’s Sponsor, *** *** ***(the Plan Sponsor)Under the terms of the agreement, *** does not interpret the terms of the Plan, approve benefit distributions from the Plan or otherwise act with discretion over Plan assets or the management of the PlanRather, *** ***, as the Plan’s Sponsor and Administrator, is responsible for determining a participant’s eligibility to receive Plan benefits and, as Plan fiduciary, must authorize all benefit payments made from the PlanThe Plan Sponsor, in consultation with the Plan’s auditor, has determined that the spouse of a married participant must first consent in writing before a distribution is paid from the participant’s Plan accountThe Plan Sponsor has implemented an administrative procedure which requires all married participants to obtain written spousal consent that has been witnessed by a notary public, which the Plan Sponsor must review and approve before the distribution is processedUpon the Plan Sponsor’s review and approval of the distribution request, including the spousal consent provided by the participant, the Plan Sponsor will direct *** to process a distribution of the participant’s account*** is not authorized to process any Plan transactions without the Plan Sponsor’s approvalMs*** request for a full distribution of her Plan account was submitted via the *** participant websiteThe Plan’s records reflect that Ms*** is marriedHowever, as of the date of this letter Ms*** has not yet provided the notarized written spousal consent as required by the Plan’s administrative proceduresIn addition, *** has contacted the Plan Sponsor concerning Ms*** requestThe Plan Sponsor has informed *** that its representatives have separately reached out to Ms*** via her personal email to explain the Plan’s spousal consent requirements, to request that the participant confirm her marital status, and to note that the Plan Sponsor will not approve the distribution request without the receipt of a notarized written spousal consentIt is also our understanding that as of the date of this communication, the Plan Sponsor has not received any response from Ms***In order to assist Ms*** with obtaining the notarized written spousal consent required by the Plan Sponsor, we will also attempt to contact Ms*** to provide her with a copy of the Plan’s distribution form, which includes a section for the spouse to provide written consent to the distributionMs*** may also respond to the Plan Sponsor’s representative, Kelly L***, at ***, or may contact our Participant Service Center at 800-338-to obtain a distribution form which includes a spousal consent sectionMs*** may then return the completed distribution form, including the spousal consent section, to *** at the address provided on the formUpon receipt, *** will refer the request to the Plan Sponsor for approvalWe hope this letter has been helpful in describing the Plan’s administrative procedures and the required steps Ms*** must take to obtain a notarized written spousal consent in order for the Plan Sponsor to approve her distribution requestMs*** may contact the Plan Sponsor’ representative or our Participant Service Center for assistance with any additional questionsSincerely, Allison RC*** Assistant Manager Correspondence *** ***
Revdex.com:I finally received my withdrawal check a few days agoIt is unfortunate that we had to contact Revdex.com to resolve this issue, when better communication from *** to months ago would have been better for everyoneNevertheless, the issue is now resolvedThank you to the Revdex.com for your assistance in finally bringing this matter to a close.Sincerely,
*** (***) ***
Good afternoon,After review, it has been determined that *** *** is a participant in the Sequoia Retirement Plan (the “Plan”), a 401(k) plan established by Sequoia Home Care Inc(does business as “Senior Helpers”) for the benefit of its employees. The Plan utilizes Empower Retirement for
recordkeeping services; the communication received by *** *** was to inform her that she was a participant and provide her with our contact information should she wish to further discuss the benefits available to her through the Plan.*** ***’s information, including name, date of birth, mailing address, and social security number, were provided to Empower Retirement securely through Senior Helpers, and the account was established at their request. In order to protect participant financial information, industry standard procedures require that all callers verify their identity as an account holder before any information can be given out.If *** *** has additional questions regarding her account, she is welcome to call our Participant Service Center at *** ***, or she may contact her employer. Our Service Center representatives are available weekdays from 7:a.mto 6:p.mCentral time and will be glad to answer any questions.Sincerely, *** ***Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Sincerely,
*** ***
Complaint: ***
I am rejecting this response because: I submitted all the necessary documentation requiredI want my money as I fulfilled my end of what was requiredI no longer work for *** ***
Sincerely,
