Plan Administrators, Inc.

PAi has thoroughly reviewed all communications that have occurred with Charles *** since the purchase of his 401(k) plan in mid-November PAi associates discussed all aspects of the plan during the set up and implementation of his 401(k) plan in mid-November. Mr*** mentioned in
passing that he may want to take a loan from his account at some time in the future, but never specified his intentions to take the loan immediately following deposit of the rollover check and he never stated that a distribution was imminent or urgent. Our representative responded that he would be able to take a loan after the funds were allowed to settle into his account. Our business practice requires that newly deposited assets stay in the account for business days from the date that they have confirmed prior to their availability to take a loan from the assets PAi representatives make every effort to clearly and concisely address the needs of our clients. If PAi had been made aware that there was an urgent need for a loan, we could have explained the rollover process and loan availability time frames to Mr*** immediatelyPAi had been in communication with Mr*** for approximately two weeks before he stated that he was planning to immediately request a loan from the deposit. In numerous subsequent calls with our representatives, his description of why he needed the funds continued to change and his demeanor became abusive with a number of our representatives, as they explained our policy regarding 401(k) loans PAi makes every effort to balance the needs of our clients with the timing constraints which result from the movement of money in and out of market and through business accounts as the transactions occur. Our business decisions are based on sound advice from our compliance team, our transacting department and our business partners. We have made accommodations to receive the check via overnight delivery As PAi originally told Mr*** that the rollover funds would be available to him after they were allowed to settle into the account, there is no discrepancy in the timing of this distribution. Therefore no additional settlement is required in this caseTell us why here

I am not sure what you are asking me to clarify This process has highlighted the fact that PAi does whatever it wants based solely on its best interests It is in their best interest to collect fees from plan sponsors and plan participants They do not execute these business practices under any legal, moral or other generally accepted principles I am an individual employee in a retirement plan where they have held nearly $250,of my money hostage for the past year I originally asked for the money over a year ago They told me that in order to get my money the plan sponsor would have to pay a fee and assign a replacement fiduciary with assets in the plan or the company would have to pay a fee and everyone in the plan would need to liquidate prior to to me getting my money They charged monthly fees to my account to hold the money hostage They admitted the decision was not based on any operating agreement between the sponsor and PAI or PAi and the me as a participant They said it was a company policy and claimed it was supported by the Department of Labor When asked to speak to someone who could validate this claim, PAi was non-responsive and uncooperative As a result, I filed a complaint with Revdex.com of Wisconsin and PAi quickly changed their tune and allegedly sent the money even though the prerequisites they outlined a year earlier were never met Nothing has changed! PAi has not validated their right to hold the money PAi claims they stand by the policy and that it is supported by the DOL I say prove it or give me back the fees you stripped from my account.If you have alternative contact information of other agencies that I should contact please forward them to me and I will gladly head that parallel path Otherwise, please ask PAi to validate their right to hold my money for the past year or return the fees they withdrew from my account.Thank You!

The desired Settlement that Mr*** *** requested in
his 9/20/Revdex.com complaint was “I want PAi to rollover my funds they have been
holding hostage for the past year.” Our response to his complaint secured his initial,
desired settlement
In his Revdex.com response, Mr*** *** has continued to not
accept the justification we have provided and is seeking further clarification on
the DOL policyWe encourage Mr*** to contact the DOL on their positionAt
this point we recommend he seeks guidance on interpreting the DOL policy by
contacting them directly, as we have been unsuccessful in helping Mr*** accept
a policy that he does not like
We have explained and justified our policy, have waived
fees, and have gone beyond the expectations set forth on us as his Third Party
Administrator to work with others in his former business to reach his initial requested
settlementWe consider the complaint closed

Upon receipt of the complaint from Mr. [redacted], PAi immediately completed a review of the events which had transpired during the processing of the requested distribution.  Within the review, we determined that PAi did not supply the identifying information provided by Mr. [redacted] to the financial...

institution receiving his check.  A member of PAi’s Voice of the Cus[redacted]er team contacted Mr. [redacted] to discuss his concerns, and apologize for our error and subsequent handling of the situation.  We agree that the stop pay, reissue and expedite fees should not have been charged in this case.  Those fees, as well as the initial distribution fee will be refunded.  PAi and Mr. [redacted] have agreed that the custodial and record keeping fees will not be refunded.PAi appreciates the feedback, as well as the opportunity to review and improve our services in the future.

