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 really appreciate [redacted] - the supervisor. I was amazed at the turn around, after I made a mistake on this issue too, we are all are not perfect. And my company's payroll department seemed a team player. Which is no fault of [redacted], but they need to not play the customer shuffle either. Thanks for my check!Best Regards,
[redacted]
Final Consumer Response /* (2000, 7, 2015/06/22) */
I spoke with a rep this week who apologized for everything I've had to go through and assured me I would receive the check by Friday 6/19/15. The check did arrive and I deposited it today so the Revdex.com can close this complaint because my issue has...
Thank you for bringing this participant complaint to our attention. After review of the incident, [redacted] would like to extend its apologies to [redacted] for the delays he experienced. We strive to provide excellence at every point of contact, and [redacted]’s experience did...
not match with that expectation. While his marital status was updated to “Single” in our records on September 20, 2016, per his request, an automated information feed from the [redacted] Inc. Profit Sharing Plan & Trust (the “Plan”) reversed the update soon afterwards. The Plan has since been informed of the change, and the issue has been corrected. [redacted]’s loan paperwork was received in good order on October 4, 2015, and the loan proceeds were sent to his address on record through Federal Express expedited shipping on October 5, 2016, at our expense. We hope you will find this helpful. If [redacted] has additional questions, he may call [redacted] at ###-###-####. Participant Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist you. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services Division[redacted]
Thank you for bringing this participant complaint to our attention. Our records indicate that [redacted]’s distribution check in the amount of $265.28 was initially issued on January 19, 2016. On July 14, 2016, Mr. [redacted] called our Participant Service Center to request that...
the check be canceled and a new check issued to him. The new check was issued on July 18, 2016, and cashed on July 26, 2016. I hope you will find this helpful. If Mr. [redacted] has any additional questions regarding his account, he may call Empower Retirement at ###-###-#### to discuss. Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist him. Sincerely,
[redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
Participant: [redacted] Plan Number: [redacted] Plan Name: ...
[redacted] Revdex.com ID number: [redacted] Thank you for bringing this participant complaint to our attention. After review of the incident, [redacted] Retirement would like to extend its apologies to Mr. [redacted] for the delays and incorrect processing he experienced with this transaction. We strive to provide excellence at every point of contact, and Mr. [redacted]’s experience did not match with that expectation. A new check was issued on May 5, 2017, and delivered to his address by [redacted] on May 8, 2017, at [redacted] Retirement’s expense. In addition, a Letter of Determination (LOD) was sent to [redacted] on his behalf on May 9, 2017. His transaction is now complete and in good order. We hope you will find this helpful. If Mr. [redacted] has additional questions, he may call [redacted] Retirement at [redacted]. Participant Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist you.
[redacted]
[redacted]
[redacted]
[redacted]
March 14, 2017 Thank you for bringing this participant complaint to our attention. Empower Retirement has reviewed Mr. [redacted]’s complaint regarding the transfer of his funds from Empower Retirement IRAs to his account at [redacted]. We have found the following results. Empower Retirement has...
been having some issues with online access for the Individual Retirement Account (IRA) website. Our IT staff is actively working on the issue and hope to resolve it soon. For his statement concerns we can only mail or fax statements. Email is not offered due to security concerns. With regard to the rollover request, we did not receive his documentation until March 7, 2017, and he had not included the requested letter of authorization (LOA) that is required to complete the request. The need for an LOA is specifically mentioned in the withdrawal documents. We received an acceptable, complete LOA on March 13, 2017, and were able to process his request the same day. The rollover checks are being sent out today, March 14, 2017. Please note that Empower Retirement is not a bank but rather a financial institution that manages multiple retirement plans. All of our plans have their own required paperwork for withdrawals or distributions and cannot use outside institutions paperwork to transfer funds. We hope you will find this helpful. If Mr. [redacted]’s has additional questions, he may call Empower Retirement at (877) 495-2472. Participant Service Center representatives are available weekdays from 7 a.m. to 5 p.m. Mountain time and will be glad to assist you. Sincerely, [redacted] Financial Services Division Empower Retirement
Thank you for bringing this participant complaint to our attention. After review of the incident, Empower Retirement would like to extend its apologies to [redacted] for the delays she experienced. We strive to provide excellence at every point of contact, and Ms. [redacted]’s experience...
