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

  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

• 

  Empower Retirement

  PO Box 173764 Denver, CO 80217

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:09/01/2022

  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.

  09/01/2022 SEC, Empower Retirement again reached out to me via email this morning after telling me four times my application for the emergency hardship withdrawal was in good order claiming they need additional information AGAIN!! They are intentionally giving me a hard time and not processing my request for my emergency hardship withdrawal!! I spoke with another woman who was going to send me to **** to speak with and I told her I would rather speak with a manager and she instead said she was sending me to the resolution team and put me on hold!Sent from my iPhone Begin forwarded message:From: ********************* <**********************>Date: August 31, 2022 at 7:04:39 PM CDT To: ************ Subject: FW: Hardship withdrawal not being processed timely.?SEC, Now after contacting you yesterday and waiting two full weeks on my Emergency, hardship withdrawal from Empower Retirement. I just got a call from **** again this time telling me there are missing documents and saying they need a copy of a check stub or note from employer showing a check stub with no OT on it!!! There is NO REASON they need this, my check stubs clearly state my regular pay amount!! They are doing this to give me a hard time and it is exactly what all others are saying they did to them also online, they are saying they repeatedly kept doing this for a month or more and are continuing to do so and not process their request for a withdrawal!!! There is obviously fraud going on by this company!!! They have **** days to process a request for withdrawal, that includes reviewing the documents!! I applied for this withdrawal on 8/19/2022, they should have told me they needed this information over a week ago!!! I was also told by two females and two males all listed that all documents were in good order over and over and to expect my money in my account last Monday!!! Now **** is saying since he had to request could take 10 more days!!

  Business Response

  Date: 09/21/2022

  Complaint ID: ********
  
  Thank you for bringing this participants concerns to our attention. I apologize for the delayed response.
  
  Our records reflect an account for ************************* in the State of ******** Deferred Compensation Plan (the Plan), an employer-sponsored retirement plan established and maintained by the State of ******** (the Plan Sponsor).
  
  First, Empower would like to extend our sincere apologies to ************ for the difficulties she encountered with her hardship withdrawal request. We strive to provide excellence in customer service at every point of contact and her experience did not meet with that expectation.We have conducted a thorough review of the handling of Ms. ***** transaction and her contacts with the ******************** and addressed the issues with the appropriate representatives and departments in order to prevent similar incidents in the future.
  
  By way of background, Empower provides non-discretionary recordkeeping and administrative services to the Plan under a services agreement with the Plan Sponsor. Under the terms of the agreement,Empower does not manage or administer the Plan nor do we determine Plan benefits or act in any other fiduciary capacity with respect to the Plan or participants.Accordingly, we are unable to process any withdrawal from the Plan outside of current federal regulations and the terms of the Plan.
  
  Currently, the *** allows a withdrawal from a 457(b) retirement account if one of the following qualifying events is met:
  
  -Separation of service from the employer sponsoring the plan
  -Retirement
  -Total disability
  -Death of the participant
  -Age 70
  
  It is important to note that these qualifying reasons differ from those of 401(k) plans, which allow withdrawals upon attainment of age 59 .
  
  If one of the qualifying events has not been met, the Plan Sponsor may permit actively employed participants to withdraw a portion of their balance under a hardship provision.
  
  The hardship reasons associated with the Plan are for prevention of eviction and/or foreclosure; uninsured medical expenses;funeral expenses for participants spouse or dependent; uninsured casualty loss; and an illness or accident. The hardship must be reviewed to ensure it meets the Plans standards prior to being approved and the funds issued.
  
  Ms. ***** initial paperwork was received by Empower on August 19, 2022. During the initial review of her paperwork and supporting documentation, our processors failed to identify that the supporting documentation did not meet the Plans requirements for a hardship withdrawal for reason of illness or accident. As a result, our ******************** representatives were unable to provide accurate information regarding the status of her request at the time of her calls. This deficiency was noted during a subsequent review on August 31, 2022, and a callout was made by a senior representative later that day to relay this information.
  
  The required documentation for this hardship reason is as follows:
  
  1. A doctors statement indicating required time-off of work.
  2. Payroll statements showing the average amount of pay each pay cycle before the illness or accident and the frequency of pay.
  3. The specific dates loss of income occurred and the specific amounts of that loss.
  
