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

  PO Box 1700 Denver, CO 80201-1700

• 

  Empower Retirement

  11500 Outlook St Overland Park, KS 66211-1804

• 

  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:09/19/2022

  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.

  I have received paperwork from Empower for a 401K enrollment from a company I have never heard of (ONC). Empower has my SSN, DOB, and address and refuses to tell me anything about the account. I am a victim of fraud by either Empower or this supposed company ONC. Empower states they are not allowed to tell me anything per policy. This is unheard of for a supposed retirement investment company.

  Business Response

  Date: 09/29/2022

  Complaint ID: ********
  
  Thank you for bringing this participant concern to our attention.
  
  Our records reflect an account for ****************************** in the *** 401(k) Plan (the Plan), an employer-sponsored retirement plan established and maintained by the ******** ****************** (the Plan Sponsor). Empower is not the Plan administrator and does not act as a fiduciary or have any discretion over the Plan. Empower only acts at the direction of the Plan sponsor/Plan administrator
  
  When an employee becomes eligible to participate in their retirement plan,accounts are typically established by the employer to allow employees the option of participating in the Plan and saving for retirement. The Plan is a tax-qualified employee benefit plan subject to federal law. The account in the Plan was established by the sponsor and administrator of the Plan, ******** ******************, and not Empower.The Plan Sponsor provided all of the information, including name and address information, in order to establish the account. 
  
  The Plan has indicated **************** was hired June 13, 2022,as a part-time employee with on-call status. The Plan has informed us that they will reach out directly to **************** and provide further explanation as needed.
  
  We regret that during the phone call of September 19, 2022,we didnt communicate in the most effective manner. This will be used as a coaching opportunity for our representative.
  
  We believe that this response addresses ****************** concerns. If **************** has any additional questions about his Plan account, he may contact our ******************** at ************, weekdays between the hours of 8 a.m. and 10 p.m. Eastern time and they would be glad to help.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence

  Customer Answer

  Date: 09/29/2022

   
  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:09/16/2022

  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.

  I applied for a loan of $21,164 from my 401k from Mass mutual retirement on 08/08/2022 as a down payment for a house that was supposed to be closed on 09/12/2022. I forwarded all the documents and the closing date to them, On 09/07/22, I contacted them and they said my loan was approved and if check would be posted via usps,it would take **** days but 3dys to expedite at $40 and I gave the go ahead. I called on 09/08/22 to get my tracking number but was told mass mutual is changing to empower retirement and they need to update their system that I should contact them on 09/13/22. My blood pressure went up immediately. All efforts to let them reason with me proved abortive. I called my realtor and explained everything and he contacted the seller, the closing day was shifted to 09/16/22. I checked my account online and found out that the money that was already debited had been credited back.I called again on 09/13/22 and the lady I spoke with said they have all my documents but would send some forms from empower retirement to me to fill sign and send back which I did & got a reference number . I called again to know the status the lady I spoke with said there was no loan application then I gave the reference number and she said everything was intact and awaiting approval. I kept on calling but each person I spoke with have no information until I have to explain all over again. The problem here is they don't update their system each time they talk to their clients. My loan officer called me yesterday that if I can't close on 09/21/22 then the contract would be terminated that means I'll lose all the money I've spent on Inspection, appraisal, legal fee etc. Why is empower retirement making people go through h*** to access their money? I need this check before 09/21/22. I don't want to lose the house or the money I've spent so far. I need to show the seller and my loan officer an evidence that the check has been posted. I need help asap.

  Business Response

  Date: 10/03/2022

  Complaint ID: ********
  
  Thank you for bringing this participants concern to our attention. This response is regarding ************************* concerns with a hardship distribution of his employer sponsored retirement plan benefits.
  
  Our records reflect an employer sponsored retirement plan for ******************, provided by the ****************************** and Investment Plan Fresh Express Incorporated (the Plan), an employer-sponsored retirement plan established and maintained by *********************** (the Plan Sponsor).
  
  Empower strives to provide excellence in customer service and we regret the difficulties ****************** experienced with his recent transaction. Our records indicate that Mr. ******** request has been processed, and the proceeds were sent express delivery on September 29, 2022.
  
  We believe that this response addresses Mr. ******** concerns.If ****************** has any additional questions, he may reach our ******************** at ************, weekdays between the hours of 8 a.m. and 8 p.m.Eastern time and they would be glad to help.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence

• Initial Complaint

  Date:09/16/2022

  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.