did not match with that expectation. A technical issue prevented certain participants from distributing their accounts; this issue was resolved on June 10, 2016, and Ms. [redacted]’s distribution was processed the same day. The check for Ms. [redacted]’s distribution was issued on June 13, 2016, and shipped with Federal Express expedited shipping at our expense. We hope you will find this helpful. If Ms. [redacted] has additional questions, she may call Empower Retirement at [redacted]. Participant Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist you. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
Plan Name: Aspirus, Inc. Retirement 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 Aspirus, Inc. Retirement Plan (the Plan) under a services agreement with the Plan’s Sponsor and Administrator, Aspirus, Inc. (the Plan Sponsor). Participant accounts are established at the direction of the Plan Sponsor, and the Plan Sponsor supplies all pertinent personal information required to establish such accounts, including participant names, dates of birth, addresses, and social security numbers, among other information. The Plan recently converted service providers from a prior record keeper to Empower Retirement in January, 2018. In order to protect against potential fraudulent activity in a participant account, the Plan’s Direct Deposit form requires that a voided check be enclosed to ensure the receiving account is held by the participant. To confirm this, the name on the receiving account is compared to the name of record for the participant on the Plan account. The name provided to Empower Retirement by the Plan’s prior record keeper for Ms. [redacted] account at the time of conversion was [redacted] [redacted]. As this name did not match with the name of the receiving bank account as given on the check enclosed with Ms. [redacted] Direct Deposit form, we were unable to accept the form at the time it was received. Empower Retirement contacted Aspirus to confirm Ms. [redacted] full legal name, which was confirmed to be [redacted] *. [redacted] on February 16, 2018. Ms. [redacted] Plan account has been updated with her full legal name and we have re-processed Ms. [redacted] Direct Deposit request, which was completed on February 16, 2018. Ms. [redacted] automated required minimum distribution (RMD) payments have been established per her instructions, to be processed annually on December 10 with a 10% withholding for federal tax. We believe this resolve the issues raised in her correspondence. If Ms. [redacted] has any additional questions or concerns, she may contact our Participant Service Center at 866-467-7756. Participant Service representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist her. Sincerely, Allison R. C[redacted] Manager CorrespondenceEmpower Retirement
Good afternoon, Mr. [redacted]’s account was moved into an Empower Retirement Traditional Rollover IRA according to the rules established by the JAB Broadband dba Skybeam Inc. 401(k) Plan. Because this process was completed without Mr. [redacted]’s direct involvement, online distribution requests have been disabled, in an attempt to prevent fraudulent transactions. A phone call between Mr. [redacted] and one of the managers of our IRA Service Team occurred on April 27, 2016, explaining the details of this process. Mr. [redacted]’s distribution paperwork was received on April 28, 2016. We have expedited the processing of the request, and forwarded the check by Federal Express to Mr. [redacted]’s address of record on April 29, 2016, at our expense. We will review our web site notifications for possible improvements to prevent similar issues in the future. We hope you will find this helpful. If the participant has any further questions, he may call Empower Retirement at ###-###-####. Service Center representatives are available weekdays from 7:00 a.m. to 6:00 p.m. Central time and will be glad to assist. [redacted]Lead Regulatory CorrespondentFinancial Services Division
Initial Business Response /* (1000, 9, 2015/08/17) */
To Whom it May Concern:
Regarding Complaint Case #XXXXXXXX, we are unable to locate participant [redacted] with the information provided. We called Mr. [redacted] at (XXX) XXX-XXXX on August 7, 2015 at 10:23 mst, and again on August 12, 2015...
at 2:37 mst. Messages were left both times with a direct number to call. To date, we have yet to receive a response from Mr. [redacted].
Please have Mr. [redacted] contact me directly at (XXX) XXX-XXXX, so I may further assist him.
Sincerely,
[redacted]
Good afternoon, After review, it has been determined that Ms. [redacted] made two distribution requests regarding her [redacted] (“Plan”) account. The Plan’s sponsor, [redacted], Inc. (the “Sponsor”), forwarded completed distribution paperwork to us on...
December 1, 2016, indicating 33% of the account balance should be paid out to the participant, and 67% should be paid as a rollover to a [redacted] IRA. Additional clarifications were needed on the paperwork; the needed information was obtained on December 14, 2015, and the distribution was processed on December 21, 2015. However, on December 18, 2015, the participant’s sole investment, the [redacted] 2020 fund, began the process of providing a capital gains distribution to all investors. This additional contribution posted to the participant’s account after the completion of the distribution, resulting in a remaining balance of $2,041.69. A second set of distribution paperwork was forwarded to Empower from the Sponsor on February 23, 2016. This paperwork also indicated that 33% was to be paid to Ms. [redacted], and 67% was to be paid as a rollover to the same [redacted] account. This distribution was processed as given, resulting in a payment to Ms. [redacted] and a rollover check made payable to “[redacted] for the benefit of [redacted]” (in the amount of $1,390.28) being mailed on March 4, 2016. Please note that, as the second distribution was performed based on instructions received and approved by the Sponsor, the tax status of the distribution cannot be changed. If the original receiving institution can no longer accept the payment, we would be happy to reissue the payment payable to a different institution. If Ms. [redacted] has additional questions regarding her account, she is welcome to call our Participant Service Center at ###-###-####. Our Service Center representatives are available weekdays from 7 a.m. to 8 p.m. Central time and will be glad to answer any questions. Sincerely, [redacted] Lead Regulatory Correspondent Financial Services Division Empower Retirement
Good afternoon, 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. To assist Ms. [redacted] in updating her address of record, we faxed a copy of our...