  It is important to note that the Plan does not permit future or expected loss of income to be considered. As a result, the supporting documentation ************ provided, which was dated between August 17,2022, and August 24, 2022, could not be approved for loss of income in the months of September, October, or November, as no loss had occurred at the time those documents were created.
  
  In addition to the safe harbor reasons listed on the Plans Unforeseeable Emergency Withdrawal Request form, the Plan also permits for the Plan Sponsor to review a participants request using the Facts and Circumstances standard. This allows for withdrawals to be approved by the Plan Sponsor outside of the normal hardship reasons listed above, at the Plan Sponsors discretion.
  
  Our records indicate ************ submitted her request to the Plan Sponsor for Facts and Circumstances review and the Plan Sponsor forwarded their approval for a withdrawal in the amount of $3,328.67 to Empower on September 8, 2022. The transaction was processed the day the approval was received and the proceeds of the request were issued to Ms. ***** bank account of record through Automated Clearing House (ACH) transfer on September 9, 2022.
  
  If ************ would like to submit another withdrawal request, she may do so. It is important to note that she must submit new supporting documentation from that previously provided to the Plan Sponsor.Supporting documentation that has already been approved cannot be approved for multiple withdrawals.
  
  We believe that this response addresses Ms. ***** concerns. If she has any additional questions, she may contact our ******************** at ************.Representatives are available weekdays from 8:00 a.m. to 8:00 p.m. Eastern time and will be glad to assist her.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence

• Initial Complaint

  Date:09/01/2022

  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.

  I was separated from my employer and had an employer sponsored 401k plan with Empower. I called Empower to inquire about the loan I had taken against my retirement plan and was told that it would become delinquent in 2 months time, at which point I could pay it off before it goes into default. 2 months later, Empower rolls over my account to another company. When I called again, they said that the loan has defaulted and the rep immediately went into defense and would cut me off as I tried to provide feedback. She claimed to have sent a loan delinquency letter to my US mail address (which I never received). I brought up the fact Empower app showed the loan as In Good Standing up to the moment my account was rolled over, she was unapologetic. My issue with Empower is their lack of communication and lack of empathy. Multiple notifications should be sent for something as significant as a loan default and the mobile app should reflect the correct status of the loan and should show a notice that the account will be rolled over at a specific. Also, the rep I spoke to was unapologetic and borderline condescending as she pinned the blame entirely on me and refused to entertain the idea that the delinquency letter was never sent to my us mail address or that their app falsely reflected that the loan was in good standing.

  Business Response

  Date: 09/19/2022

  
  Complaint ID: ********
  
  Thank you for bringing this participants concern to our attention. This response is regarding ********************* concerns with the transfer of his employer sponsored retirement plan benefits.
  
  Our records reflect an employer sponsored retirement plan for ******************, provided by the Cognizant Technology Solutions 401(k)Savings Plan (the Plan), an employer-sponsored retirement plan established and maintained by Cognizant Technology Solutions (the Plan Sponsor).
  
  On December 31, 2020, Empower and affiliated companies acquired MassMutuals retirement plans business. Empower received business and plan records associated with MassMutuals retirement plans business as part of the acquisition.
  
  Empower would like to extend our sincerest apologies for Mr. ******** recent experience. We strive to provide excellence at every point of contact and his experience did not meet with that expectation. We have used this as a coaching opportunity in order to improve our services moving forward.
  
  By way of background, Empower provides non-discretionary recordkeeping and administrative services to the Plan under a services agreement with the Plan Sponsor and fiduciary, Cognizant Technology Solutions. Under the terms of the agreement, our company does not manage or administer the Plan nor do we determine Plan benefits or act in any other fiduciary capacity with respect to the Plan or participants. Accordingly, we must follow all Plan rules, including the Plans Minimum Deferral Amount.
  
  Under IRS regulations, a qualified retirement plan *** distribute, without the participants consent, low-balance participant accounts (generally if the participant has terminated employment with the plans sponsor and the total contributions are $5,000 or less)following notice to the account holder. Accounts with a vested balance greater than $1,000 must be rolled over into a previously established individual retirement account ***** with the Plans established IRA provider, **************** Company (MTC), so the balance remains tax deferred.
  
