ICMA Retirement Corporation

The company has horrible customer service. no problem moving money in but try taking it out or dealing with them. Just terrible. The first email I wrote the QDRO dept was on June 18, 2020 . I did not receive a reply until July 10. and only after complaining to my rep.

The second email was on September 21 I forwarded a judged signed ICMA QDRO. I did not hear back until October 8, 2020 only after complaining to my rep.
The last email response from you was basically ICMA QDRO department providing excuses why they could not do their job. My response to that and questions from last Thursday still have not been replied to.
On Oct 14, 2020 I asked for an ICMA manager contact me to explain why it should take weeks for me to receive a response to my email. This is not the type of customer service I will expect for the amount of money I have in their account. Time to end my business dealings with them.

This company is horrible. I tried to move my money into another combined fund after my wife passed. This company lied to me time and time again. They used every stall tactic known to man to delay the removal of my finds.

ICMA Retirement Corporation (“ICMA-RC") received a complaint from the Revdex.com serving Metro Washington, DC and Eastern Pennsylvania, dated April 21, The complaint informed ICthat one of our customers had applied for an unforeseeable emergency withdrawal from his IRC Section plan and has not yet received approval.The customer participates in a Section deferred compensation plan which allows a portion of current income to be contributed and taxes to be deferred until the assets are withdrawn during retirementStrict rules apply to the receipt of these assets prior to retirement because of their tax deferred statusAn unforeseeable emergency withdrawal request may be fulfilled only under very severe circumstances, and must be fully documentedThe documentation we received from this customer is insufficientWe tried to obtain additional confirmation from the medical provider who issued the invoice that the customer provided to usThe medical provider does have a record of the invoice, but the name and address Of the person who received the invoice from the provider do not match that of our customerWe have presented this information to the plan sponsor, who is currently reviewing the information.ICis confident that our process for reviewing this customer's request has been in keeping with IRS requirementsIf you have any questions or concerns, please feel free to contact me at the contact information provided belowSincerely, David T [redacted]

[A default letter is provided here which indicates your acceptance of the business's response If you wish, you may update it before sending it.] Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me ICMA has resolved my complaint satisfactorilyI consider this issue closed Regards, [redacted]

December 18, Dear *** ***:
This letter is in response to your letter dated December 1, 2014, addressed to *** ***, regarding a complaint filed with the Revdex.com of Metropolitan Washington, DC and Eastern Pennsylvania (“the Revdex.com”)*** ***
*** (“the complainant”) is requesting a rollover distribution from her late husband’s retirement plan account into an IRA established in her name as the surviving spouseHowever, the complainant was not the designated beneficiary of her late husband’s retirement plan account and, as explained below, the balance of her husband’s account has already been moved into an account established for her husband’s estateIRS regulations do not provide for the rollover of retirement plan assets to a non-beneficiary spouse, or the rollover assets held in an account established in the name of a participant’s estateAccordingly, ICwill not execute the complainant’s requested transaction.As background, the complainant’s late husband participated in an employer-sponsored retirement plan administered by ICMA-RCFollowing her husband's death in 2012, the complainant contacted ICclaiming to be the beneficiary of her husband’s retirement plan accountUnfortunately, our records did not support this assertion because the participant named his late father as the beneficiary of his accountUnder the terms of the participant’s retirement plan, the participant's estate becomes the beneficiary by default, if the designated beneficiary predeceases the participantBecause the participant’s father predeceased him, the participant’s estate became the beneficiary by default and an account was established in the name of the participant’s estateThe funds in the participant’s account were subsequently transferred into the estate accountAs the executor of her husband's estate, the complainant is requesting ICto execute a rollover from the funds held in the account established for the participant’s estate into an IRA established in her name as the surviving spouseHowever, IRS regulations do not provide for a rollover of retirement plan assets to a non-beneficiary spouse or the rollover of assets from an

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]
 Complaint: [redacted]
I am rejecting this response because:
There was an email sent to me upon the receipt of the first request stating that all the paperwork was complete and nothing else was needed.  There was nothing done by the company to notify me that the paperwork was incorrect or incomplete.  during that time the market dropped.  It wasn't until I called that I was told that I needed to submit the request on their form.  There was a loss of over $20,000 in that time frame.
Regards,
[redacted]

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.  ICMA has resolved my complaint satisfactorily. I consider this issue closed
Regards,
[redacted]

July 11, 2014Dear [redacted]:This letter is in response to your letter dated July 2, 2014, addressed to [redacted], regarding a complaint filed with the Revdex.com of Metropolitan Washington, DC and Eastern Pennsylvania (the Revdex.com). According to your letter, the Revdex.com...