*** ***
As explained previously, when *** *** initially requested his loan from the *** 401(k) Plan (the “Plan”), an agreement was not made between *** *** and the prior record keeper, * *** ***. Rather, the agreement was made between *** *** and the Plan itself, facilitated by * *** *** as the then-current record keeper of the PlanThe rules of qualified retirement plans, including the Plan, are subject to periodic updates and changes. Oftentimes, plans use the opportunity provided by a change in record keeper to review their plan document and make any revisions they deem necessary. Federal regulations require that changes to a plan’s investment lineup or fee schedule be disclosed to participants; the Notice of Investment Returns & Fee Comparison, previously attached, was intended to comply with these requirements. In exchange for the benefits the Plan provides, it is a participant’s responsibility to abide by all Plan provisions, including paying any fees the Plan assesses. The current loan maintenance fees are non-discriminatory, and so must be applied to all loans currently active with the PlanWe hope that you will find this helpful. If *** *** has any additional questions or concerns, he may call Empower Retirement at *** ***. Service Center representatives are available weekdays from 8:a.mto 7:p.mCentral time and will be glad to assistSincerely,*** ***Lead Regulatory CorrespondentFinancial Services Division
Good afternoon, We have reviewed the call that occurred between *** *** and our Participant Service Center representative on April 8, 2016. During the processing of the distribution, our representative asked Ms*** how she wished to have her after-tax funds distributed, and she
requested that they be included in her rollover. Therefore, we can find no error on the part of Empower RetirementHowever, because the receiving institution is not able to accept after-tax funds into Ms***’s new plan, and because of the difficulties she has encountered, we have decided to re-categorize the distribution of her after-tax funds as a payment to self, as she subsequently requested. This resolution was communicated to Ms*** on a phone call on May 4, 2016, and we are in the process of reversing the original transaction in order to execute this changeThe new distribution checks should be issued within the next five to seven business days to Ms***’s address on record. If she has any additional questions, she may call Empower Retirement at ###-###-####. Service Center representatives are available weekdays from 7:a.mto 6:p.mCentral time and will be glad to assistSincerely,*** ***Lead Regulatory CorrespondentFinancial Services Division
Thank you for bringing this participant complaint to our attention. Our records indicate that [redacted] spoke with one of our Participant Service Center representatives on May 10, 2016, regarding the upcoming termination of the Serena Software Inc. 401(k) Plan (the “Plan”), and his...
options for his account. The representative indicated that Mr. [redacted] had the option to distribute his account balance or rollover to an existing qualified retirement plan or individual retirement account (“IRA”). If no action was taken by June 30, 2016, the account would be subject to a rollover to an Empower IRA. The attached correspondence with these details was forwarded to Mr. [redacted]’s address of record on May 6, 2016, and enclosed a copy of the fee schedule for Empower IRAs, including the associated Account Closure fee of $75.00. As no action was taken by Mr. [redacted] before June 30, 2016, the account balance was transferred to an Empower Retirement Traditional Rollover IRA, as provided. I hope you will find this helpful. If Mr. [redacted] has additional questions regarding his account, he may call Empower Retirement at ###-###-####. Service Center representatives are available weekdays from 7 a.m. to 8 p.m. Central time and will be glad to assist him. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement Attachments
Revdex.com:This is in reference to complaint ID [redacted]. I tentatively accept the resolution because apparently the funds are now being processed, which is NOT what I had been told when I last checked with the business at the time of posting this complaint. I also have not yet received the funds, so would like to wait for that to be sure.In response to the letter from Great West: 1. They did not receive the notice until March 7, 2017 because they lost the prior notice I had sent back in January. Prior to sending that request I had spoken with a representative indicating I wished to move funds and requested the paperwork to do so. None of this was tracked in their system, so when I called to ask "did you get my paperwork?" they had no idea what I was talking about.2. The March 7, 2017 package did not include the Letter of Acceptance because AT NO POINT WAS I TOLD TO GET A LETTER OF ACCEPTANCE. Across two separate calls with Empower, they spoke only of the paperwork and not the letter--how was I to know it was needed? Nor did they call me and say "hey we got your stuff but it's missing something"--no, they waited for me to have to check in on my own and figure out that there was a step I didn't know about.3. After getting the letter of acceptance over, confirming with [redacted] that it had been faxed the prior day, when I first called on 3/9 to check that it was received they said "no, we don't have it". I called [redacted] back, who confirmed it was sent. [redacted] and I called Empower together, and again Empower said "we don't have it". [redacted] then looked into it and said "we did send it and they did get it, but they rejected it and instead want <much more complicated/slower letter>". It was at that time that I filed my complaint on 3/10. Then on Monday 3/12, without filing any additional paperwork, I called back with the intent to ask that they just accept [redacted]'s letter, I was told "we have everything we need and it's in process."Either there is a serious disconnect between the Empower team on the phone and the team handling the letters, or it took a complaint to the Revdex.com (thanks, Revdex.com!) to get things moving. Whichever it is, I hope you can improve on it going forward! (FWIW Everyone I spoke to was very kind and pleasant, just a lot of confusion and slowness.) I would advise them that it would be a smoother process if they improved the consistency of their customer support.
