Complaints

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

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  Empower Retirement

  8515 E Orchard Rd Greenwood Village, CO 80111-5002

• 

  Empower Retirement

  7 Shattuck Rd # C-20-C Andover, MA 01810

• 

  Empower Retirement

  11500 Outlook St Overland Park, KS 66211-1804

• 

  Empower Retirement

  PO Box 1700 Denver, CO 80201-1700

• 

  Empower Retirement

  333 Willoughby Ave Juneau, AK 99801-1770

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:05/27/2025

  Type:Delivery 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.

  The descendent passed away on October 6, 2019. We have been trying to obtain his 401(k) for over eight and a half years. We paid $74 for overnight shipping of the necessary forms, but they claim they were never received. They are often unaware of the status of the forms. ***** ******* ******** still has outstanding college debts, and creditors are pursuing me for payment. I have already paid over $19,000, and Empower should enhance their communication with families when forms are missing. If you don't reach out to them, they will not call or email you.

  Business Response

  Date: 06/05/2025

  Thank you for bringing BBB Complaint # ******** dated May 27, 2025, to our attention. Upon conducting a thorough review of the situation,we responded directly to the customer in our letter dated June 5, 2025. 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

• Initial Complaint

  Date:05/22/2025

  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.

  Both my husband and I worked for ***** and received pension checks. Upon my husband's passing, I began receiving his pension check (as his beneficiary) and also received my check when I retired. Initially both pensions were managed by ********** Retirement and deposited by them. Last year Empower Retirement Services took over management and deposit of the checks into my checking account. there is no problem with the checks, however, when i look at the Empower Retirement Services website I see only my information...but not that of my deceased husband. I have made numerous calls in the past year to get Empower to fix this and keep hearing that there is a glitch in the system, they are aware of the problem and they are working on fixing this, however, the problem is still not fixed! Not sure why it is so hard to fix this. It's been over a year now. My fear is that since I cannot see my husband's info, it may one day drop off and I will no longer receive his checks or have proof of receipt.I want the website fixed so that when I log in, I will see both my information as well as my husband's. I want an explanation as to why this has not been fixed and why I never receive a call back.

  Business Response

  Date: 05/28/2025

  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 May 27, ********** 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: 05/30/2025

   
  Complaint: 23364403
  
  I am rejecting this response because: 

  Although I appreciate a representative from  Empower Retirement Services immediately responded to my complaint and sent me a letter to verify my deceased husband's pension, thus issue has niypt been resolved. Empower has confirmed that there us a glitch in their system that does not link/consolidate my husband's pension information to my own information despite showing that I am his beneficiary. I was told that there is no estimated timeliness for a fix to the system.....it's been 1 year!! Obviously not a priority for them.
  
  Sincerely,
  
  ***** *******

  Customer Answer

  Date: 06/14/2025

  ***** *** from Empower has contacted me and promised to mail montly payment info. She has confirmed that there is a problem in their system (which us why my deceased husband's pension is not showing on the website) and that a date for a fix is nit known, 

  I appreciate ******* response and follow up. 

  I would like to be left up to date on the fix if the system/website. It seems that this should be a priority. I'm sure I am not the only person affected.

• Initial Complaint

  Date:05/15/2025

  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.

  My complaint is about the finance fee that theyre charging on their 401(k) loan service without disclosing any information about it until submitting a request. I wanted to take out my allotted amount of $30000 for the maximum period of time of 240 months and they were going to charge me 8.5%. When I went to submit my request for a loan, I noticed the interest rate and principal was ********** which is *****%. I called customer service several times and no one would disclose the information about why it was 100% higher than initially expected. They just kept insisting that the interest rate was only 8.5%. My other options were either 78.5% at 180 months and at 120 months it was 58.5%. This was shown as an Interest and the principal altogether. The only other administrative fees shown were $12.50 fee quarterly as well as a one time $175 administrative fee. Not until I clicked submit to request the loan did it show that the extra 100% was a finance charge. They wouldnt disclose to me that this was a finance charge. They wouldnt give me any information on the extra money over the 8.5% and I only found out when I hit submit to request a loan. They also wouldnt give me any information about the finance charge as what it is applied to. They wouldnt tell me if it goes back into my account or if it was profit. I have been asking the financial institutions since October 2024 for information about the loan process and the interest rate charges and and I was never told about this finance fee. That is no less than 50% of the loan there was no full disclosure on this fee. I asked about taking a withdrawal instead of rolling money over from my other retirement account at 25% tax fee and a 10% penalty for early withdraw. That wouldve only been 35% and I wouldnt have had to pay it back as a loan. And they are charging an exorbitant amount for a retirement loan. Its over the federal average. I would have taken the withdrawal at 35% if I knew about this exorbitant fee.

