The Pension Boards--United Church of Christ, Inc.

The deposits were made to the checking account due to human error. The Pension Boards has addressed the situation through staff training. Upon being informed of the second erroneous deposit to the checking...

account, a replacement check was immediately processed. After it was processed, we learned that mail was delayed because of weather conditions in the northeast section of the country. To ensure the deposit arrived to the rollover institution without further delay, we stopped payment on the check and wired the funds to the rollover institution. The wire and check were deposited.
On February **, 2014 the Pension Boards sent a check for $20.00, reimbursing [redacted] for the fee she was charged.

My church is affiliated with the UCC and the UUA. We've been using The Pension Boards (TPB) for several years, initially for our pastor's retirement account. We've expanded recently to also subscribe to TPB's health insurance, life insurance, and short-term/long-term disability insurance. While we haven't had a need to submit claims yet, we've found their customer support to be responsive and helpful.

Review: Total mismanagement of pension fund. Requested a rollover of funds from the Pension Boards into a private IRA, instead the money was deposited into a private checking account TWICE! When the money was finally deposited into the correct fund they deposited twice the amount of money. Then when they realized their mistake they withdrew the incorrect deposit and I WAS CHARGED A PENALTY.Unbelievable that this organization manages pension funds for thousands of employees -- they can't even get a simple rollover request correct -- makes me wonder what else they are doing WRONG with other people's money!!Desired Settlement: Refund of the $20 I was charged because of their failure to do their jobs correctly!

Business

Response:

The deposits were made to the checking account due to human error. The Pension Boards has addressed the situation through staff training. Upon being informed of the second erroneous deposit to the checking account, a replacement check was immediately processed. After it was processed, we learned that mail was delayed because of weather conditions in the northeast section of the country. To ensure the deposit arrived to the rollover institution without further delay, we stopped payment on the check and wired the funds to the rollover institution. The wire and check were deposited.

On February **, 2014 the Pension Boards sent a check for $20.00, reimbursing [redacted] for the fee she was charged.