Sincerely,
[redacted]
Complaint: [redacted]
I am rejecting this response because:As previously explained, I find your policy dishonest. The second paragraph simply explains how you and your office of attorneys formulate ways to transfer wealth from working people to yourselves. I find your "policies" to be an abject failure as related to ethical behavior and human decency. Your company should be ashamed for sneaking in hidden fees to good, honest people who experience a financial set-back and ned to take a loan. You make money on the interest, which if fair. However, this additional quarterly "maintenance fee" is solely profit for you. In closing I will reiterate that I find you dishonest and morally bankrupt.
Sincerely,
[redacted]
Good afternoon, After review, Empower Retirement has determined that the quarterly loan maintenance fee of $6.25 assessed to [redacted]’s [redacted] 401(k) Plan (“Plan”) account was established by the Plan for the payment of the Plan’s expenses, including recordkeeping and administrative costs...
incurred. This fee is assessed to all participants with outstanding loan balances on a non-discriminatory basis. It is important to note that when a participant takes a loan from their Plan account, they are not entering into an agreement with the current record keeper: instead, they are entering into an agreement with the Plan, and must therefore adhere to all Plan rules, including those regarding fees. A notice of changes to the Plan’s investment schedule and fee structure was mailed to all participants’ addresses on record on August 24, 2015, to notify them about the upcoming changes. A copy has been attached for your review. We hope you will find this helpful. If [redacted] has any additional questions, he may call Empower Retirement at [redacted]. Service Center representatives are available weekdays from 8:00 a.m. to 7:00 p.m. Central time and will be glad to assist. Sincerely,[redacted]Lead Regulatory CorrespondentFinancial Services Division
Reasoning or not you're still an extremely shady company. between the added fees and charging me to roll over to an IRA that I did not authorize. This has cost me time and money that could have been better spent in a savings account.
October 20, 2017 Concerning: Complaint Number: #[redacted] To whom it may concern: Thank you for bringing this...
participant complaint, for Ms. [redacted], to our attention. [redacted] strives to provide a great customer experience and we fell short of that goal. We extend our apologies for the inconvenience [redacted] has experienced. The excess payment of $230.32 was sent to [redacted] by [redacted] at our cost on October 18, 2017. If [redacted] has additional questions, she can call the Service Center at Center at [redacted], weekdays between the hours of 7:00 a.m. to 6:00 p.m. Mountain time. Sincerely,
[redacted]
[redacted]
[redacted]
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me, however I wish to request the company consider making future employees money easier to acquire because nobody really wants to cash in retirement savings and anyone doing so is doing it to remedy a tough financial situation. I did finally receive my funds and am relieved to have it behind me, just hoping to help others in the future that end up in similar situations.
Sincerely,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
I have already received the money that was owed to me. Thank you for your help.
Sincerely,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
[redacted]
Plan Name: [redacted], Inc. 401(k) Profit Sharing Plan Plan Number: [redacted] Complaint Number: [redacted] ...