  On June 22, 2022, a notice of mandatory distribution was mailed to Mr. ******** address of record. This notice provided information regarding the scheduled mandatory distribution on August 21, 2022, and described the other options for the distribution of the account.As Empower received no distribution instructions from *****************, the account was distributed as directed by ********* Technology Solutions.
  
  We have conducted a thorough review of Mr.******** ******** transaction and identified several points of improvement. An adjustment to cover distribution fees for the ****************** to move the funds from to his new recordkeeper MTC, to account for representative miscommunication regarding account options is currently in process. The loan defaulted in accordance with the Plan loan policy and is unable to be reversed.
  
  Under IRS regulations regarding plan offset amounts, the participant would have until their next tax filing deadline, to repay the funds to a new recordkeeper. For account options provided by the new recordkeeper or to request a transaction, please contact **************** Company at ************. Thank you for bringing this issue to our attention so that we *** enhance our services.
  
  We believe that this response addresses Mr. ******** concerns.If ****************** has any additional questions, he *** 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

  Customer Answer

  Date: 09/19/2022

   
  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:08/25/2022

  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.

  I am currently filing for hardship withdraw from my 401K with Empower because I am buying a mobile home. Before I file the withdraw I did call and check for requirement and also asked if Mobile home purchase is also count as residential home, the rep said yes, any type of home. On 08/11/2022, after my offer got accepted and my loan got approved, I submit the document to Empower. I submit the sale contract and the Loan Approval letter. after couple days, got email that they need more info. I called , and they mention they need to see the closing date. I submit the purchase agreement with closing date indicated on there. Next day, they send me info again for missing document by saying I need to provide provider receipt. I called and said this is a home purchase not Medical issue, why would I need to provide receipt? I called and talk to the rep, he mention yeah I got everything they need not sure why they ask tle. his question. Then it keep going on and on regarding document. I talked to my loan officer, this is a Chatter loan, mobile home consider personal property so the lender worked through broker, and we provided Broker loan estimate, Escrow company Official Estimate as well. They keep asking me for estimate from the bank itself which is impossible. I checked again on document requirement, all detail required are on my Loan estimate which show every detailed that you need. Some of the rep very rude, they don't even talked to me when I call for my status, just hello and then leave quite, or put me on hold for a long time.

  Business Response

  Date: 08/31/2022

  Plan Name:                 ************** 401(k) Savings Plan
  Plan Number:              150012-01
  Complaint Number:     17765126
  
  Thank you for bringing this participant concern to our attention.
  
  By way of background, our records reflect that ********************* has an account in an employer-sponsored retirement plan, the ************** 401(k) Savings Plan (the Plan). Empower provides recordkeeping services to the Plan under a services agreement with the Plans Sponsor and ************** ************** (the Plan Sponsor).
  
  Empower strives to provide a great customer experience at every point of contact and we fell short of that goal. We have conducted a thorough review of the handling of Ms. ***** request for a hardship withdrawal and would like to extend our sincere apologies for the issues she encountered.The feedback is appreciated as we have identified multiple opportunities to improve our service moving forward.
  
  Our records indicate the hardship withdrawal request has been approved and processed on August 26, 2022. The proceeds of the distribution were issued by Automated Clearing House (ACH) transfer to Ms.********** of record on August 29, 2022.
  
  If ************ has additional questions concerning this issue or her Plan account, she may contact Empower at ********************************* representatives are available weekdays from 8 a.m. to 10 p.m. Eastern time.
  
  Sincerely,
  
  ******************************
  Senior Manager Correspondence
  Empower

  Customer Answer

  Date: 08/31/2022

   
  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:08/16/2022

  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 is stalling my effort to rollover my 401k. Even though my information is correct on their website, they claim their records don't match and I must file an application to correct the errors before they can accept an application or request to do the rollover.

  Business Response

  Date: 08/23/2022

  Complaint ID: ********
  
  Thank you for bringing this participant concern to our attention.
  
  Our records reflect an account for ************************* in the ************************** Company Profit Sharing 401(k) Savings Plan (the Plan), an employer-sponsored retirement plan established and maintained by ******** Construction and Supply DBA ************************** Company (the Plan Sponsor).
  