We have received your concern regarding the refund amount via the Revdex.com.   We attempted to reach out to you via email on November 17th and have not received a response.   In our communication, PAi outlined the notice you received from Spark 401k as you were purchasing the...

plan.  It detailed your ability to rescind your decision and close your plan within five days of opening on October 21st to receive a full refund.  PAi received your request to close your plan on November 2nd which was outside of the dates in which you can rescind the plan.  We have waived the first month’s administration fee leaving the set-up fee as the only charge on the plan.

PAi has been
a provider of full-service 401(k) administration for more than 30 years.  PAi takes pride in our customer service, and
as such strives to reply to customer inquiries on a timely basis.
Mr. [redacted]
first contacted PAi on March 12, 2015, with a request to terminate his plan....

On
March 19, 2015, Mr. [redacted] posted a complaint regarding his experience with PAi
on the Revdex.com website. Upon learning of Mr. [redacted]’s concerns, a member of PAi’s
Voice of the Customer team promptly contacted Mr. [redacted], and completed a
review of the events leading up to the complaint.  PAi apologized to Mr. [redacted] for the delay in
response to some of his emails, and acknowledged that the plan termination
process and timing should have been more clearly explained to him upon his
initial inquiry.  PAi also provided Mr.
[redacted] with the information and materials needed, and will continue to work
directly with Mr. [redacted] to facilitate the completion of his plan termination.   PAi and Mr. [redacted] have agreed that there
will be no payment of interest.
PAi
appreciates the feedback, as well as the opportunity to improve our services in
the future.

[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. 
Regards,
[redacted]

Mr.
[redacted] is listed as a fiduciary (Trustee) on Consortium Companies, Inc.’s
401(k) plan.  Mr. [redacted] is also
listed as an owner of Consortium Companies. 
He has disagreed, stating that he is no longer a Trustee on the plan or
an owner; however, he cannot remove himself...

as the Trustee and no one else from
his company has supported that change of information with us and PAi never
received any new information on owners or a buyout of the company. Therefore,
for the sake of the company, Mr. [redacted] is still a fiduciary (Trustee) on
Consortium Companies, Inc.’s 401(k) plan.
At
the time Mr. [redacted] sent in a distribution request form, he was (and
still is) the only fiduciary remaining on the 401k plan that has assets in his
account. It is PAi policy to not allow a fiduciary to distribute their assets
and leave the remaining participants unattended.  Our experience, history
and work with hundreds of other cases such as this have lead us to this policy;
it’s the way we do business in order to protect the participants in plans. [redacted]
[redacted] has asked for documentation of where this policy has been communicated
to plans. There is no published guidance.  This is internal PAi policy of
which our owner, Michael Kiley, supports because it is in line with the spirit
of the Department of Labor since it looks out for participants and holds plan
sponsors accountable for their fiduciary duty. We acknowledge the absence of
written communication as a learning opportunity for PAi; however, it does not
weaken the validity or justification for our policy.
The
additional facts of the plan not provided by Mr. [redacted] are that it had
been communicated to PAi in 2013 that the company is going through bankruptcy
and in receivership.  They had not made a
401(k) payroll contribution since September 2013.  However, they have continued to have their
participants absorb the administration fees of the plan rather than properly
terminate the plan and distribute funds to the participants with balances.  Mr. [redacted] and the other owner with
signing authority, Mr. [redacted], were provided documentation to sign and
proceed with a plan termination in November 2013.  Both individuals did not follow through and
sign the form necessary to move forward and provide distributions for all
participants (including Mr. [redacted]). 
These details make this 401(k) plan a classic example of why the DOL
developed the Abandoned Plan Program. For details on the
Abandoned Plan Program please access the DOL website: www.dol.gov/ebsa/. 
We
had continued to encourage both parties to terminate the plan as it is in the
best interest of the plan’s participants and allow all individuals to access
their distribution.  Another plan termination
package was e-mailed to the parties in January of 2014.  Mr. [redacted] has refused to assist with
that, arguing that he is no longer a Trustee on the plan.
Mr.
[redacted] has voiced frustration in not being able to speak with a member of
our compliance or management teams. He did speak with Lin Rostrom, a member of
our Voice of the Customer (management) team in January 2014 and was explained
the policy at that time. He contacted us again recently and voiced disagreement
with our policy. During that time lapse, Mr. [redacted] made no steps to work
with other members of Consortium Companies, Inc. to share our advice to
terminate the plan.  To which we again
provided a plan termination package in August 2014 to the appropriate parties
to sign and return to proceed with distributions. 
Upon
Mr. [redacted]’s contact to us this month, we decided it in the best interest
of the plan for us to begin working directly with Mr. [redacted], the
Authorized Employer Representative of the plan, to amicably rectify this
situation.  This became a challenge as
the phone numbers initially provided to PAi were disconnected and could not be
completed as dialed.  We had to review
previous records to access a personal cell phone number for Mr. [redacted]
[redacted].  That being said, on September
23, 2014, PAi contacted Mr. [redacted], and we finally gained his consent to
move forward with a plan termination for Consortium Companies, Inc. after 5
attempts to work with these two owners and remaining fiduciary of the plan.   Additionally,
PAi has offered to contact all plan’s participants who have a balance and
ensure their distribution happens, a responsibility normally expected of the
company. We have informed Mr. [redacted] that we would absorb the
termination and distribution expenses so that we can work with them to avoid
their liquidated company from having to become involved with the DOL as an
Abandoned Plan. We made this decision to do what is best for ALL of the
remaining participants in the plan, including Mr. [redacted].
Finally,
in an attempt to discuss the policy and close the issue with Mr. [redacted],
[redacted], [redacted] of our Compliance Team, contacted Mr. [redacted] on
September 26, 2014, and it was communicated that Mr. [redacted] would be in receipt
of this distribution within the next  7 to
10 business days.  As a result of the
cooperation of Mr. [redacted], Mr. [redacted]’s distribution is being
completed; he can anticipate its arrival to him the week of October 6, 2014.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I strongly demand a refund for the $140. No service were provided and I’m entitled for that refund. That’s the only solution.
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
A refund of $140 will solve this complaint. 
Regards,
[redacted]