Thank you for bringing this participant concern to our attention. By way of background, Great-West Financial (Empower Retirement) provides recordkeeping services to the [redacted], Inc. 401(k) Profit Sharing Plan (the Plan) under a services agreement with the Plan’s Sponsor and Administrator, [redacted], Inc. (the Plan Sponsor). Under the services agreement, Empower Retirement is not authorized to take discretionary action with respect to the Plan or a participant account and as such does not determine eligibility for Plan benefits or authorize Plan distributions. Rather, Empower Retirement processes Plan transactions, including distributions authorized under the terms of the Plan, under an administrative procedure approved by the Plan Sponsor. The Plan requires all requests for distribution be submitted in writing on the Plan’s approved Separation from Employment Withdrawal Request form. In order to protect against potential fraudulent activity in a participant account, this form requires that all requests for Automated Clearing House (ACH) delivery of funds include a notarized signature confirming that the form signer is the participant. Empower received Mr. [redacted] completed Separation from Employment Withdrawal Request form by fax on Saturday, February 10, 2018, which included the required signature notarization, since Mr. [redacted] requested that the proceeds of his Plan account be transferred to his checking account by ACH transfer. The transaction was processed on Monday, February 12, 2018, and the ACH transfer was issued on February 13, 2018. Mr. [redacted] Plan account has now been paid in accordance with his instructions. We believe this resolve the issues raised in his correspondence. If Mr. [redacted] has any additional questions or concerns, he may contact our Participant Service Center at 888-411-4015. Participant Service representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist him. Sincerely, Allison R. C[redacted] Manager CorrespondenceEmpower Retirement
Complaint: ***
I am rejecting this response because: The error caused caused a negative transaction on my accountI incurred a loss of $due to their error and subsequent slow response timeWhile waiting for the response Fidelity advised me to sell an equivalent amount ETF at a loss to cover the negative cash balanceThis was done to avoid higher penalty fees.
Sincerely,
*** ***
Good afternoon, After review, we have determined that Mr*** was a participant in the JAB Broadband dba Skybeam Inc401(k) Plan (the “Plan”). His Plan account balance upon separating from service with Skybeam Incwas below the Plan’s minimum balance. Correspondence was sent
to his address of record on January 29, 2016, informing him that absent action on his part by March 29, 2016, his balance would be moved into an alternate account (attached). As no additional communication was received from Mr*** by that date, his funds were moved into an Empower Retirement Traditional Rollover IRA (“IRA”)Mr*** may request the distribution of his IRA at any time; our records indicate that distribution paperwork was forwarded to him by e-mail on April 11, 2016, as per his phone request. Once Mr***’s distribution paperwork is returned in good order, the distribution will be processed within three to five business daysHe is not required to establish an additional account in order to distribute his funds. We could not determine where this indication was given, nor what error Mr*** may have encountered on our web site, without additional information. We apologize for the miscommunication and any inconvenience it may have causedWe hope you will find this helpfulIf the participant has any additional questions, he may call Empower Retirement at ###-###-####Service Center representatives are available weekdays from 7:a.mto 6:p.mCentral time and will be glad to assistSincerely,*** ***
Lead Regulatory Correspondent
January 2, Plan Name: *** *** *** *** *** *** *** *** *** ** *** Plan Number:
***-** Complaint Number: *** Thank you for bringing this participant issue to our attention By way of background, *** *** (***) provides recordkeeping services to the *** *** *** Incentive Savings Plan (the Plan) under a services agreement with the Plan’s Sponsor, *** *** ***(the Plan Sponsor)Under the terms of the agreement, *** does not interpret the terms of the Plan, approve benefit distributions from the Plan or otherwise act with discretion over Plan assets or the management of the PlanRather, *** ***, as the Plan’s Sponsor and Administrator, is responsible for determining a participant’s eligibility to receive Plan benefits and, as Plan fiduciary, must authorize all benefit payments made from the PlanThe Plan Sponsor, in consultation with the Plan’s auditor, has determined that the spouse of a married participant must first consent in writing before a distribution is paid from the participant’s Plan accountThe Plan Sponsor has implemented an administrative procedure which requires all married participants to obtain written spousal consent that has been witnessed by a notary public, which the Plan Sponsor must review and approve before the distribution is processedUpon the Plan Sponsor’s review and approval of the distribution request, including the spousal consent provided by the participant, the Plan Sponsor will direct *** to process a distribution of the participant’s account*** is not authorized to process any Plan transactions without the Plan Sponsor’s approvalMs*** request for a full distribution of her Plan account was submitted via the *** participant websiteThe Plan’s records reflect that Ms*** is marriedHowever, as of the date of this letter Ms*** has not yet provided the notarized written spousal consent as required by the Plan’s administrative proceduresIn addition, *** has contacted the Plan Sponsor concerning Ms*** requestThe Plan Sponsor has informed *** that its representatives have separately reached out to Ms*** via her personal email to explain the Plan’s spousal consent requirements, to request that the participant confirm her marital status, and to note that the Plan Sponsor will not approve the distribution request