Business Profile

Employee Benefits Insurance

Empower Retirement

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Employee Benefits Insurance.

Complaints

This profile includes complaints for Empower Retirement's headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

570 total complaints in the last 3 years.
186 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

Initial Complaint
Date:08/08/2024
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I would just like to get a tiny portion of my invested money loaned to me (or a withdrawl...doesn't matter) to help my son with the birth of my first grandchild...when I login to my account and go through the process it says "you are eligible for a hardship loan"...once I go through all the following questions it tells me to download and fill out a form, but there is NO FORM for it. I tried to call, but I can't get anywhere. I'm very frustrated and might close the account and stop contributing.
Business Response
Date: 08/22/2024
Thank you for bringing Better Business Bureau Complaint #******** to our attention. Upon conducting a thorough review of the situation, we responded directly to the customer in our letter dated August *******. While we are unable to share the details of this response with the BBB due to privacy concerns, the customer may share this response with the ******************** at their discretion. We again appreciate you bringing this matter to us for review.
Initial Complaint
Date:08/08/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
As of 5 month they have been taking 8.00 a month out of my account without my permission i have wrote and emailed the company with minimal response saying they are looking into it but they keep taking my money$40
Business Response
Date: 08/08/2024
Please note that it appears you have been attempting to reach Empower Inc./Empower Finance. Although we have similar names, Empower is not affiliated with Empower Inc./Empower Finance. We are a retirement company and do not offer personal banking services, card services, or cash advances.

For more information regarding your Empower Inc./Empower Finance account, please contact that company. They can be reached at their toll-free number ************. We regret any confusion over this matter.
Initial Complaint
Date:08/05/2024
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Hello, I currently have a 401(k) Profit Sharing Plan (through my previous employer, *************** that is managed by Empower. My current employer manages employee 401(k) accounts through a different provider - The Standard. I simply want to rollover my 401(k) account from ********************** to The Standard. I have contacted Empower numerous times - always politely - via their website, email, and through snail mail, to make this request, the first time being around March 6, 2024. Every time they give the same reply (usually an automated response) - insisting on only conducting business via phone, saying that calling them is the only option. The problem is, I have medical condition that limits my speaking ability. Even after stating this and asking to communicate over email or snail mail (if I needed to provide further information, for example), they still insist calling is the only option. In one letter where a person did actually respond, they (***************************) offhandedly mentioned if I make a written request to make sure it's signed and dated. Well, first of all this tells me that a written request is an acceptable way to communicate with them, and secondly that if I mail them in a signed and dated letter stating that I want them to roll over my 401(k), they would do it. Except even after doing that in early July, they still took no action - I again got the same canned response, saying to call them. I have no idea on why they won't accommodate me and am pretty exasperated to be honest. I have rolled over my 401(k) a few times in the past with other companies and have never run into issues or received such shabby treatment and poor customer service. Frankly I've run out of patience and the time to be polite is over - it's my money, not theirs. Where do they get off dictating how I can communicate to them and refusing to rollover my account after I've requested it? Any help is greatly appreciated, thank you for your *********************** *********************
Business Response
Date: 08/13/2024
Thank you for bringing Better Business Bureau Complaint #******** to our attention. Upon conducting a thorough review of the situation, we responded directly to the customer in our letter dated August *******. While we are unable to share the details of this response with the BBB due to privacy concerns, the customer may share this response with the ******************** at their discretion. We again appreciate you bringing this matter to us for review.
Customer Answer
Date: 08/20/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*********************
Initial Complaint
Date:08/01/2024
Type:Sales and Advertising Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
So Empower does stocks and options trading. The first problem is, their system is almost NEVER updating real time quotes, so if buy a stock, the price they reflect, is not the ACTUAL price of the stock, their systems are almost NEVER working. So if i need to SELL a stock, which is BY THE SECOND THAT PRICES COULD CHANGE, i end up LOSING money because their systems are down, how is a company that allows you to buy and sell stocks, allowed to have an infrastructure that ****** works and creates problems, by making people lose money. THIS IS UNNACCEPTABLE
Business Response
Date: 08/06/2024
Thank you for bringing BBB Complaint # ******** dated August 1, 2024, to our attention. In order to protect the privacy of our account holders, we will research the situation and will respond directly to *****************************. We again appreciate you bringing this matter to us for review.
Empower
Initial Complaint
Date:07/31/2024
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Like other complaints on BBB, I requested a hardship withdrawal of my 401K that is held by Empower. Late afternoon the next day I received an email they needed more information. I immediately uploaded the additional information after making sure that was all that was needed. Late afternoon the next day they emailed they needed more information, calling, they wanted the same information I already provided plus another document they now required that wasn't mentioned the day before. I asked if they deny my hardship request when I would expect a letter with the reason, they stated they won't send a letter, they will only tell you over the phone, this seems rather suspect. I already filled a complaint with U.S. DEPARTMENT OF LABOR EMPLOYEE BENEFITS SECURITY ADMINISTRATION RETIREMENT AND PENSION PLAN COMPLAINTS instead of waiting for the months run-around that seems to be the norm per the complaint, but also wanted to file a complaint with BBB as well. Maybe if enough complaints are registered with the US ***** of ***** something will actually be done besides the cut and paste response here from the plan sponsor.
Business Response
Date: 08/02/2024
Thank you for bringing BBB Complaint # ******** dated July 31, 2024, to our attention. In order to protect the privacy of our account holders, we will research the situation and will respond to the customer directly in writing. We again appreciate you bringing this matter to us for review.
Sincerely,
Empower
Customer Answer
Date: 08/03/2024