Personal Information Change Request form to her on April 20, 2016, and again April 21, 2016. We received a completed copy of the form indicating Ms. [redacted]’s new address on April 21, 2016, and her address update was completed on April 22, 2016. Her uncashed check was re-issued to her new address on April 27, 2016. The original check was issued on September 18, 2001, for a net payment of $0.13; because the check was not cashed, the funds were returned to Ms. [redacted]’s account. Due to investment earnings, the new check is in the amount of $0.18. Ms. [redacted] originally distributed her account on May 24, 2001. Her balance as of the distribution date was $773.60. The check from that distribution (net amount $587.94) was cashed in 2001. If Ms. [redacted] has additional questions regarding her account, she is welcome to call our Participant Service Center at ###-###-####. Our Service Center representatives are available weekdays from 7 a.m. to 8 p.m. Central time and will be glad to answer any questions. Sincerely,[redacted]Lead Regulatory CorrespondentFinancial Services Division
Plan Name: The State of Indiana Public Employee Deferred Compensation Plan Plan Number: [redacted] Complaint...
Number: [redacted] Thank you for bringing this participant issue to our attention. By way of background, Empower Retirement (Empower) provides recordkeeping services to The State of Indiana Public Employee Deferred Compensation Plan (the Plan) under a services agreement with the Plan’s Sponsor, the State of Indiana (the Plan Sponsor). In accordance with our contract with the Plan, Empower is permitted to process a Domestic Relations Order (Order) received for a Plan participant which is substantially similar to the Plan’s pre-approved model order. Empower reviewed the proposed Order submitted by Ms. [redacted] on November 28, 2017, and determined it was acceptable by the terms of the Plan on December 7, 2017, and that the Order could be submitted to the court for filing. Empower received the fully executed Order with the court’s filing stamp on December 28, 2017, and completed the segregation of assets into Ms. [redacted]’s alternate payee account on January 9, 2018. Her distribution was processed on January 17, 2018, and the check representing the proceeds of her account was issued on January 18, 2018. An Empower representative has been in contact with Ms. [redacted] to confirm the status of her request. I hope this has been helpful in resolving this issue. If Ms. [redacted] has additional questions or concerns, she may contact our Participant Service Center at 877-728-6738. Participant Service representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist her. Sincerely, Allison R. C[redacted] Manager CorrespondenceEmpower Retirement
Revdex.com ID number: [redacted] Participant: [redacted] [redacted] Plan Numbers: [redacted]...
[redacted] Plan Names: [redacted] Thank you for bringing this participant complaint to our attention. [redacted] had made a complaint with Empower Retirement on June 3, 2017. A response was sent directly to [redacted] on June 14, 2017. I have provided a copy of that response. After review of the incident, Empower Retirement has found that we have not received complete withdrawal paperwork that is needed for us to process the requested transactions. The Plans require complete, correct paperwork in order to distribute the accounts. Empower Retirement provides directed administrative services to the Plans at the direction of the plan sponsor and does not have any discretionary control over plan distributions. Once the forms are received in good order the transaction will be completed. We hope you will find this helpful. If [redacted] has additional questions, she may call Empower Retirement at [redacted]. Participant Service Center representatives are available weekdays from 7 a.m. to 6 p.m. Mountain time and will be glad to assist. Sincerely, [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. It is unfortunate that I had to threaten them with filing a complaint to receive resolution, but for the time being it seems to be resolved. I'm reserving completely calling the mater closed until the check is received by my new 401k plan and the taxes are correct on my 1099 R next year.
Sincerely,
[redacted]
April 5, 2017 Concerning: Complaint Number: [redacted] To whom it may concern: This is in response to the complaint made by [redacted] regarding a defaulted loan in the [redacted] Profit-Sharing Retirement Plan (the “Plan”). I appreciate your patience as I...
reviewed her concerns. This issue was resolved as Ms. [redacted] requested. Our records indicate the withdrawal was reversed and reprocessed. The rollover check was issued April 5, 2017, and the loan default was reversed and recorded as paid in full. If Ms. [redacted] has additional questions, she can call the Service Center at [redacted], weekdays between the hours of 7:00 a.m. to 9:00 p.m. Central time. Sincerely, [redacted]
Plan Name: [redacted]. [redacted] Incentive Savings Plan ([redacted] Family of Companies) Plan Number: [redacted]-** Complaint Number: [redacted] Thank you for bringing this participant issue to our attention. Our records indicate that [redacted] received approval from the Plan’s Sponsor, [redacted] Management Inc., to process Ms. [redacted] transaction request on January 3, 2018. The transaction was processed on January 3, 2018, and a check representing the proceeds of Ms. [redacted] Plan account was mailed to her address of record the following day, January 4, 2018. We hope this response has been helpful in resolving Ms. [redacted] concerns. Ms. [redacted] may contact the Plan Sponsor’s representative or our Participant Service Center for assistance with any additional questions. Sincerely, Allison R. C[redacted] Assistant Manager Correspondence [redacted]
Plan Name: CFG Retirement Savings Plan Plan Number: [redacted] Complaint Number: [redacted] Thank you for...