without the receipt of a notarized written spousal consentIt is also our understanding that as of the date of this communication, the Plan Sponsor has not received any response from Ms***In order to assist Ms*** with obtaining the notarized written spousal consent required by the Plan Sponsor, we will also attempt to contact Ms*** to provide her with a copy of the Plan’s distribution form, which includes a section for the spouse to provide written consent to the distributionMs*** may also respond to the Plan Sponsor’s representative, Kelly L***, at ***, or may contact our Participant Service Center at 800-338-to obtain a distribution form which includes a spousal consent sectionMs*** may then return the completed distribution form, including the spousal consent section, to *** at the address provided on the formUpon receipt, *** will refer the request to the Plan Sponsor for approvalWe hope this letter has been helpful in describing the Plan’s administrative procedures and the required steps Ms*** must take to obtain a notarized written spousal consent in order for the Plan Sponsor to approve her distribution requestMs*** may contact the Plan Sponsor’ representative or our Participant Service Center for assistance with any additional questionsSincerely, Allison RC*** Assistant Manager Correspondence *** ***
Revdex.com:I finally received my withdrawal check a few days agoIt is unfortunate that we had to contact Revdex.com to resolve this issue, when better communication from *** to months ago would have been better for everyoneNevertheless, the issue is now resolvedThank you to the Revdex.com for your assistance in finally bringing this matter to a close.Sincerely,
*** (***) ***
Good afternoon,After review, it has been determined that *** *** is a participant in the Sequoia Retirement Plan (the “Plan”), a 401(k) plan established by Sequoia Home Care Inc(does business as “Senior Helpers”) for the benefit of its employees. The Plan utilizes Empower Retirement for
recordkeeping services; the communication received by *** *** was to inform her that she was a participant and provide her with our contact information should she wish to further discuss the benefits available to her through the Plan.*** ***’s information, including name, date of birth, mailing address, and social security number, were provided to Empower Retirement securely through Senior Helpers, and the account was established at their request. In order to protect participant financial information, industry standard procedures require that all callers verify their identity as an account holder before any information can be given out.If *** *** has additional questions regarding her account, she is welcome to call our Participant Service Center at *** ***, or she may contact her employer. Our Service Center representatives are available weekdays from 7:a.mto 6:p.mCentral time and will be glad to answer any questions.Sincerely, *** ***Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Sincerely,
*** ***
Complaint: ***
I am rejecting this response because: I submitted all the necessary documentation requiredI want my money as I fulfilled my end of what was requiredI no longer work for *** ***
Sincerely,
*** ***
As explained previously, when *** *** initially requested his loan from the *** 401(k) Plan (the “Plan”), an agreement was not made between *** *** and the prior record keeper, * *** ***. Rather, the agreement was made between *** *** and the Plan itself, facilitated by * *** *** as the then-current record keeper of the PlanThe rules of qualified retirement plans, including the Plan, are subject to periodic updates and changes. Oftentimes, plans use the opportunity provided by a change in record keeper to review their plan document and make any revisions they deem necessary. Federal regulations require that changes to a plan’s investment lineup or fee schedule be disclosed to participants; the Notice of Investment Returns & Fee Comparison, previously attached, was intended to comply with these requirements. In exchange for the benefits the Plan provides, it is a participant’s responsibility to abide by all Plan provisions, including paying any fees the Plan assesses. The current loan maintenance fees are non-discriminatory, and so must be applied to all loans currently active with the PlanWe hope that you will find this helpful. If *** *** has any additional questions or concerns, he may call Empower Retirement at *** ***. Service Center representatives are available weekdays from 8:a.mto 7:p.mCentral time and will be glad to assistSincerely,*** ***Lead Regulatory CorrespondentFinancial Services Division
Good afternoon, We have reviewed the call that occurred between *** *** and our Participant Service Center representative on April 8, 2016. During the processing of the distribution, our representative asked Ms*** how she wished to have her after-tax funds distributed, and she
requested that they be included in her rollover. Therefore, we can find no error on the part of Empower RetirementHowever, because the receiving institution is not able to accept after-tax funds into Ms***’s new plan, and because of the difficulties she has encountered, we have decided to re-categorize the distribution of her after-tax funds as a payment to self, as she subsequently requested. This resolution was communicated to Ms*** on a phone call on May 4, 2016, and we are in the process of reversing the original transaction in order to execute this changeThe new distribution checks should be issued within the next five to seven business days to Ms***’s address on record. If she has any additional questions, she may call Empower Retirement at ###-###-####. Service Center representatives are available weekdays from 7:a.mto 6:p.mCentral time and will be glad to assistSincerely,*** ***Lead Regulatory CorrespondentFinancial Services Division
Thank you for bringing this participant complaint to our attention. Our records indicate that [redacted] spoke with one of our Participant Service Center representatives on May 10, 2016, regarding the upcoming termination of the Serena Software Inc. 401(k) Plan (the “Plan”), and his...