  Empower Retirement refuses to change my date of birth on an old account that was incorrectly entered during an interaction with my previous employer and Empower Retirement. Because of this I have no access to money that was taken from my paycheck and put into my account. After months of back an forth with empower retirement I was informed of a way to gain access to my account, but after following their instructions I was told that I am still not allowed to access my account. I have since started a new job which uses Empower retirement for its 401k program, so now I have 2 accounts under my name with my SSN, my address, and my phone number, but I am only allowed to access one of them because they refuse to give me access to my old account.

  Business Response

  Date: 09/22/2022

  Complaint ID: ********
  
  Thank you for bringing this participant concern to our attention.
  
  Our records reflect an account for ******************************* in the ************* Deferred Compensation SMART Plan - Mandatory OBRA (the Plan), an employer-sponsored retirement plan established and maintained by The ***************************** (the Plan Sponsor).
  
  Empower regrets the difficulties ****************** experienced updating the date of birth on her account. The initial Personal Information Change Request form (PICR)received on June 28, 2022, was not in good order and could not be processed because the supporting documentation required to change the date of birth was not enclosed. ****************** sent in the required proof of her date of birth on August 12, 2022, but action was not taken due to a PICR form not being included with the documentation she sent at that time.
  
  Our research revealed a new PICR form was not needed, and we should have matched up the documents that had been submitted on different dates and processed the date of birth change. On September 21, 2022, we updated her date of birth to August 1, ****, for the above Plan. ****************** should have full access to all of her Plans accounts.
  
  We believe that this response addresses Ms. ******** concerns. If she has any additional questions regarding her account, she may contact our ******************** at ************. Representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist her.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence

• Initial Complaint

  Date:09/15/2022

  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.

  Employer switched plan from empower to Voya last year, currently a large quantity of money is still not rolled over. **** has tried repeatedly to fix this and I have filled out all forms and called multiple times to be told a different thing each time. Right now a supervisor told us money is not eligible to be moved but cannot tell us why. Basically stole the money from us at this point in time. Hours of our time has been wasted on this issue.

  Customer Answer

  Date: 09/21/2022

  This case was resolved today with Empower.  Thanks for your help on the issue

• Initial Complaint

  Date:09/13/2022

  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 December 17th 2021, I resigned from the county of ***********. Prior to my departure I had invested in a retirement plan offered by the County of *********** for approximately twelve years. In April of 2022, I completed and submitted the Separation from Employment Withdrawal Form (attached). In June 2022, I contacted Empower and question on the timeline for the rollover "in kind" funding from Empower to Vanguard. At that time and although it was not stated on the form, I was told they needed Vanguard's DTC number. I express mailed the requested DTC number via the **** (tracking EJ576315754US). It was delivered on June 7, 2022 at 11am.As of today September 13, 2022, my request to have my self-directed account rollover to my Vanguard has not been executed nor Empower contacted me regarding the delay.

  Business Response

  Date: 09/20/2022

  Complaint ID: ********
  
  Thank you for bringing this participant concern to our attention.
  
  Our records reflect an account for *********************************** in the County of *********** Deferred Compensation and Thrift Plan 457(b) (Horizons) (the Plan), an employer-sponsored retirement plan established and maintained by the County of Los Angeles (the Plan Sponsor).
  
  Empower regrets the difficulties ********************** experienced with the rollover of his self-directed brokerage account (****).Our representatives should have provided a better explanation of the process for rolling over an **** to a new provider. Coaching will be provided in order to improve our services going forward.
  
  ********************** was contacted on September 14, 2022,and was advised Empower has completed our portion of the **** transfer and to complete the rollover he will need to talk to his new provider, Vanguard, to initiate the Automatic Customer Account Transfer (ACAT) to them. ********************** understood the information provided to him and advised Empower that he will contact Vanguard to complete his transaction.
  
  We believe that this response addresses *********************** concerns. If he has any additional questions regarding his rollover, he may contact our ******************** at ************.Representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist him.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence
  Tell us why here...

• Initial Complaint

  Date:09/08/2022

  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.

  As of today September 8,2022 this company still hasnt stopped my check to be issued to my account. As of this morning at 11:12 I was on the phone for 22 minutes and the man told me that the check hasnt been stopped. Which means I will not receive my funds. He also informed me that he sent it to escalation and as of 5:45 p.m this evening it still hasnt been stopped. The lady I spoke with said itll take 1 or 2 days for the process and today has made 1 day. I can only imagine how many other people have this company. The reason I say man or lady is because I dont want to expose their name. This is so absurd its sad. If I do another post I will include the calls Ive made and emails.