  Business Response

  Date: 05/22/2025

  Thank you for bringing BBB Complaint # ******** dated May 15, 2025, to our attention. Upon conducting a thorough review of the situation, we responded directly to the customer in our letter dated May 22, 2025. 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

• Initial Complaint

  Date:05/12/2025

  Type:Product 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.

  On June 10, 2024, I contacted Empower Retirement to withdraw from his 401(k). I clearly stated I was 59 years old and wanted to avoid early withdrawal penalties. Despite this, Empower issued a 1099-R with a distribution code of 1, indicating an early withdrawal. When we contacted Empower, a supervisor stated their internal policy did not recognize him as 59 until June 26information not communicated at the time of the call.Had this been disclosed, I would have waited. Instead, I was charged $8,141 in state and federal penalties. We requested a correction of the 1099-R and the call recording; instead, we received only a written summary. Empower offered a $1,000 courtesy settlement, which does not cover the penalties incurred.Resolution Requested:Correction of the 1099-R code.Full reimbursement of the $8,141 in penalties.A copy of the original call recording.

  Business Response

  Date: 05/29/2025

  Thank you for bringing BBB Complaint # ******** dated May 12, 2025, 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

• Initial Complaint

  Date:05/09/2025

  Type:Product 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.

  2 payments to an employer enrolled 401k were taken outta 2 paychecks in January. Empower was contacted by myself and ******* for a refund of the 227 dollars. I also contacted and told them to stop investing and I closed the account . I continue to see they are still losing my money and they will not refund my 220. There have not been any payments made toward the 401 k since those 2 payments were taken out. I find it ludicrous to have to wait till I'm 59 or I leave my job to get my 220 dollars back tht I never authorized to be taken in the first place.

  Business Response

  Date: 05/21/2025

  Thank you for bringing BBB Complaint # ******** dated May 9, 2025, to our attention. Upon conducting a thorough review of the situation, we responded directly to the customer in our letter dated May 21, 2025. 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: 05/22/2025

   
  Complaint: 23308524
  
  I am rejecting this response because:
  I never received any explanation on paper i received a run around on the phone from Jan-PRESENT. I was sent an email saying the samething that I have to wait until I leave the job or turn 65. No other payments have been contributed to this company once ******* ******* was informed payment were taken without my electing the 401k they stopped taking the payment after I brought it to their attention that i did not elect the 401k. ******* requested the payment back.  ******* themselves they were not able to obtain it.  They are refusing to return 220 really is ridiculous as to the millions of dollars they do receive from interst and investing on other people's money. At this point it shows me how many more people have the done this way that is how they make their money by keeping small poor people's money like mine. The  be honest how hard is it to return 220 dollars.They make their money. They have never sent me documentation they have only spoke to me over the phone.

  Sincerely,
  
  ****** ********

  Business Response

  Date: 06/04/2025

  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 May 21, 2025. We resent the letter to the customer on June 4, 2025, via ************. 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

• Initial Complaint

  Date:05/09/2025

  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.

  I had a separation from my employer when I got a new job, and was told I had to withdraw my funds to either rollover or cash. The only option Empower gave me was to fully withdraw via a paper check and send the funds to myself. I submitted this request, and a few days later (around 3/14/2025) my former employer approved it and Empower issued a check. It's been almost 2 months and their online portal still says the check is "pending" but that it was been issued. I called their customer service line, the first *** **** up on me and sent me to a survey. The second ****** was able to speak with me, but kept saying that the account balance is $0 so there will be no check issued. The account balance is $0 because I had to withdraw the money! So I mention that then she starts saying something about federal taxes, and she couldn't explain what she meant and what that had to do with it. Granted, the amount is only roughly $100, but it is still very shady and dishonest that they basically stole and/or "lost" the money that I had briefly contributed before leaving my employer. If no check is going to be issued, then why do I have that option and why does it say the check WAS issued?! I would like for them to provide explanation on what they are actually talking about and doing. Stop messing with peoples money.

  Business Response

  Date: 05/16/2025

  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 May 16, 2025. 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:05/07/2025

  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.