options for his account. The representative indicated that Mr. [redacted] had the option to distribute his account balance or rollover to an existing qualified retirement plan or individual retirement account (“IRA”). If no action was taken by June 30, 2016, the account would be subject to a rollover to an Empower IRA. The attached correspondence with these details was forwarded to Mr. [redacted]’s address of record on May 6, 2016, and enclosed a copy of the fee schedule for Empower IRAs, including the associated Account Closure fee of $75.00. As no action was taken by Mr. [redacted] before June 30, 2016, the account balance was transferred to an Empower Retirement Traditional Rollover IRA, as provided. I hope you will find this helpful. If Mr. [redacted] has additional questions regarding his account, he may call Empower Retirement at ###-###-####. Service Center representatives are available weekdays from 7 a.m. to 8 p.m. Central time and will be glad to assist him. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement Attachments
Revdex.com:This is in reference to complaint ID [redacted]. I tentatively accept the resolution because apparently the funds are now being processed, which is NOT what I had been told when I last checked with the business at the time of posting this complaint. I also have not yet received the funds, so would like to wait for that to be sure.In response to the letter from Great West: 1. They did not receive the notice until March 7, 2017 because they lost the prior notice I had sent back in January. Prior to sending that request I had spoken with a representative indicating I wished to move funds and requested the paperwork to do so. None of this was tracked in their system, so when I called to ask "did you get my paperwork?" they had no idea what I was talking about.2. The March 7, 2017 package did not include the Letter of Acceptance because AT NO POINT WAS I TOLD TO GET A LETTER OF ACCEPTANCE. Across two separate calls with Empower, they spoke only of the paperwork and not the letter--how was I to know it was needed? Nor did they call me and say "hey we got your stuff but it's missing something"--no, they waited for me to have to check in on my own and figure out that there was a step I didn't know about.3. After getting the letter of acceptance over, confirming with [redacted] that it had been faxed the prior day, when I first called on 3/9 to check that it was received they said "no, we don't have it". I called [redacted] back, who confirmed it was sent. [redacted] and I called Empower together, and again Empower said "we don't have it". [redacted] then looked into it and said "we did send it and they did get it, but they rejected it and instead want <much more complicated/slower letter>". It was at that time that I filed my complaint on 3/10. Then on Monday 3/12, without filing any additional paperwork, I called back with the intent to ask that they just accept [redacted]'s letter, I was told "we have everything we need and it's in process."Either there is a serious disconnect between the Empower team on the phone and the team handling the letters, or it took a complaint to the Revdex.com (thanks, Revdex.com!) to get things moving. Whichever it is, I hope you can improve on it going forward! (FWIW Everyone I spoke to was very kind and pleasant, just a lot of confusion and slowness.) I would advise them that it would be a smoother process if they improved the consistency of their customer support.
Sincerely,
[redacted]
Final Consumer Response /* (2000, 8, 2015/10/16) */
From: [redacted] (mailto:[redacted]@gmail.com)
Sent: Friday, October 16, XXXX X:XX PM
To: Revdex.com
Subject: Re: Revdex.com Complaint Case# [redacted] (Ref#XX-XXXX-XXXXXXXX-X-XXX)
The issue has been resolved
Complaint: [redacted]
I am rejecting this response because:As previously explained, I find your policy dishonest. The second paragraph simply explains how you and your office of attorneys formulate ways to transfer wealth from working people to yourselves. I find your "policies" to be an abject failure as related to ethical behavior and human decency. Your company should be ashamed for sneaking in hidden fees to good, honest people who experience a financial set-back and ned to take a loan. You make money on the interest, which if fair. However, this additional quarterly "maintenance fee" is solely profit for you. In closing I will reiterate that I find you dishonest and morally bankrupt.