  By way of background, Great-West Life & Annuity Insurance Company (Empower)provides non-discretionary directed administrative services for the Plan under 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.
  
  Empower takes the security and protection of participants' accounts very seriously. We have implemented procedures that require participant verification to be completed before any information or activity can be provided on an account.While these procedures are in place to prevent unauthorized access, they can occasionally inconvenience legitimate requests.
  
  At the time of ****************** August 16, 2022, conversations with our representatives,his date of birth did not match the date shown in our system. During the latter of the two calls that day, **************** was emailed a Personal Information Change Request (PICR) form to correct his date of birth in our system and was advised to contact Empower to initiate his rollover after updating his date of birth.**************** returned the form to Empower, and his date of birth has been updated. He only needs to contact Empower to initiate the rollover.
  
  We believe that this response addresses ****************** concerns. To request his rollover, 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:08/16/2022

  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 is the holder of my old 401k with a previous employer. I have been looking to withdraw my previous 401k plan and move it to my newest employer's 401k account. On the first call with the retirement/job change specialist she refused to transfer me to the line to submit for an address change. She said they were excessive wait times. This was August 8th. I called minutes after her call and immediately got ahold of someone who sent me the correct paperwork. After the address change was made I filed for another appointment with the specialist. They had blacked out all appointment times until the end September, (this was august 12th) except for an appointment late in the day on the 16th. The person scheduled to call me never called, never sent an email and sent me to voicemail three straight times, the representative was *************************. The service this company has provided has been nothing short of abysmal and it is coming off as they are doing everything they can to stop or slow the process of me being able to withdrawal my retirement fund and move it to one that is actually contributing.

  Business Response

  Date: 09/09/2022

  Complaint ID: ********
  
  Thank you for bringing this participants concerns to our attention.
  
  Our records reflect an account for ******************************* in the Total Quality Logistics, LLC Retirement Plan (the Plan), an employer-sponsored retirement plan established and maintained by Total Quality Logistics, LLC (the Plan Sponsor).
  
  Empower strives to provide excellence in customer service at every point of contact and we regret that Mr. ********* experience did not meet with that expectation. We have conducted a review of Mr. ********* contacts with the ******************** and addressed the issues found with the representatives involved in order to prevent similar incidents in the future.
  
  Our records indicate ******************** submitted a Personal Information Change Request form to update his address of record for the account on August 6, 2022, and the address change was completed on August 8, 2022. For account security reasons,Empower places a 15-day hold on distributions following a change of address,meaning ******************** would be able to request a withdrawal from his account by contacting the ******************** beginning on August 24, 2022.
  
  ******************* was informed of this timeframe during his call from August 16, 2022, and that if he wanted to request his rollover he could call after the address change hold expired on August 23, 2022, and initiate the withdrawal. At this time, ******************** has not contacted us to complete the withdrawal. An additional callout was placed to his phone number of record on September 1, 2022, in an attempt to assist him with his rollover request, however we were unable to reach him. If ******************** would like to complete his rollover request, he may contact us by phone, and we would be glad to assist him further.
  
  We believe that this response addresses Mr. ********* concerns and we appreciate his feedback regarding the customer service he received. If he has any additional questions or to request the processing of his rollover request, he may contact our ******************** at ************ to speak with a retirement representative. Retirement representatives are available Monday through Friday, from 7:00 a.m. to 9:00 p.m. Central time.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence

• Initial Complaint

  Date:08/15/2022

  Type:Order 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 complaint is in regards to EMPOWER financial whom took over ********** retirement services at my previous employer ****************************. My 403 plan was managed by ********** and transferred over to Empower while I was still employed at ****************************. I had previously obtained a loan from my 403 for house down payment purposes a few years back for $50,000 and had been re-paying the loan with every paycheck through my employer as direct payroll deduction. I separated from my employer **************************** April 21, 2022. After multiple contacts with Empower to setup payment coupons to repay my loan they consistently told me they could not help me because my employer had not reported this separation. My previous employer, ******** Children's, finally reported my separation to Empower in July 2022. Even though Empower states that there is documentation on their end about our conversation and loan repayment request they still decided to report my loan as default to the *** and now this loan has become taxable income that has been reported and whose taxes I will be responsible for to pay next year. I do not understand how this is my fault when the employer reported my separation in July with the date of my separation as April and Empower had our conversations as "notes" in their system. I truly need help in solving this issue at hand since this is thousands of dollars I will have to pay because of this mismanagement. Any assistance is appreciated.Thank you for your time,*********************** ************

  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

• Initial Complaint

  Date:08/13/2022

  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.