Better Business Bureau:

A supervisor has contacted me concerning complaint ID ********, and was able to resolve this complaint.

Sincerely,

*************************
Initial Complaint
Date:07/31/2024
Type:Service or Repair Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Empower purchased ********** who my Spire Hospitality 401K was originally through. I have been contacting Empower since May to try to roll over my funds ($941.41) to my new account through ADP. I had requested a rollover check in the past that wasn't filled out correctly so I have continued to request a replacement check. I had no issues getting the original check from **********. Since dealing with Empower, originally I was told the replacement check would be sent out by the end of the week (this was in May). I called back maybe a month later (June) after still not receiving it, and they notified me that there were a lot of cases where people needed replacement checks and it was still being processed but that I should expect to receive the check within two weeks. After 4 weeks, I called again (today, 7/31) and was told by the first ****** that I should wait another two weeks - when I asked them to look further into it to try to give me an estimated date I should expect it, they put me on hold for 20 minutes and I hung up. I called back again an hour later, the agent told me that my check hadn't processed yet and to call back on Friday or Monday to check on the status of it.
Business Response
Date: 08/12/2024
Thank you for bringing Better Business Bureau Complaint # ******** to our attention. Upon conducting a thorough review of the situation, we responded directly to the customer in our letter dated August 12, 2024. While we are unable to share the details of this response with the BBB due to privacy concerns, the customer may share this response with the ******************** at their discretion. We again appreciate you bringing this matter to us for review.
Thanks,
Empower
Customer Answer
Date: 08/13/2024

Complaint: 22072349

I am rejecting this response because:
This is the first time Im hearing about any letter. I called them last week on Tuesday and they said they had supposedly sent the check out but could not provide a tracking number. I still have not received the check or any letter.

Sincerely,

*****************
Business Response
Date: 08/21/2024
Thank you for bringing Better Business Bureau Complaint # ******** to our attention. Upon conducting a thorough review of the situation, the reissued check was mailed on August ******, and we responded directly to the customer in our letter dated August *******. Both the letter and check were mailed to a P.O. Box which is the customers address on record.
Thanks
Empower
Customer Answer
Date: 08/22/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*****************
Initial Complaint
Date:07/31/2024
Type:Customer Service Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
In November 2023, my 401k account was transferred to Empower from Pentegra. I have experienced terrible customer service. I received a different response from each person I spoke with and my issue was never resolved. In July 2024 the Empower website indicated that I was allowed to take out a general purpose loan for up to a certain amount. I went through the application process online. I tried to submit the loan request only to receive an error message stating that I needed to contact a representative. It has been an absolute nightmare for the past three weeks. I called their customer service and they said I couldnt apply online, I had to apply over the phone. I went through the loan application process over the phone with a representative. I spent over thirty minutes on the phone with one representative, only to be placed on hold multiple times because they ran into the same technical issue I had when applying online. I was transferred to multiple departments with no resolution to the issue. Thirty minutes turned into over an hour on the phone explaining the same thing to multiple representatives. I was finally told that I needed to submit a paper application because they could not submit the application online. Begrudgingly, I agreed to submit a paper application. I contacted Empower to confirm receipt of my application submission. Once again, I was transferred to multiple representatives, each one giving me a different response. After over an hour on the phone I spoke to someone who told me that my application was received. However, they needed a signature from Pentegra to approve the application. They said it could take two weeks. Two weeks later I was told their still waiting on Pentegra to sign the application. After waiting for over three weeks, I called Pentegra myself to inquire on the status of my application. I received a written acknowledgment from Pentegra that they dont accept paper applications and I needed to apply online with Empower.
Business Response
Date: 08/14/2024
BBB Complaint #:   22070449
Plan Name(s):        Pentegra DC Plan for Financial Institutions for **********************
                                of ********
Plan Number(s):     279438-01