Sincerely,
[redacted]
Good afternoon, After review, Empower Retirement has determined that the quarterly loan maintenance fee of $6.25 assessed to [redacted]’s [redacted] 401(k) Plan (“Plan”) account was established by the Plan for the payment of the Plan’s expenses, including recordkeeping and administrative costs...
incurred. This fee is assessed to all participants with outstanding loan balances on a non-discriminatory basis. It is important to note that when a participant takes a loan from their Plan account, they are not entering into an agreement with the current record keeper: instead, they are entering into an agreement with the Plan, and must therefore adhere to all Plan rules, including those regarding fees. A notice of changes to the Plan’s investment schedule and fee structure was mailed to all participants’ addresses on record on August 24, 2015, to notify them about the upcoming changes. A copy has been attached for your review. We hope you will find this helpful. If [redacted] has any additional questions, he may call Empower Retirement at [redacted]. Service Center representatives are available weekdays from 8:00 a.m. to 7:00 p.m. Central time and will be glad to assist. Sincerely,[redacted]Lead Regulatory CorrespondentFinancial Services Division
Reasoning or not you're still an extremely shady company. between the added fees and charging me to roll over to an IRA that I did not authorize. This has cost me time and money that could have been better spent in a savings account.
October 20, 2017 Concerning: Complaint Number: #[redacted] To whom it may concern: Thank you for bringing this...
participant complaint, for Ms. [redacted], to our attention. [redacted] strives to provide a great customer experience and we fell short of that goal. We extend our apologies for the inconvenience [redacted] has experienced. The excess payment of $230.32 was sent to [redacted] by [redacted] at our cost on October 18, 2017. If [redacted] has additional questions, she can call the Service Center at Center at [redacted], weekdays between the hours of 7:00 a.m. to 6:00 p.m. Mountain time. Sincerely,
[redacted]
[redacted]
[redacted]
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me, however I wish to request the company consider making future employees money easier to acquire because nobody really wants to cash in retirement savings and anyone doing so is doing it to remedy a tough financial situation. I did finally receive my funds and am relieved to have it behind me, just hoping to help others in the future that end up in similar situations.
Sincerely,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
I have already received the money that was owed to me. Thank you for your help.
Sincerely,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
[redacted]
Plan Name: [redacted], Inc. 401(k) Profit Sharing Plan Plan Number: [redacted] Complaint Number: [redacted] ...
Thank you for bringing this participant concern to our attention. By way of background, Great-West Financial (Empower Retirement) provides recordkeeping services to the [redacted], Inc. 401(k) Profit Sharing Plan (the Plan) under a services agreement with the Plan’s Sponsor and Administrator, [redacted], Inc. (the Plan Sponsor). Under the services agreement, Empower Retirement is not authorized to take discretionary action with respect to the Plan or a participant account and as such does not determine eligibility for Plan benefits or authorize Plan distributions. Rather, Empower Retirement processes Plan transactions, including distributions authorized under the terms of the Plan, under an administrative procedure approved by the Plan Sponsor. The Plan requires all requests for distribution be submitted in writing on the Plan’s approved Separation from Employment Withdrawal Request form. In order to protect against potential fraudulent activity in a participant account, this form requires that all requests for Automated Clearing House (ACH) delivery of funds include a notarized signature confirming that the form signer is the participant. Empower received Mr. [redacted] completed Separation from Employment Withdrawal Request form by fax on Saturday, February 10, 2018, which included the required signature notarization, since Mr. [redacted] requested that the proceeds of his Plan account be transferred to his checking account by ACH transfer. The transaction was processed on Monday, February 12, 2018, and the ACH transfer was issued on February 13, 2018. Mr. [redacted] Plan account has now been paid in accordance with his instructions. We believe this resolve the issues raised in his correspondence. If Mr. [redacted] has any additional questions or concerns, he may contact our Participant Service Center at 888-411-4015. Participant Service representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist him. Sincerely, Allison R. C[redacted] Manager CorrespondenceEmpower Retirement