  I requested to rollover my entire 401k from Empower to Vanguard on 7/25/2022. All my money is in money market except ********* stocks that will be 100% transferred (not for sale) to Vanguard per requested withdraw document. On 7/24/2022, my ********* ESOP company stock value is $4597.49; and ********* company stock value is $1143.46, total amount of ********* stock value is $5740.95 (screen shot).However, Empower only transfer 14 shares to Computershare/Vanguard, total value is $3599.26. I called Empower to ask why sold my stock value of $2212.37 without permission? One representative even explained me that is fractional shares. I asked how do you calculate it, but no one in Empower can explained it. I understand the fractional share will be sold that won't be more than 2 shares (****** per share) in 2 accounts (********* ESOP company stock and ********* company stock). From the disbursement check details, I found Empower changed part of my stock value of $1165.23 to a **** of discretional match and stock value of $1047.14 to a **** of ******** safe Harbor match on the 7/26/2022. I remembered ******** required all company match must be invested into the company stock, but never told us when rollover that will be a cash.I request to restock my ******** stock with the same price that sold ($2212.37) without permission on 7/26/2022. Also, I want my restocked ********** shares to rollover to Vanguard.

  Business Response

  Date: 08/29/2022

  Plan Name:                 ********************* 401(k) Plan
  Plan Number:              150526-01
  Complaint Number:      17711762
  
  Thank you for bringing this participant concern to our attention.
  
  By way of background, our records reflect that ***************************** has an account in an employer-sponsored retirement plan, the ********************* 401(k) Plan (the Plan). Empower provides recordkeeping services to the Plan under a services agreement with the Plans Sponsor and Administrator, ********************* (the Plan Sponsor).
  
  Our records indicate ************** requested a distribution from her Plan account on July 24, 2022, that included a request for an in-kind transfer of her ********* ESOP Company ********** and ********* Company **********s. Investment in company stock in the Plan is available through the plans unitized company stock fund. A unitized company stock fund combines company stock with a small percentage of a cash investment to provide liquidity. The company stock funds units do not represent actual shares of the company stock but provide an estimated Equivalent Shares based on the balance in the company stock fund.
  
  Due to an internal systems limitation, the in-kind transfer was not processed for the appropriate number of full shares of the company stock. A portion of the company stock was liquidated that should have been rolled over in-kind as requested. A check for the proceeds of the liquidated shares was issued on July 27, 2022, and was cashed by Vanguard on August 3,2022.
  
  A letter was mailed to ************** on August 25, 2022, with instructions on how to return the funds for incorrectly liquidated company stock to Empower. Once the funds are received, the transaction will be reprocessed as an in-kind transfer for the appropriate number of full shares.
  
  If ************** has additional questions concerning this issue or her Plan account, she may contact Empower at ********************************* representatives are available weekdays from 8 a.m. to 10 p.m. Eastern time.
  
  Sincerely,
  
  ******************************
  Senior Manager Correspondence
  Empower

• Initial Complaint

  Date:08/09/2022

  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.

  My sister passed away and I am the beneficiary of her account which Empower Retirement will not release. I am not 8 months into this process and they keep putting me off. They dont care and I need resolution so I can have closure and properly grieve.

  Business Response

  Date: 08/10/2022

  Please provide the account information so we can identify the decedent and the Plan she was in. Thanks. 

  Customer Answer

  Date: 08/10/2022

   
  Complaint: 17692421
  
  The decedent is **************************. The plan she is with is The ******************************************** Retirement Savings Plan Dimensions HealthCorp. My original request was submitted on 12/15/21.
  
  Sincerely,
  
  ***************************

  Business Response

  Date: 08/19/2022

  Complaint ID: ********
  
  Thank you for bringing this participants concern to our attention. This response is regarding Ms. ******************** concerns with the transfer of her deceased sisters employer sponsored retirement plan benefits.
  