  Business Response

  Date: 09/16/2022

  Complaint ID: ******** and ********
  
  Thank you for bringing this participant concern to our attention.
  
  Our records reflect an account for *********************** in the AQUAFIL **********. 401(K) PLAN (the Plan), an employer-sponsored retirement plan established and maintained by the AQUAFIL **********. (the Plan Sponsor).
  
  A distribution check was issued August 24, 2022,and mailed to the address of record via standard ** mail. As **************** indicated she did not receive this check, a request was submitted to stop payment on the check and reissue the funds via direct deposit. This was completed and the reissued funds were sent via Automated Clearing House (ACH) to her bank account on September 13, 2022.
  
  We believe that this response addresses Ms. ******* concerns. If **************** has any additional questions about her Plan account, she may contact our ******************** at ************, weekdays between the hours of 8 a.m. and 10 p.m. Eastern time and they would be glad to help.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence 

• Initial Complaint

  Date:09/08/2022

  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.

  On August 18,2022 I filed a claim to withdraw my money out of my account because I no longer worked for my employer and on August 24,2022 they said they sent out a check but I never gotten it and that was on Wednesday. I actually waited until that Friday August 26,2022 to call and told them I never received it and they said that they will be depositing my money into my banking account and as of Tuesday September 6,2022 I still had no money. I call to check on the hold up and I was told that I would have to wait til September15,2022 to get my money. And by the end of my phone call I was raging mad. Why? Because Ive been gone from my job since August6,2022. It seems as if this company is not doing their job. In fact I know they not or I would have gotten my money like I was told. And now I see the truth of what the HR lady was saying about this company. And not only by her but now I see it on here. This place is a freaking joke. These types of companies make people not want to save for retirement. I just want my money that I earned and I want them to stop lying. I have the proof of how many times I have called this place. It is utterly insane to say the least at how bad this company wont give you your money that you have worked so hard for. If I need to I will most definitely get me a lawyer just so I can get my money and then some. I am so tired of this company. Like I said I am being lied to and something has to stop. I have been nice for way to long. I will do whatever it takes to have this company pay for all of their troubles that have not only caused me but to every one else. Like I said I have phone call proof, emails and text messages to prove that Im not lying. So this company can keep messing with my money if they want to. I have attached text messages but I will also attach emails and phone calls Ive made. And the number they provide*************) is not a working number. I just tried to call this number. All I want is my money. It is not your money.

  Business Response

  Date: 09/16/2022

  Complaint ID: ******** and ********
  
  Thank you for bringing this participant concern to our attention.
  
  Our records reflect an account for *********************** in the AQUAFIL **********. 401(K) PLAN (the Plan), an employer-sponsored retirement plan established and maintained by the AQUAFIL **********. (the Plan Sponsor).
  
  A distribution check was issued August 24, 2022,and mailed to the address of record via standard ** mail. As **************** indicated she did not receive this check, a request was submitted to stop payment on the check and reissue the funds via direct deposit. This was completed and the reissued funds were sent via Automated Clearing House (ACH) to her bank account on September 13, 2022.
  
  We believe that this response addresses Ms. ******* concerns. If **************** has any additional questions about her Plan account, she may contact our ******************** at ************, weekdays between the hours of 8 a.m. and 10 p.m. Eastern time and they would be glad to help.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence 

• Initial Complaint

  Date:09/07/2022

  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.

  On 9/1/2022, I was texted by Empower Retirement if I had changed my email or telephone number with them. I immediately replied, "NO". I cashed this account in on 2019 while it was administered by Fidelity. I learned that EMPOWER RETIRMENT acquired my account as a result of a transfer of 401k accounts from Fidelity to Empower. I have a $0.00 balance in this account, but unfortunately myself and my wife's Personal Identity Information (PII) was passed on to Empower Retirement without any permission or knowledge to me. It appears that an internal fraud might have taken place to compromise our respective identities. This has caused extreme hardship to me and my wife. We do not want to a victim of Identity Theft. I trust that the BBB will support us and assist us in protecting our identities. .

  Business Response

  Date: 09/16/2022

  Complaint ID: ********
  
  Thank you for bringing this participant concern to our attention.
  
  The matter with **************** account is being handled internally and, due to the security options mentioned in the communications with **************, all issues with be handled directly with him.
  
  We believe that this response addresses *************** concerns. If he has any additional questions regarding his Plan, he may contact our service center at ************.Representatives are available weekdays from 8:00 a.m. to 10:00 p.m. Eastern time and will be glad to assist him.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence
  Tell us why here...