received a complaint from the owner of a [redacted] IRA administered by ICMA Retirement Corporation (ICMARC).As indicated in the Revdex.com complaint, the IRA owner requested an inkind transfer of her IRA account balance to a third-party IRA custodian, on April 22, 2014, by submitting a request form created by the complainants third-party advisor. ICMARC does not provide inkind transfers but made a good-faith attempt to fulfill the complainants request by selling the underlying investments in the IRA account and sending a check to the third-party IRA custodian to complete the requested rollover on April 23, 2014. ICMARC did not initially notify the complainant that ICMARC does not provide IRA owners with an option to transfer funds inkind to third-party custodians.
ICMARCs standard process is to contact a requestor to communicate its inkind transfer policy prior to making the transaction. However, this did not happen in this case and we are reviewing our policies and procedures for potential areas of enhancement to ensure a similar issue does not recur.
ICMARC has offered, and the IRA owner has accepted, restitution for any increase in value to the intended investments for the period after ICMARC provided the check in accordance with the rollover request and before the complainant reinvested the money.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.Sincerely,David T[redacted]
Vice President, Client Services

I recently had an emergency in my life and I went through the proper procedure of filing an emergency withdrawal. I tried faxing over documents twice just for them to tell me they only received half of the fax. So I mailed my application and did not hear back from them till a couple weeks later. I had to call them to figure out what was going on. The customer service representative was very unprofessional and uncooperative, I finally got ahold of a manger. The manager told me they needed more supporting documents even though I sent everything requested per the original application. I expressed how dire of an emergency this was and they could care less. I submitted everything the supervisor directed me to (i.e. Supporting documentation) and a week and a half later still no response. I called customer service again and they tell me I have to submit the original application all over again because after they archive the application they dispose of it. Here I am 5 months later with no help from a business that does not return my phone calls, is not professional, and is completely taking advantage of me and my situation. I am in an emergency, I have proved it and I still cannot get any help. This company has me running circles in a game that never ends. Anyone looking to invest money with this company should consider an emergency situation, because if faced with an emergency situation, good luck getting any help from this company.

ICMA Retirement Corporation ("ICMA-RC") received the attached complaint from the Revdex.com serving Metro Washington, DC and Eastern Pennsylvania, dated May 9, 2016. The complaint informed ICMA-RC that the beneficiary of one of our customers was having difficulty establishing a beneficiary account and...

transferring assets into the account. ICMA-RC records indicate that the beneficiary account was established and the assets transferred on May 9, 2016. Monthly installments have been set up at the request of Mrs. Tsai, and a call was placed to her on May 10, 2016 to confirm that the District of Columbia had approved the request and it had been processed.ICMA-RC's and the District of Columbia's document review process took additional time in large part because the marriage certificate was in Chinese. ICMA-RC is confident that the customer's request has been completed. If you have any questions or concerns, please feel free to contact me at the contact information provided below.Sincerely,Casandra W[redacted] Director, Client Services

ICMA Retirement Corporation (“ICMA-RC") received a complaint from the Revdex.com serving Metro Washington, DC and Eastern Pennsylvania, dated April 21, 2016. The complaint informed ICMA-RC that one of our customers had applied for an unforeseeable emergency withdrawal from his IRC Section 457 plan...

and has not yet received approval.The customer participates in a Section 457 deferred compensation plan which allows a portion of current income to be contributed and taxes to be deferred until the assets are withdrawn during retirement. Strict rules apply to the receipt of these assets prior to retirement because of their tax deferred status. An unforeseeable emergency withdrawal request may be fulfilled only under very severe circumstances, and must be fully documented.
The documentation we received from this customer is insufficient. We tried to obtain additional confirmation from the medical provider who issued the invoice that the customer provided to us. The medical provider does have a record of the invoice, but the name and address Of the person who received the invoice from the provider do not match that of our customer. We have presented this information to the plan sponsor, who is currently reviewing the information.ICMA-RC is confident that our process for reviewing this customer's request has been in keeping with IRS requirements. If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
David T[redacted]

I am attempting to do a rollover of $70,000 in funds from my ICMA 457 plan (which was used by my former employer) to my new employer's 401K program, Wells Fargo. After MUCH hassle, I was able to get the check sent. My new employer needed Distribution Statement that references the Pre-Tax amount. I called ICMA and even put them on conference call with my new employer's 401K representative. ICMA representative was very difficult to deal with and would not provide answers to questions when asked by my current employer's 401K Representative (while I was on the phone listening and giving consent.) I finally got them to agree to send this Distribution Statement needed. I was told it would be processed and sent in 10 working days. 14 working days later, I called ICMA. They still had not processed it. I finally got a letter, but it does not satisfy what is needed when I was specific about what was needed. When I opened with ICMA over 20 years ago, I was told it would be very easy to rollover the funds to another program should I wish to do so. That is simply not true. I have spoken with my new employer, who says that it is very easy to get funds rolled over from other financial institution's 401 or 457 programs and they do it all the time... with the exception of ICMA. This is not the first time and based upon the review above, mine isn't the only one. I have now lost 2 months worth of investment interest as my funds have sat in limbo because of ICMA. I will be filing a complaint with the Revdex.com along with the Virginia State Corporation Commission and the Security and Exchange Commission.