  Our records reflect an employer sponsored retirement plan for *********************** and a beneficiary account for *******************, provided by the ******************************************** Retirement Savings Plan (the Plan), an employer-sponsored retirement plan established and maintained by ************************** (the Plan Sponsor).
  
  Empower strives to provide service excellence and we regret the difficulties ******************** experienced.
  
  By way of background, Empower provides non-discretionary recordkeeping and administrative services to the Plan under a services agreement with the Plan Sponsor and fiduciary, ************************** (the Plan Sponsor). Under the terms of the agreement, our company does not manage or administer the Plan nor do we determine Plan benefits or act in any other fiduciary capacity with respect to the Plan or participants. Accordingly, we are unable to process a transition of beneficiary distribution of an account from the Plan without the Plan Sponsors review and approval.
  
  Our records reflect that a Notice of Death form was received on December 15, 2021, however the request was unable to be processed due to missing Plan approval. Our processing team sent an email to the Plan requesting approval on December 16, 2021. Our records further indicate we received a duplicate of the request January 1, 2022. As the duplicate request was also missing Plan approval, our processing team sent an additional email to the Plan requesting approval on January 3, 2022. As Empower did not receive a response from the Plan, the requests were closed after 30 days. 
  
  ******************** contacted our ******************** July *******, regarding the transition of benefits. After escalating to a supervisor,our representatives provided a new Notice of Death form for the transition of benefits. Empower received the form July 19, 2022, accordingly our processing team sent an email to the Plan requesting approval. Empower received Plan approval on August 9, 2022, and the transfer of benefits was processed. The withdrawal request was also processed on August 9, 2022, and the proceeds of the transaction were issued to Ms. ********* bank account of record through Automated Clearing House (ACH) transfer.
  
  We believe that this response addresses Ms. ********* concerns.If ******************** has any additional questions, she 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

  Customer Answer

  Date: 08/27/2022

   
  Complaint: 17692421
  
  I am rejecting this response because: Empower dropped the ball and did not follow through with getting a response from the plan. They are responsible for this, or at a minimum, sharing the plan contact information as the beneficiary would not know this information. They failed and it took 8 months and much grief to get this money. Yes, I had to escalate this to a supervisor who also dropped the ball. They need retraining and updated procedures, to include follow through.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:08/09/2022

  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.

  I have asked for my 2018 tax forms multiple times. Someone in management promised me I would be getting it. I have not this is accruing daily interest from the **** so I need it sent certified or with a routing number so I can track it. If not I will be seeking a lawyer.

  Business Response

  Date: 08/25/2022

  Complaint ID: ********
  
  Thank you for bringing this participants further concerns to our attention. I apologize for the delayed response.
  
  As a review, our records reflect an account for ************************************************************ in the ******************* 401(k) **** (the ****), an employer-sponsored retirement plan established and maintained by ******************* (the **** Sponsor).
  
  To confirm, in his calls with Empowers ******************** from April 13, ***********, 2022, and July 18, 2022, ****************** indicated that the Form ****-R he required was for tax year 2019, which was issued by Empower at the direction of the **** Sponsor. As indicated in our prior response, copies of this Form were mailed to ******************** address of record, which was verified on the calls as accurate, on April 14, 2022, May 19, 2022, and July 19, 2022, respectively.
  
  It is important to note that Empower is not a parcel delivery company. We rely on the services of dedicated third-party carriers, such as the US Postal Service,for the delivery of **** communications and documents and are unable to determine why these copies of ******************** form were not delivered to him.
  
  While we are unable to deliver tax information electronically due to security concerns, considering the difficulties ****************** has encountered with obtaining his needed tax information, as an exception a copy of the Form was shipped through Federal Express shipping to his address of record on August 25,2022. If he wishes to obtain the tracking number for this shipment, ****************** may contact the ********************.
  
  In the event that the tax form required is, as indicated in this most recent complaint, the Form ****-R issued for his **** account in 2018, Empower would be unable to provide this form. Empower did not become the recordkeeper for the **** until April 2019, and all tax forms issued for prior years were sent by the ****s previous provider. If he requires tax information from tax year 2018 or earlier, ****************** should contact the **** Sponsor by email at ****************** for further assistance.
  