bringing this participant concern to our attention. Our records reflect a beneficial account for Mr. [redacted] in the CFG Retirement Savings Plan (the Plan), a tax qualified retirement plan which is governed by federal law. The Plan is sponsored and administered by [redacted]. for its employees. By way of background, Great-West Financial (Empower Retirement) provides recordkeeping services to the Plan under a services agreement with the Plan’s Sponsor and Administrator, [redacted]. (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 [redacted]. Unlike a retail brokerage account, federal law and the terms of the Plan require that contributions to the Plan be maintained in trust for the benefit of Plan participants and may only be withdrawn under certain specific circumstances. In general, because the Plan is designed as a long term investment vehicle to provide retirement income to its participants, under federal law an active employee of [redacted]. that has not attained age 59 ½ is generally prohibited from withdrawing retirement funds from the Plan. By contrast, a participant that has terminated employment with the Plan’s sponsor may generally request a full distribution of the vested account value, less the mandatory 20% withholding for payment of Federal income taxes. Although active employees may not generally withdraw funds from the Plan, the Plan provides for limited distributions in certain exceptional cases, such as where a participant incurs a financial hardship as defined under the Plan and IRS regulations. Mr. [redacted] recently contacted Empower Retirement to discuss withdrawal of a portion of his account due to financial hardship. Mr. [redacted] was informed that, depending on the specific nature of the financial hardship, he may be eligible to withdraw a portion of his account upon the review and approval of his request. Mr. [redacted] was provided with instructions to begin the hardship withdrawal review process by downloading the appropriate administrative request form from his account online, completing the form and remitting the form to Empower Retirement. As of the date of this letter, Empower Retirement has not received a request from Mr. [redacted] for a withdrawal due to a hardship distribution. Upon receipt of such request, Empower Retirement will review and adjudicate the request according to the Plan’s administrative procedure. Information concerning the restrictions on Plan withdrawals is included in the Summary Plan Description (SPD) provided to participants at the time of their enrollment in the Plan. If Mr. [redacted] requires an additional copy of the Plan’s SPD, he may download it from his Plan account online or by contacting our Participant Service Center or the Plan Administrator, Joanne S[redacted], at Citizens Financial Group, Inc. If Mr. [redacted] has additional questions or would like to obtain a copy of the Plan’s Hardship Withdrawal Request form, he may contact our Participant Service Center at 844-465-4455. 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. Mr. [redacted] may also contact the Plan Administrator, Joanne S[redacted], at Citizens Financial Group, Inc. to confirm his eligibility for a distribution that may be available to him under the terms of the Plan. Sincerely, Allison R. C[redacted] Correspondence Manager Empower Retirement
Thank you for bringing this participant complaint to our attention. An internal audit performed by the [redacted] 401(k) Profit Sharing Plan (the “Plan”) identified multiple participants, including [redacted], who had received employer contributions in excess of what Plan...
guidelines permit. As a result, the additional contributions were required to be returned to the Plan. However, prior to this audit’s findings, Ms. [redacted] had requested her account assets be distributed as a rollover to an Individual Retirement Account (“IRA”). Because of this, the Plan authorized a recall of the funds from Ms. [redacted]’s IRA. I apologize for any inconvenience this may have caused. Should Ms. [redacted] have additional questions regarding the above, she may contact Sandy Gilder with the Plan at ###-###-####. I hope you will find this helpful. If Ms. [redacted] has additional questions regarding her account, she 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 her. Due to account security procedures, she will need to verify personal information, including the current address of record, before we can provide account details. Once we have confirmed her identity, we can assist with updating personal information as needed. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
October 4, 2016 Thank you for bringing this participant complaint to our attention. After review of the incident, Empower Retirement would like to extend its apologies to [redacted] for the delays he experienced with his loan payoff. We strive to provide excellence at...
every point of contact, and [redacted]’s experience did not match with that expectation. A technical issue caused his loan payment to not be credited to his account properly. The issue was resolved on September 15, 2016, and [redacted]’s loan is now paid off. His new loan request has been processed on October 3, 2016, and the check was forwarded to his address on record through [redacted] expedited shipping at our expense. We hope you will find this helpful. If [redacted] has additional questions, he may call Empower Retirement at ###-###-####. Participant Service Center representatives are available weekdays from 7 a.m. to 9 p.m. Central time and will be glad to assist him. Sincerely,
[redacted] Lead Regulatory Services Correspondent Financial Services Division
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 really appreciate [redacted] - the supervisor. I was amazed at the turn around, after I made a mistake on this issue too, we are all are not perfect. And my company's payroll department seemed a team player. Which is no fault of [redacted], but they need to not play the customer shuffle either. Thanks for my check!Best Regards,
[redacted]
Final Consumer Response /* (2000, 7, 2015/06/22) */
I spoke with a rep this week who apologized for everything I've had to go through and assured me I would receive the check by Friday 6/19/15. The check did arrive and I deposited it today so the Revdex.com can close this complaint because my issue has...
been resolved. Thank you!
