San Diego Pension Consultants Inc

Thank you for bringing this complaint to our attention? It is a common misconception that our firm has control over retirement plan assets? We facilitate the paperwork to maintain the Plan's compliance with IRA and DOL rules governing retirement plan distributions? Retirement Plans
operate under a unique set of rules and are not as easily accessible as a bank account? We understand this can be frustrating for plan participants who wish to withdraw funds from the Plan? In this particular case, the Profit Sharing Plan in question only allows for distributions/withdrawals to occur during certain times each year? The participant initially requested her withdrawal during a period when no distributions were being processed and had to wait until the next open period? Since we do not control the funds, we can only provide estimates as to the timing of the actual liquidation of the funds? In this case, *** advised the participant that she expected the withdrawal to be processed within hours? It seems there was a miscommunication, as the participant thought that meant her funds would be in her account within hours? Processing in our definition means that the funds would be liquidated at the financial company and the financial company would issue an ACH or wire to the participant's bank? Depending on the financial institutions, that could take anywhere from 1-business days to actually be credited to the participants personal bank account.My understanding is that the participant has received her funds? If that is not the case, please let me know and we will follwith the financial institutions promptly.Thank you,*** ***Vice President Client ServicesSan Diego Pension Consultants, Inc.? *** x***

Thank you for bringing this complaint to our attention.  It is a common misconception that our firm has control over retirement plan assets.  We facilitate the paperwork to maintain the Plan's compliance with IRA and DOL rules governing retirement plan distributions.  Retirement Plans...

operate under a unique set of rules and are not as easily accessible as a bank account.  We understand this can be frustrating for plan participants who wish to withdraw funds from the Plan.  In this particular case, the Profit Sharing Plan in question only allows for distributions/withdrawals to occur during certain times each year.  The participant initially requested her withdrawal during a period when no distributions were being processed and had to wait until the next open period.  Since we do not control the funds, we can only provide estimates as to the timing of the actual liquidation of the funds.  In this case, [redacted] advised the participant that she expected the withdrawal to be processed within 48 hours.  It seems there was a miscommunication, as the participant thought that meant her funds would be in her account within 48 hours.  Processing in our definition means that the funds would be liquidated at the financial company and the financial company would issue an ACH or wire to the participant's bank.  Depending on the financial institutions, that could take anywhere from 1-5 business days to actually be credited to the participants personal bank account.My understanding is that the participant has received her funds.  If that is not the case, please let me know and we will follow-up with the financial institutions promptly.Thank you,[redacted]Vice President Client ServicesSan Diego Pension Consultants, Inc. [redacted]