• Initial Complaint

  Date:09/06/2022

  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 started my rollover request from empower 401k to my *** more than TWO month ago. But it's still pending. I have called empower customer service more than 10 TIMES and explained/spent lots of hours regarding my rollover request. Empower representatives keep saying that they need more information and asking me to talk with 3'rd party OR nothing is needed from me as they have all information to proceed and they will trigger the next process. But this is infinite loop. NEVER get out of pending status. I had done the rollover with other 401k plan companies BUT never experienced this response.

  Business Response

  Date: 09/20/2022

  September 19, 2022
  
  
  
  Complaint ID: ********
  
  Thank you for bringing this participants concern to our attention.
  
  Our records reflect an account for Ms. *********** in the ************************. 401(k)Plan & Trust (the Plan), an employer-sponsored retirement plan established and maintained by ************************ (the Plan Sponsor).
  
  Empower provides recordkeeping and administrative services to the Plan in accordance with a services agreement with the Plan Sponsor. Under the terms of the services agreement, Empower does not act as a Plan fiduciary, nor does it have any authority or discretion over the management of the Plan, but rather acts at the direction of the Plan Sponsor and must follow all established Plan rules.
  
  As background, the Plan rules do not allow distributions over the phone, so a form had to be sent to Ms. *** to request the rollover. Furthermore, the Plan form does not provide an option to roll over the after-tax contributions to a ****.It only allows for payment to self for after-tax balances. However, we have accepted the additional instructions for the rollover and will processing the after-tax manually and as requested.
  
  The Plan also requires sign off and approval by the Plan sponsor and the third-party administrator (***) designated by the Plan rules to help with management of the Plan. The Plan sponsor has provided their sign off, however we are still following up with the *** for their approval so we can process the rollover and send the funds. Once all approvals have been received, we will be able to process the rollover and forward the funds as requested.
  
  We believe that this response addresses ************ concerns. If Ms. *** has any additional questions concerning the status of her request, she can contact the ******************** at ************.
  
  Sincerely,
  
  ***************************
  Manager Correspondence
  

• Initial Complaint

  Date:09/01/2022

  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.

  In January 2022 a QDRO was processed incorrectly due to incorrect documentation from my lawyer and 50% of my 401k was removed equaling about $94,000. This amount was removed from my 401k account. In February 2022 a new QDRO was completed to fix the mistake and adjusted the amount to exactly $38,000. It is now September 2022 and the difference of money that should be deposited back into my account , about $56,000 is STILL NOT RETURNED TO **** call Empower 1-2 times a week for an update, spending 120 minutes at minimum on the phone, and not one person has an update. I am told my case is elevated and I will be called back. I have NEVER been called back. I cannot get an accurate update on WHERE MY MONEY IS!!!! This feels like theft at this point.

  Business Response

  Date: 09/16/2022

  Complaint ID: ********
  
  Thank you for bringing this participant concern to our attention.
  
  Based on the information provided,our records show an account for ***************************** under an employer-sponsored retirement plan with ********** Retirements book of business.  Please note, ********** Retirement was recently acquired by Empower on April 1, 2022.  We appreciate you notifying us of these concerns,and we will be responding directly to the complainant regarding this confidential matter. 
  
  If needed, our ******************** can be contacted at ************, weekdays between the hours of 8 a.m.and 9 p.m. Eastern time.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence

  Customer Answer

  Date: 09/17/2022

   
  Complaint: 17811569
  
  I am rejecting this response because:  they have not reached out to me as stated in their reply. I called them again on Friday, 9/16, and they had no progress to share since the last call I made to them 2 weeks ago.  I was told again that I **** be called by the rep on the phone and have not been.  So between this email and my phone call in the same week, I have no resolution and no one is contacting me.
  
  Sincerely,
  
  *****************************

  Business Response

  Date: 09/22/2022

  The following email was sent to ****************** on 9/19/2022:
  
  Dear ******************,
  
  I am writing in response to a recent complaint that was received by Empower, formally ********** Retirement, on September 2, 2022,regarding your account with the ****************** 401(k) Plan (the Plan).
  
  Please accept my apology for the delayed response regarding your complaint. Empower is currently researching this matter and working with the Plan to determine the best way to transfer the funds back into your account. You will receive additional information from us once we have completed our review.
  
  If you have any questions or require further assistance,contact us at ************ between the hours of 8:00 a.m. and 9:00 p.m.,Eastern Time, Monday through Friday. One of our representatives will be happy to assist you.
  
  Sincerely,
  ***************************
  Governance & Controls Specialist