Benefit Resources Inc.

Review: I have had a 401K that Benefit resources is the adminstrater of through my employer since 2013. My employer has contributed to this fund along with me and as of today 4/21/15 I have not received a statement. As of 3/13/15 I am no longer employed with this company and Benefit Resources has not only avoided supplying me with a statement they have not sent me the funds that I requested to be released over a month ago.I have informed them that only do I have a hardship after losing my job, I am also on disability and in a dispute with my former employer. They emailed me a statement dated 2012 that shows my employer contributed $10,000.00 into my account and it states that I am only 20% vested, even though my sign on packet states that after 3 years I am 40% vested. This is the only thing that I have received form Benefit-Resource in the three years and 2 months of my employment. And now they tell me they dont know where my funds are and I believe 2014 statement should have went out at the beginning of the year and again at the end of the 1st quarter March 2015.Please I am on disabilty this is my money and I told them Disabilty will not cover all of my bills. They have no desire to help me and this has been going on since March 16th 2015. This is my money not theirs and not my ex-employers.Desired Settlement: I want my retirement money while I am on disability!!!

Business

Response:

Ms. [redacted] does indeed have funds in a retirement plan sponsored by her former employer, [redacted]. Retirement plans have very specific rules, and it is unfortunate that Ms. [redacted] does not fully understand these rules and the provisions. As the Third Party Administrator hired by [redacted], we are committed to helping Ms. [redacted] with her request. I appreciate the opportunity to address her concerns here one at at time:1. STATEMENTS. Participant statements are generated for the [redacted] plan annually. We provide all statements to the employer for distribution to the employees. When she asked, we provided Ms. [redacted] with a copy of her most recent statement which was dated 12/31/2013. The 12/31/2014 statements are in process. They will be completed with the annual work that has a Federal due date of July 31, 2015 with extensions available through October 15, 2015.2. VESTING. Our records indicate that when she terminated service, Ms. [redacted] was 40% vested in her account. The statement that she has dated 12/31/2013 indicates that as of that date she was 20% vested. This statement is correct.3. DISTRIBUTIONS. The plan calls for distributions to be processed as soon as possible after the end of the year in which the participant terminates service. Since Ms. [redacted] terminated service in 2015 her distribution will be processed in 2016 after the 2015 work is complete. As an accommodation to her, [redacted] is willing to distribute a partial payment to her in advance; the balance will be paid in 2016 when the 2015 work is complete.4. PLAN ACCOUNTS. The plan's investments are held in trust in registered mutual funds. As the TPA, we are fully aware of where the funds are held, and will be working with the Plan Trustee to liquidate assets sufficient to process Ms. [redacted]'s distribution claim.We pride ourselves in helping our clients operate their plans within the parameters of their plan documents and the legal requirements. It is unfortunate that sometimes these rules preclude participants from receiving distributions immediately.[redacted]tBenefit Resources, Inc.

Consumer

Response:

This is the same thing I have been hearing since 3/16/15, they promised to get me my distribution by the time my rent was do on the 1st which is Friday. I am on disability right now going through a hardship, and they can't even tell me where the check is, they told me 3 weeks over a month ago. This is my money not theirs, and that is what my complaint is all about, their mis-leading me and this money is set aside for retirement and at my request due to hardship I am asking them to release it. Please ask them for an exact day of distribution so I can have It in writing for my Landlord to avoid eviction.