Dear *********************:

This letter is in response to your complaint submitted to the Better Business Bureau (BBB) on July 31, 2024, regarding the loan requested from your account in the Pentegra DC Plan for Financial Institutions for ********************** of ******** (the Plan). We appreciate your patience as your concerns were escalated for further review.

Empower would like to extend our sincerest apologies for your recent experience. We strive to provide excellence at every point of contact and your experience did not meet with that expectation. We have conducted a thorough review of your loan transaction and have identified a system issue that is preventing the new loan request from being processed.

At this time, we are still in the process of correcting the issues within our system causing the error. As soon as this is resolved and loans are able to be processed,we will contact you to assist with your loan request.

Again,we apologize for the difficulties that are being experienced with your loan request.

If you have additional questions or concerns, you may contact us at ************.Representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist you.

Sincerely,

*****************************
Senior Specialist Regulatory Correspondence
Customer Answer
Date: 08/19/2024

Complaint: 22070449

I am rejecting this response because: I would like an alternative option for taking out a loan request while the issue is being fixed. As of today, I still have not been provided with a resolution. If the issue is a technical error, I should be able to submit a paper application which does not require a signature from Pentegra. I dont understand why the loan cant be processed a different way. I need access to my funds immediately as this is an urgent request. I have not been given an estimated time frame for how long it will take for the technical issue to be resolved. It has now been over a month with no progress being made except acknowledging that there is an internal technical error. See open case #******** and #********.
Sincerely,

*************************************
Business Response
Date: 09/06/2024
This letter is in response to your additional comments to the Better Business Bureau (BBB) from August 29, 2024, regarding the processing of the loan requested from your account in the Pentegra DC Plan for Financial Institutions for ********************** of ******** (the Plan). We researched your concerns further in order to resolve the issue with your loan.

Empower apologizes for the difficulties that were experienced with your loan request. As we stated previously, there is a system issue that has prevented the new loan request from being processed. We were able to bypass the system issue and process the loan you requested. The check was sent by **************************** at our expense, on September 5, 2024. *** records reflect the check was delivered on September 6, 2024.

Again,we apologize for the difficulties that were experienced with your loan. Thank you for reaching out to us with your concerns.

If you have additional questions or concerns, you may contact us at ************.Representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist you.
Customer Answer
Date: 09/06/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*************************************
Initial Complaint
Date:07/29/2024
Type:Product Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I have been calling Empower now for 2 months to get a direct deposit form sent to me. I am a Cigna retiree. I have talked to 5 different representatives. I still have no form. My bank is being taken over by another bank. We are switching my direct deposit to a new bank. If it takes them this long to send a form how long will it be to complete my request. Additionally I called the Cigna plan administrator twice now and dont get a call from them either. I am beyond frustrated. This should be a form online that the retiree can download and print but I guess thats too easy to expect.
Business Response
Date: 07/31/2024
Thank you for bringing BBB Complaint # ******** dated July 29, 2024, to our attention. In order to protect the privacy of our account holders, we will research the situation and will respond to the customer directly in writing. We again appreciate you bringing this matter to us for review.
Sincerely,
Empower
Customer Answer
Date: 07/31/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. Issue has been resolved.