Thank you for bringing this participant complaint to our attention. After review of the incident, [redacted] would like to extend its apologies to [redacted] for the delays he experienced. We strive to provide excellence at every point of contact, and [redacted]’s experience did...
not match with that expectation. While his marital status was updated to “Single” in our records on September 20, 2016, per his request, an automated information feed from the [redacted] Inc. Profit Sharing Plan & Trust (the “Plan”) reversed the update soon afterwards. The Plan has since been informed of the change, and the issue has been corrected. [redacted]’s loan paperwork was received in good order on October 4, 2015, and the loan proceeds were sent to his address on record through Federal Express expedited shipping on October 5, 2016, at our expense. We hope you will find this helpful. If [redacted] has additional questions, he may call [redacted] at ###-###-####. Participant Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist you. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services Division[redacted]
Thank you for bringing this participant complaint to our attention. Our records indicate that [redacted]’s distribution check in the amount of $265.28 was initially issued on January 19, 2016. On July 14, 2016, Mr. [redacted] called our Participant Service Center to request that...
the check be canceled and a new check issued to him. The new check was issued on July 18, 2016, and cashed on July 26, 2016. I hope you will find this helpful. If Mr. [redacted] has any additional questions regarding his account, he may call Empower Retirement at ###-###-#### to discuss. Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist him. Sincerely,
[redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
Participant: [redacted] Plan Number: [redacted] Plan Name: ...
[redacted] Revdex.com ID number: [redacted] Thank you for bringing this participant complaint to our attention. After review of the incident, [redacted] Retirement would like to extend its apologies to Mr. [redacted] for the delays and incorrect processing he experienced with this transaction. We strive to provide excellence at every point of contact, and Mr. [redacted]’s experience did not match with that expectation. A new check was issued on May 5, 2017, and delivered to his address by [redacted] on May 8, 2017, at [redacted] Retirement’s expense. In addition, a Letter of Determination (LOD) was sent to [redacted] on his behalf on May 9, 2017. His transaction is now complete and in good order. We hope you will find this helpful. If Mr. [redacted] has additional questions, he may call [redacted] Retirement at [redacted]. Participant Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist you.
[redacted]
[redacted]
[redacted]
[redacted]
March 14, 2017 Thank you for bringing this participant complaint to our attention. Empower Retirement has reviewed Mr. [redacted]’s complaint regarding the transfer of his funds from Empower Retirement IRAs to his account at [redacted]. We have found the following results. Empower Retirement has...
been having some issues with online access for the Individual Retirement Account (IRA) website. Our IT staff is actively working on the issue and hope to resolve it soon. For his statement concerns we can only mail or fax statements. Email is not offered due to security concerns. With regard to the rollover request, we did not receive his documentation until March 7, 2017, and he had not included the requested letter of authorization (LOA) that is required to complete the request. The need for an LOA is specifically mentioned in the withdrawal documents. We received an acceptable, complete LOA on March 13, 2017, and were able to process his request the same day. The rollover checks are being sent out today, March 14, 2017. Please note that Empower Retirement is not a bank but rather a financial institution that manages multiple retirement plans. All of our plans have their own required paperwork for withdrawals or distributions and cannot use outside institutions paperwork to transfer funds. We hope you will find this helpful. If Mr. [redacted]’s has additional questions, he may call Empower Retirement at (877) 495-2472. Participant Service Center representatives are available weekdays from 7 a.m. to 5 p.m. Mountain time and will be glad to assist you. Sincerely, [redacted] Financial Services Division Empower Retirement
Thank you for bringing this participant complaint to our attention. After review of the incident, Empower Retirement would like to extend its apologies to [redacted] for the delays she experienced. We strive to provide excellence at every point of contact, and Ms. [redacted]’s experience...