  We believe that this response addresses ******************** concerns. If he has any additional questions or to obtain the tracking number for the express shipment of the Form, he may contact our ******************** at ************ to speak with a retirement representative.Retirement representatives are available Monday through Friday, from 7:00 a.m.to 9:00 p.m. Central time.
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence

• Initial Complaint

  Date:08/05/2022

  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.

  I have a 401k with empower retirement company. I am permanently disabled and my dad 76 years old who is a beneficiary on my 401k account had a prostate cancer and need a surgery at the hospital. So I file a disability withdraw on my 401k in order to pay the hospital bills so my dad can have the surgery done. Empower retirement company decided themselves to hold 20?/? on the amount I file. But according to IRS rule on their website if you are disabled or elderly man there is exception for not to hold the 20 per cent. They hold the money even though I am double qualify for this exception. They blocked my rights from me . I am a very good citizen of this country and wirk hard and pay my tax all the time and on time even though i have a disability. That is not absolutely not ok . It is not fair at all. That make the money short so I have to borrow money from the bank to complete the 401k withdraw money in order to get my dad surgery done. They do that without asking or check with me . Also on their form I filled to file the claim it doesn't say anywhere that they supose to hold 20 per cent. I am filing a complaint against empower retirement company and they need to fix that. That is not absolutely fair. If better business of bureau can not resolve this I will talke to the court.

  Business Response

  Date: 08/09/2022

  Complaint ID: ********
  
  Thank you for bringing this participant concern to our attention.
  
  Our records reflect an account for *************************** in the ***** Fargo &Company 401(k) Plan (the Plan), an employer-sponsored retirement plan established and maintained by the ***** ***************** (the Plan Sponsor).
  
  Empower strives to provide a great customer experience and we regret any misunderstanding regarding the mandatory tax withholding.
  
  Our company provides non-discretionary directed administrative services to the Plan under a services agreement with the Plan sponsor. Under the terms of the agreement, our company does not act in a fiduciary capacity. Accordingly, we must follow all Plan and IRS rules regarding mandatory tax withholding from employer-sponsored retirement accounts.
  
  Most of the funds held within Mr. ****** account were pre-tax contributions. As such, per IRS guidelines, Empower is required to withhold 20% federal income tax for all taxable amounts withdrawn from the Plan and any mandatory state income tax withholding as needed. Please note, the 20%mandatory withholding is not an early withdrawal penalty but rather tax withholding for normal income tax.
  
  On page 11 of the Disability Withdrawal Request form it states, Generally, twenty percent (20%) mandatory Federal Income Tax withholding will apply to the taxable amount of all withdrawals paid directly to me unless an exception applies. A disability does not create an exception to the income tax but rather an exception to the early withdrawal penalty. On page 11 of the form it also states, I may be subject to an additional ten percent (10%) tax penalty for the withdrawals if I am under the age of ************************************************************************* this case,the withdrawal was coded as a disability distribution to avoid the 10% early withdrawal penalty.
  
  The **** contributions did not have any withholding because it was a return of principal as the funds had no growth.
  
  The withdrawal was processed and the fund issued via direct deposit to Mr. ****** **** of record on August 1, 2022. Because there was no error by Empower, we are unable to change the amount of mandatory federal income tax withholding on his withdrawal.
  
  An IRS Form ****-R will be mailed to Mr. ****** address of record at the beginning of next year that will document the withdrawal, the mandatory taxes, and the reason for the distribution (disability). If ************** has additional tax related questions, we would recommend he contact a tax specialist.
  
  Again, we regret Mr. ****** experience, but we hope this provided clarification regarding the mandatory taxation of his withdrawal.
  
  We believe that this response addresses Mr. ****** concerns. If Fumey has any additional questions about his Plan account, he may contact the Empower *********** at 1-877-HRWELLS ***************), option 1, 1, 1 to speak with a retirement representative. Retirement representatives are available Monday through Friday, from 7:00 a.m. to 9:00 p.m. Central time. ************* calls are accepted, including 711.    
  
  Sincerely,
  
  ***************************
  Senior Manager Correspondence