Sincerely,

*****************************
Initial Complaint
Date:07/23/2024
Type:Customer Service Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
no one answers the phone, been on hold for over an hour
Business Response
Date: 07/26/2024
Thank you for bringing BBB Complaint # ******** dated 7/23/24 to our attention. In order to protect the privacy of our account holders, we will research the situation and will respond directly to **************. We again appreciate you bringing this matter to us for review.
Initial Complaint
Date:07/13/2024
Type:Customer Service Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Empower Retirement Mediko plan had a mandatory contribution. NO contributions were from my employer. The balance in my account is 100 percent my money. I requested a refund as I am age 59 1/2. Empower informed me that they are charging me a ****** " computer generated fee" in order for them to give me my refund. Empower is unable to give me any other justification for this outrageous fee that they are deducting from my refund. Furthermore, I have 2 other retirement accounts that have been transferred to Empower that are over ten years old. When I inquired about them, Empower said there is no money left in either of them as all the money has been "eaten up " by their fees. I have NEVER received any statement from Empower informing me of my other accounts being transferred to Empower no has Empower sent me ANY statements regarding the fees that were charged that depleted both these accounts.
Business Response
Date: 07/29/2024
Thank you for bringing BBB Complaint #******** dated July 13, 2024, to our attention. We are conducting a thorough review of the issue and will provide the customer with a written response once our review is concluded. While we are unable to share the details of this response with the BBB due to privacy concerns, the customer may share this response with the ******************** at their discretion. We again appreciate you bringing this matter to us for review.

Sincerely,

Empower
Customer Answer
Date: 07/30/2024

Complaint: 21984549

I am rejecting this response because:
Empower has already refused to give a explanation/justification for them charging me $165.00 to process my retirement refund. The Empower representatives simply continue to state the $165.00 fee is computer generated. Empower is NOT attempting to follow up with this situation at all. Ive recently taken a refund with the *** and there was NO fee at all! Empowers response to my BBB complaint is simply an attempt to deter any further action because they know the $165.00 fee is robbery.
Sincerely,

*************************
Business Response
Date: 08/07/2024
Thank you for bringing the customers additional concerns to our attention. Upon conducting a thorough review of the situation,we responded directly to the customer in our letter dated August 7, ************** providing the details of the retirement plans fee schedule. While we are unable to share the details of this response with the BBB due to privacy concerns, the customer may share this response with the ******************** at their discretion. We again appreciate you bringing this matter to us for review.

Sincerely,

Empower
Customer Answer
Date: 08/07/2024

Complaint: 21984549

I am rejecting this response because: I chose to withdraw my contributions at age 591/2. The account was dormant as I had left the employment that required mandatory contributions to Empower. There was no employer contribution match, and Empower charged me monthly fees. At my time of withdrawal, Empower had already deducted their monthly maintenance fee for that month. However, Empower charged me an ADDITIONAL $165.00 dollar computer generated fee so they claimed for my withdrawing what was left of my principal contributions. They refused to give me any other explanation for that $165.00 fee they kept. This fee amount is uncontainable! Empower gave no further explanation as to why they charged so much for my rightfully withdrawing my money. Furthermore, I had another retirement amount with substantially more money with Empower for ten years, and they informed me that my balance was zero because that money had been eaten up by their fees. They have never sent me any statements regarding that other ten year old account. ********************** has extremely unethical business practices and they need to be investigated. Their response to my complaint is unacceptable as its simply an attempt of avoidance.

Sincerely,
*************************, RN

*************************

BBB Business Profiles may not be reproduced for sales or promotional purposes.

BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.

When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.

BBB Business Profiles generally cover a three-year reporting period, except for customer reviews. Customer reviews posted prior to July 5, 2024, will no longer be published when they reach three years from their submission date. Customer reviews posted on/after July 5, 2024, will be published indefinitely unless otherwise voluntarily retracted by the user who submitted the content, or BBB no longer believes the review is authentic. BBB Business Profiles are subject to change at any time. If you choose to do business with this company, please let them know that you checked their record with BBB.

As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.

Cookies on BBB.org

Complaints

Customer Complaints Summary

If you've experienced an issue

Filter and sort by

Sort by

Complaint status

Complaint type

Complaint statuses

Business Response

Complaint statuses

Business Response

Complaint statuses

Business Response

Customer Answer

Complaint statuses

Business Response

Complaint statuses

Business Response

Customer Answer

Complaint statuses

Business Response

Customer Answer

Business Response

Customer Answer

Complaint statuses

Business Response

Customer Answer

Business Response

Customer Answer

Complaint statuses

Business Response

Customer Answer

Complaint statuses

Business Response

Complaint statuses

Business Response

Customer Answer

Business Response

Customer Answer

Empower Retirement is NOT a BBB Accredited Business.