did not match with that expectation. A technical issue prevented certain participants from distributing their accounts; this issue was resolved on June 10, 2016, and Ms. [redacted]’s distribution was processed the same day. The check for Ms. [redacted]’s distribution was issued on June 13, 2016, and shipped with Federal Express expedited shipping at our expense. We hope you will find this helpful. If Ms. [redacted] has additional questions, she may call Empower Retirement at [redacted]. Participant Service Center representatives are available weekdays from 8 a.m. to 7 p.m. Central time and will be glad to assist you. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
Plan Name: Aspirus, Inc. Retirement 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 Aspirus, Inc. Retirement Plan (the Plan) under a services agreement with the Plan’s Sponsor and Administrator, Aspirus, Inc. (the Plan Sponsor). Participant accounts are established at the direction of the Plan Sponsor, and the Plan Sponsor supplies all pertinent personal information required to establish such accounts, including participant names, dates of birth, addresses, and social security numbers, among other information. The Plan recently converted service providers from a prior record keeper to Empower Retirement in January, 2018. In order to protect against potential fraudulent activity in a participant account, the Plan’s Direct Deposit form requires that a voided check be enclosed to ensure the receiving account is held by the participant. To confirm this, the name on the receiving account is compared to the name of record for the participant on the Plan account. The name provided to Empower Retirement by the Plan’s prior record keeper for Ms. [redacted] account at the time of conversion was [redacted] [redacted]. As this name did not match with the name of the receiving bank account as given on the check enclosed with Ms. [redacted] Direct Deposit form, we were unable to accept the form at the time it was received. Empower Retirement contacted Aspirus to confirm Ms. [redacted] full legal name, which was confirmed to be [redacted] *. [redacted] on February 16, 2018. Ms. [redacted] Plan account has been updated with her full legal name and we have re-processed Ms. [redacted] Direct Deposit request, which was completed on February 16, 2018. Ms. [redacted] automated required minimum distribution (RMD) payments have been established per her instructions, to be processed annually on December 10 with a 10% withholding for federal tax. We believe this resolve the issues raised in her correspondence. If Ms. [redacted] has any additional questions or concerns, she may contact our Participant Service Center at 866-467-7756. Participant Service representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist her. Sincerely, Allison R. C[redacted] Manager CorrespondenceEmpower Retirement
Good afternoon, Mr. [redacted]’s account was moved into an Empower Retirement Traditional Rollover IRA according to the rules established by the JAB Broadband dba Skybeam Inc. 401(k) Plan. Because this process was completed without Mr. [redacted]’s direct involvement, online distribution requests have been disabled, in an attempt to prevent fraudulent transactions. A phone call between Mr. [redacted] and one of the managers of our IRA Service Team occurred on April 27, 2016, explaining the details of this process. Mr. [redacted]’s distribution paperwork was received on April 28, 2016. We have expedited the processing of the request, and forwarded the check by Federal Express to Mr. [redacted]’s address of record on April 29, 2016, at our expense. We will review our web site notifications for possible improvements to prevent similar issues in the future. We hope you will find this helpful. If the participant has any further questions, he may call Empower Retirement at ###-###-####. Service Center representatives are available weekdays from 7:00 a.m. to 6:00 p.m. Central time and will be glad to assist. [redacted]Lead Regulatory CorrespondentFinancial Services Division
Initial Business Response /* (1000, 9, 2015/08/17) */
To Whom it May Concern:
Regarding Complaint Case #XXXXXXXX, we are unable to locate participant [redacted] with the information provided. We called Mr. [redacted] at (XXX) XXX-XXXX on August 7, 2015 at 10:23 mst, and again on August 12, 2015...
at 2:37 mst. Messages were left both times with a direct number to call. To date, we have yet to receive a response from Mr. [redacted].
Please have Mr. [redacted] contact me directly at (XXX) XXX-XXXX, so I may further assist him.
Sincerely,
[redacted]
Good afternoon, After review, it has been determined that Ms. [redacted] made two distribution requests regarding her [redacted] (“Plan”) account. The Plan’s sponsor, [redacted], Inc. (the “Sponsor”), forwarded completed distribution paperwork to us on...
December 1, 2016, indicating 33% of the account balance should be paid out to the participant, and 67% should be paid as a rollover to a [redacted] IRA. Additional clarifications were needed on the paperwork; the needed information was obtained on December 14, 2015, and the distribution was processed on December 21, 2015. However, on December 18, 2015, the participant’s sole investment, the [redacted] 2020 fund, began the process of providing a capital gains distribution to all investors. This additional contribution posted to the participant’s account after the completion of the distribution, resulting in a remaining balance of $2,041.69. A second set of distribution paperwork was forwarded to Empower from the Sponsor on February 23, 2016. This paperwork also indicated that 33% was to be paid to Ms. [redacted], and 67% was to be paid as a rollover to the same [redacted] account. This distribution was processed as given, resulting in a payment to Ms. [redacted] and a rollover check made payable to “[redacted] for the benefit of [redacted]” (in the amount of $1,390.28) being mailed on March 4, 2016. Please note that, as the second distribution was performed based on instructions received and approved by the Sponsor, the tax status of the distribution cannot be changed. If the original receiving institution can no longer accept the payment, we would be happy to reissue the payment payable to a different institution. If Ms. [redacted] has additional questions regarding her account, she is welcome to call our Participant Service Center at ###-###-####. Our Service Center representatives are available weekdays from 7 a.m. to 8 p.m. Central time and will be glad to answer any questions. Sincerely, [redacted] Lead Regulatory Correspondent Financial Services Division Empower Retirement
Good afternoon, 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. To assist Ms. [redacted] in updating her address of record, we faxed a copy of our...
