Pension Appraisers Online, Inc.

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed as Answered]
Complaint: ***
I am rejecting this response because: to charge a customer for a document previously prepared at a cost of $for a computer enervated document is ludicrous I work in the service industry and we do not treat our clients that way In fact,?8if they call us for a document that we prepared on their behalf we send it to them Not charge them to retrieve it from our archived documents on the computer I'm sorry, but I feel that this is HORRENDOUS customer service on the part of this company
Regards,
*** ***

It is our policy not to provide custom written responses in cases such as this. We offered the only alternative available which was to retrieve the document originally produced from our archives and send it to the requestor. The fee to retrieve an archived file is $275. We understand that the client...

did not wish to avail herself of this option. However, as noted, we do not provide custom written responses.

Review: I was advised by a support "expert" to purchase a product that does not exist. I needed to roll over an IRA to my ex-wife. Originally this fund was in a 401k and I would have required this product. But a IRA does not require their product and I should have been advised as such. However, I was told to select a QDRO for an IRA which they do not have. They have since refused to refund the purchase price of their product. Here is my question and their response:

> Question:

> I had a traditional 401k that rolled over to an IRA hosted by [redacted]. I am unsure of which plan to choose for the QDRO.

If the money currently resides in an IRA you would choose IRA.

Pension Appraisers Online, Inc.

1600 Lehigh Parkway East, Ste. 1K

Allentown, Pennsylvania 18103

###-###-#### Toll Free

###-###-#### Fax

[email protected] Settlement: I simply want the money I paid them back. They say they sell a software and a service. I have received neither and should have been advised that my situation did not require their services or product.

Business

Response:

October 21, 2013

Dear **. [redacted]:

I am responding to your letter dated October 16,2013 regarding a complaint you received from one of our customers. In the complaint the customer asserts that he was advised to purchase a product that does not exist

A qualified domestic relations order (QDRO) is a complex legal instrument that is used to finalize the division or distribution of a pension or retirement plan pursuant to a divorce. QDROs are required by law to divide 401(k) plans. While a QDRO is not required by law to divide IRAs, some fiduciary trust companies such as [redacted] and [redacted] require a QDRO to roll money from one IRA to another. Our online software system can be used to generate QDROs for 401(k)s and (RAs as well as many other types of plans. Therefore, his statement that we do not have a QDRO for an IRA is erroneous.

Additionally, his question regarding which QDRO to choose to roll money from an existing IRA to another IRA was answered correctly. We told him the type to choose to transfer money from an IRA would be "IRA”. We did not tell him that a QDRO was "required" for an IRA.

It seems to me that the customer may have discovered that the company with whom the IRA resides does not require a QDRO to transfer funds and, upon making this discovery, requested a refund. Unfortunately, our Terms and Conditions of Use of Service that outline our refund policy do not provide for a refund due to a change of mind or circumstance. Essentially, we guarantee a document that the court will certify and the plan administrator will approve. I have enclosed a copy for your records.

And, while some IRA companies do not require QDROs, many individuals and divorce attorneys still use QDROs to divide IRAs for various reasons. A QDRO is a more robust document than the internal paperwork used by these companies. As such, a QDRO of can be a more appropriate choice if the parties’ agreement is complex in nature or to provide additional assurance to the parties that their agreement will be properly executed.

The customer's claim that he did not receive the service for which he paid is also untrue. I have included the document generated by our software and service. These are the documents (the product) he paid our company to assist him in preparing. You will notice that the content is specific to that which is desired by the customer. You will see that he answered the questions. This means he used the service and received what he paid for. Also, access to the product he paid for is available by simply logging into his account.

I hope this clarifies the circumstances surrounding the denial of the customer’s request for a refund. If you have any questions, please do not hesitate to contact me.

Thank you for your consideration.