Review: I am trying to roll a retirement account from ICMARC to my current employer-sponsored account through [redacted]. When I logged into the ICMARC website, I could not located the rollover form, so I attempted to use the contact form. It would not work, because the form would not recognize the text I had included in the "Message" box and thought the box was blank.

"Okay," I thought, "I will call them." I called the 800 number listed on their website and paper statements. I called four times and was hung up on each time, before ever reaching a human being. I would get as far as being transferred to an investment adviser, then the phone would ring for a minute, then switch to a busy signal before disconnecting me.

"Fine," I thought, "I will call their direct number in Washington DC." So I did, and the same thing happened. I got transferred by a computer to a line that rang, then went busy, then disconnected me.

This is the absolute WORST experience I have ever had trying to obtain customer service.Desired Settlement: I would like to receive the rollover form I need to complete in order to disburse my account to my new 401k plan. I would also like an explanation of any tax implications.

Business

Response:

December 6, 2013

Dear **. [redacted]:

ICMA Retirement Corporation ("ICMA-RC") received a complaint from the Revdex.com of Metro Washington, DC and Eastern Pennsylvania, dated November 25, 2013. The complaint informed ICMA-RC that one of our customers is having difficulty executing a transaction involving her retirement plan account.

In response to this complaint, ICMA-RC attempted to contact the customer by phone on December 2, December 3, and December 5. The customer did not answer our calls or respond to our messages. Subsequently, ICMA-RC mailed and e-mailed the customer a copy of the forms necessary to complete the above referenced transaction.

ICMA-RC is confident that this response will resolve the customer's complaint and allow her to complete the requested transaction. If you have any questions or concerns, please feel free to contact [redacted] at ###-###-####.

Sincerely,

Review: I had an IRA retirement fund of approximately $226,000 with ICMA. I wanted to consolidate my funds under one organization. My [redacted] advisor sent forms to ICMA requesting a transfer-in-kind of my investments (in [redacted] and [redacted]) to [redacted]. Without contacting me or my advisor, ICMA cashed in my funds and transferred money. An agreement with [redacted] makes it necessary that this happen - only a cash transfer can occur. However, the [redacted] funds could have been transferred in kind. My advisor called ICMA, who in all queries concerning this were very lax in returning calls promptly, to request that ICMA take the funds back, reconstitute them as shares, and transfer in kind as requested originally. My advisor also called [redacted] funds customer support to see if ICMA had an agreement with them that would prevent ICMA from doing as requested. [redacted] said that ICMA did not and that they ([redacted]) would work with ICMA to correct ICMA's mistake. There is more, but - all told - this took about 3 or 3.5 weeks while my money was sitting and earning nothing. Eventually, I got a call from ICMA telling me they refused to do anything. At that point, I told my advisor to reinvest the money. I have bought more [redacted], but have lost money there also as I had to pay a higher price than I had bought the shares for when I got them originally in ICMA. ICMA has not only cost me money but also these are very poor business practices. I hope there is something you can do.Desired Settlement: At the very least, I wold like an investigation of this and notification to other users and potential users of ICMA. This is my retirement money which I can ill afford to lose. I don't want this happening to other people. The best would be financial restitution for my lost money.

Business

Response:

July 11, 2014Dear [redacted]:This letter is in response to your letter dated July 2, 2014, addressed to [redacted], regarding a complaint filed with the Revdex.com of Metropolitan Washington, DC and Eastern Pennsylvania (the Revdex.com). According to your letter, the Revdex.com received a complaint from the owner of a [redacted] IRA administered by ICMA Retirement Corporation (ICMARC).As indicated in the Revdex.com complaint, the IRA owner requested an inkind transfer of her IRA account balance to a third-party IRA custodian, on April 22, 2014, by submitting a request form created by the complainants third-party advisor. ICMARC does not provide inkind transfers but made a good-faith attempt to fulfill the complainants request by selling the underlying investments in the IRA account and sending a check to the third-party IRA custodian to complete the requested rollover on April 23, 2014. ICMARC did not initially notify the complainant that ICMARC does not provide IRA owners with an option to transfer funds inkind to third-party custodians.ICMARCs standard process is to contact a requestor to communicate its inkind transfer policy prior to making the transaction. However, this did not happen in this case and we are reviewing our policies and procedures for potential areas of enhancement to ensure a similar issue does not recur.ICMARC has offered, and the IRA owner has accepted, restitution for any increase in value to the intended investments for the period after ICMARC provided the check in accordance with the rollover request and before the complainant reinvested the money.If you have any questions or concerns, please feel free to contact me at the contact information provided below.Sincerely,David T[redacted]Vice President, Client Services

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. ICMA has resolved my complaint satisfactorily. I consider this issue closed

Regards,