Personal Information Change Request form to her on April 20, 2016, and again April 21, 2016. We received a completed copy of the form indicating Ms. [redacted]’s new address on April 21, 2016, and her address update was completed on April 22, 2016. Her uncashed check was re-issued to her new address on April 27, 2016. The original check was issued on September 18, 2001, for a net payment of $0.13; because the check was not cashed, the funds were returned to Ms. [redacted]’s account. Due to investment earnings, the new check is in the amount of $0.18. Ms. [redacted] originally distributed her account on May 24, 2001. Her balance as of the distribution date was $773.60. The check from that distribution (net amount $587.94) was cashed in 2001. If Ms. [redacted] has additional questions regarding her account, she is welcome to call our Participant Service Center at ###-###-####. Our Service Center representatives are available weekdays from 7 a.m. to 8 p.m. Central time and will be glad to answer any questions. Sincerely,[redacted]Lead Regulatory CorrespondentFinancial Services Division
Plan Name: The State of Indiana Public Employee Deferred Compensation Plan Plan Number: [redacted] Complaint...
Number: [redacted] Thank you for bringing this participant issue to our attention. By way of background, Empower Retirement (Empower) provides recordkeeping services to The State of Indiana Public Employee Deferred Compensation Plan (the Plan) under a services agreement with the Plan’s Sponsor, the State of Indiana (the Plan Sponsor). In accordance with our contract with the Plan, Empower is permitted to process a Domestic Relations Order (Order) received for a Plan participant which is substantially similar to the Plan’s pre-approved model order. Empower reviewed the proposed Order submitted by Ms. [redacted] on November 28, 2017, and determined it was acceptable by the terms of the Plan on December 7, 2017, and that the Order could be submitted to the court for filing. Empower received the fully executed Order with the court’s filing stamp on December 28, 2017, and completed the segregation of assets into Ms. [redacted]’s alternate payee account on January 9, 2018. Her distribution was processed on January 17, 2018, and the check representing the proceeds of her account was issued on January 18, 2018. An Empower representative has been in contact with Ms. [redacted] to confirm the status of her request. I hope this has been helpful in resolving this issue. If Ms. [redacted] has additional questions or concerns, she may contact our Participant Service Center at 877-728-6738. Participant Service representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist her. Sincerely, Allison R. C[redacted] Manager CorrespondenceEmpower Retirement
Revdex.com ID number: [redacted] Participant: [redacted] [redacted] Plan Numbers: [redacted]...
[redacted] Plan Names: [redacted] Thank you for bringing this participant complaint to our attention. [redacted] had made a complaint with Empower Retirement on June 3, 2017. A response was sent directly to [redacted] on June 14, 2017. I have provided a copy of that response. After review of the incident, Empower Retirement has found that we have not received complete withdrawal paperwork that is needed for us to process the requested transactions. The Plans require complete, correct paperwork in order to distribute the accounts. Empower Retirement provides directed administrative services to the Plans at the direction of the plan sponsor and does not have any discretionary control over plan distributions. Once the forms are received in good order the transaction will be completed. We hope you will find this helpful. If [redacted] has additional questions, she may call Empower Retirement at [redacted]. Participant Service Center representatives are available weekdays from 7 a.m. to 6 p.m. Mountain time and will be glad to assist. 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. It is unfortunate that I had to threaten them with filing a complaint to receive resolution, but for the time being it seems to be resolved. I'm reserving completely calling the mater closed until the check is received by my new 401k plan and the taxes are correct on my 1099 R next year.
Sincerely,
[redacted]
April 5, 2017 Concerning: Complaint Number: [redacted] To whom it may concern: This is in response to the complaint made by [redacted] regarding a defaulted loan in the [redacted] Profit-Sharing Retirement Plan (the “Plan”). I appreciate your patience as I...
reviewed her concerns. This issue was resolved as Ms. [redacted] requested. Our records indicate the withdrawal was reversed and reprocessed. The rollover check was issued April 5, 2017, and the loan default was reversed and recorded as paid in full. If Ms. [redacted] has additional questions, she can call the Service Center at [redacted], weekdays between the hours of 7:00 a.m. to 9:00 p.m. Central time. Sincerely, [redacted]
Plan Name: [redacted]. [redacted] Incentive Savings Plan ([redacted] Family of Companies) Plan Number: [redacted]-** Complaint Number: [redacted] Thank you for bringing this participant issue to our attention. Our records indicate that [redacted] received approval from the Plan’s Sponsor, [redacted] Management Inc., to process Ms. [redacted] transaction request on January 3, 2018. The transaction was processed on January 3, 2018, and a check representing the proceeds of Ms. [redacted] Plan account was mailed to her address of record the following day, January 4, 2018. We hope this response has been helpful in resolving Ms. [redacted] concerns. Ms. [redacted] may contact the Plan Sponsor’s representative or our Participant Service Center for assistance with any additional questions. Sincerely, Allison R. C[redacted] Assistant Manager Correspondence [redacted]
Plan Name: CFG Retirement Savings Plan Plan Number: [redacted] Complaint Number: [redacted] Thank you for...