  I am attempting to rollover my 401K to my credit union, and I am met with having to provide them hardship withdrawal forms, withdrawal forms, etc. That is not what I am attempting to do here. I am doing a traditional IRA ********* and Empower just needs to do what they are required to do since I can and I'm allowed to do a rollover with my 401k. If people couldn't do it, it wouldn't be an option. I was previously trying to do a hardship withdrawal/loan, but that is entirely different, and I am no longer pursuing that option. I just want to rollover my account direct or indirect. Empower cannot keep my money. A 401(k) rollover transfers retirement funds from one account to another, while a withdrawal means taking the money out of the plan and potentially paying taxes and penalties

  Business Response

  Date: 05/28/2025

  Thank you for bringing BBB Complaint # ******** dated 5/7/2025 to our attention. In order to protect the privacy of our account holders, we responded directly to Mr. ****** on 5/20/2025 with his plan's specific distribution options. We again appreciate you bringing this matter to us for review. 

• Initial Complaint

  Date:05/05/2025

  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.

  When I separated from my last employer, I requested distribution of all of my retirement funds and for those accounts to be closed. I now receive a letter that an account exists with **********************, who I have never heard of or done business with, via my previous employer ******************. I called the company to inquire about this account and was told that the administrative fee to close an account less than two months old, that I did not consent to open, was 35% of the balance. I then requested online access (after providing my SSN, DOB, and address), and was told that in order to get an online account they'd have to PULL MY CREDIT through Experian. For online access to an account that already exists!

  Business Response

  Date: 05/08/2025

  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 May 8, 2025. 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: 05/09/2025

   
  Complaint: 23290198
  
  I am rejecting this response because:

  I have received no communication from this company. They have all of my information, including my email address, and have not received a thing. My only communication from them was when I was initially informed of the existence of the account, in April.
  
  Sincerely,
  
  **** ******

• Initial Complaint

  Date:05/05/2025

  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 have contacted this business multiple times. They do not proceed consistent information towards my withdraw. 1. I called on 4/22-i wanted my address changed. At that time I was waiting for my bank account to be cleared. Was told by the person that I could withdraw from my account to my bank account on the 5th. 2. Attempted to withdraw my money today 5/5/25. I was unable as there was a hold on my account until 5/12 due to an address change. 3. I called when the office opened. I talked with a *** and she sent me a form to complete and notarized to validate my withdraw. 4, I completed my notarization online with a service and paid 25 dollars. I uploaded the document by 0900. 5. I received an email notice that the document had been reviewed and I called them back at 11ish. I started recording the call because I was being told that I would have to have to document notarized in ********.. I talked with 3 different people to attempt to resolve the issue. I was assured that the money would be in my account by Thursday. 6. Ive now looked online and it says that it wont be released until 5/12 because of an address change hold. I paid a notary to avoid this hold and was assured it would be released by Thursday.

  Business Response

  Date: 05/14/2025

  Thank you for bringing BBB Complaint # ******** dated May 5, 2025, to our attention. Upon conducting a thorough review of the situation, we responded directly to the customer in our letter dated May 14, 2025. 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

• Initial Complaint

  Date:05/02/2025

  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.

  My mother ****** ******* passed away on 3/1/2025. She has a 403b with Empower Retirement. I am her son, power of attorney, successor Trustee to her Trust, and executor of her will. I am simply seeking that Empower complete the 403b distribution to the designated beneficiary, ********************, a 501c3 charity.The designated beneficiary form dated 2/27/2025 (before Dagmar's death) was faxed to Empower on 3/8/2025 by ******'s employer's third party administrator, SchoolsFirst. (attached)The Plan Distribution/Rollover Authorization Form dated 4/1/2025 was faxed to Empower on 4/10/2025 by ******'s employer's third party administrator, SchoolsFirst. (attached)I began calling Empower's' death claim office *************) on April 15. Each time I call I am told something different - forms are on file, forms are not on file, claims experts are reviewing, resolution is imminent, there is no plan for ****************'s call referred me back to SchoolsFirst, nothing that no forms have been received, despite the fact that multiple Empower staff have told me all forms are on file and even read me the details from the 3/8/2025, 4/10/2025, and 4/24/2025 ******** is clear that Empower has no intent to move this forward. I am seeking BBB assistance so that Empower processes the 403b distribution to ************************.

  Business Response

  Date: 05/15/2025

  Thank you for bringing BBB Complaint #******** dated May 2, 2025, to our attention. Upon conducting a thorough review of the situation, we responded directly to the customer in our letter dated May *******. 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: 05/20/2025

   
  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.     Empower has accepted the Designated Beneficiary as approved by the third party administrator and sent the Designated Beneficiary the appropriate claims forms, which have been completed and submitted.    As many others have noted on the BBB site, the process after the forms are submitted to Empower can be complex.   Thus,  the ultimate closure of this complaint may take a month or more.
  
  Sincerely,
  
  **** *******