bringing this participant concern to our attention. Our records reflect a beneficial account for Mr. [redacted] in the CFG Retirement Savings Plan (the Plan), a tax qualified retirement plan which is governed by federal law. The Plan is sponsored and administered by [redacted]. for its employees. By way of background, Great-West Financial (Empower Retirement) provides recordkeeping services to the Plan under a services agreement with the Plan’s Sponsor and Administrator, [redacted]. (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 [redacted]. Unlike a retail brokerage account, federal law and the terms of the Plan require that contributions to the Plan be maintained in trust for the benefit of Plan participants and may only be withdrawn under certain specific circumstances. In general, because the Plan is designed as a long term investment vehicle to provide retirement income to its participants, under federal law an active employee of [redacted]. that has not attained age 59 ½ is generally prohibited from withdrawing retirement funds from the Plan. By contrast, a participant that has terminated employment with the Plan’s sponsor may generally request a full distribution of the vested account value, less the mandatory 20% withholding for payment of Federal income taxes. Although active employees may not generally withdraw funds from the Plan, the Plan provides for limited distributions in certain exceptional cases, such as where a participant incurs a financial hardship as defined under the Plan and IRS regulations. Mr. [redacted] recently contacted Empower Retirement to discuss withdrawal of a portion of his account due to financial hardship. Mr. [redacted] was informed that, depending on the specific nature of the financial hardship, he may be eligible to withdraw a portion of his account upon the review and approval of his request. Mr. [redacted] was provided with instructions to begin the hardship withdrawal review process by downloading the appropriate administrative request form from his account online, completing the form and remitting the form to Empower Retirement. As of the date of this letter, Empower Retirement has not received a request from Mr. [redacted] for a withdrawal due to a hardship distribution. Upon receipt of such request, Empower Retirement will review and adjudicate the request according to the Plan’s administrative procedure. Information concerning the restrictions on Plan withdrawals is included in the Summary Plan Description (SPD) provided to participants at the time of their enrollment in the Plan. If Mr. [redacted] requires an additional copy of the Plan’s SPD, he may download it from his Plan account online or by contacting our Participant Service Center or the Plan Administrator, Joanne S[redacted], at Citizens Financial Group, Inc. If Mr. [redacted] has additional questions or would like to obtain a copy of the Plan’s Hardship Withdrawal Request form, he may contact our Participant Service Center at 844-465-4455. 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. Mr. [redacted] may also contact the Plan Administrator, Joanne S[redacted], at Citizens Financial Group, Inc. to confirm his eligibility for a distribution that may be available to him under the terms of the Plan. Sincerely, Allison R. C[redacted] Correspondence Manager Empower Retirement
Thank you for bringing this participant complaint to our attention. An internal audit performed by the [redacted] 401(k) Profit Sharing Plan (the “Plan”) identified multiple participants, including [redacted], who had received employer contributions in excess of what Plan...
guidelines permit. As a result, the additional contributions were required to be returned to the Plan. However, prior to this audit’s findings, Ms. [redacted] had requested her account assets be distributed as a rollover to an Individual Retirement Account (“IRA”). Because of this, the Plan authorized a recall of the funds from Ms. [redacted]’s IRA. I apologize for any inconvenience this may have caused. Should Ms. [redacted] have additional questions regarding the above, she may contact Sandy Gilder with the Plan at ###-###-####. I hope you will find this helpful. If Ms. [redacted] has additional questions regarding her account, she 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 her. Due to account security procedures, she will need to verify personal information, including the current address of record, before we can provide account details. Once we have confirmed her identity, we can assist with updating personal information as needed. Sincerely, [redacted]Lead Regulatory CorrespondentFinancial Services DivisionEmpower Retirement
October 4, 2016 Thank you for bringing this participant complaint to our attention. After review of the incident, Empower Retirement would like to extend its apologies to [redacted] for the delays he experienced with his loan payoff. We strive to provide excellence at...
every point of contact, and [redacted]’s experience did not match with that expectation. A technical issue caused his loan payment to not be credited to his account properly. The issue was resolved on September 15, 2016, and [redacted]’s loan is now paid off. His new loan request has been processed on October 3, 2016, and the check was forwarded to his address on record through [redacted] expedited shipping at our expense. We hope you will find this helpful. If [redacted] has additional questions, he may call Empower Retirement at ###-###-####. Participant Service Center representatives are available weekdays from 7 a.m. to 9 p.m. Central time and will be glad to assist him. Sincerely,
[redacted] Lead Regulatory Services Correspondent Financial Services Division