[redacted], it appears we are at an impasse with your request for the $140 reimbursement to resolve your complaint.   PAi did take action to waive the monthly administration fee leaving only the set-up fee as the only charge on the plan. This is work that PAi did complete for you and your plan.   Without the notice to cancel the plan before the determined five day cancellation period, the $140 set-up charge would remain.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
[To assist us in bringing this matter to a close, we would like to know your view on the matter.]he information provided by PAI is not true or correct, which has been a continuing theme for them.  I was not vague nor was my Account Advisor prior to opening the account.  See email below.  PAI did not say anything about a 10 day hold on check, the only time I was told was 3-5 days (see Email below)From: Carter [redacted] [mailto:[redacted]] Sent: Monday, October 30, 2017 3:14 PM To: Rhonda [redacted] <[redacted]> Subject: RE: Proposal for Guardian Consultant Services Rhonda,  Thanks for checking in, we just heard back from the client and they do want to move forward with the plan. What paperwork do I need to get in order to get started? Also, what is timeline on setting up the plan and then the participant getting a loan once the rollover comes in? Carter From: Rhonda [redacted] [mailto:[redacted]] Sent: Friday, October 27, 2017 5:28 PM To: [redacted] Subject: Proposal for Guardian Consultant Services From: Alejandra [redacted] [mailto:[redacted]] Sent: Monday, November 27, 2017 4:58 PM To: Charles [redacted] <[redacted]> Subject: RE: Rollover Form Needed – Guardian Consultant Services 401(k) P/S Plan - Company ID [redacted] / Contract ID [redacted] Not a problem, thank you. I hope you had a good Thanksgiving. Please allow 3-5 business days for your balance to reflect the Rollover monies.  Kind regards, Alejandra [redacted]  From: Charles [redacted] [mailto:[redacted]] Sent: Sunday, November 26, 2017 2:37 PM
Regards,
Charles [redacted]

PAi is currently working offline with Mr. [redacted] in regards to his concerns and reaching a resolution.

Review: I have been trying to roll over my funds being held and administered by PAi for more than a year. PAi has been unwilling to distribute these funds and will not allow me access to anyone beyond the customer service department to resolve this issue. I have requested to speak with members of their compliance team and management on numerous occasions but have been given the run around each time. PAi claims that since I was previously an employer representative on the account I am not entitled to distribution of funds. They base this claim on an unwritten and un-communicated company policy rather than executed operating agreements by the parties involved.

They acknowledge that I have been replaced as the fiduciary on the account. They no longer send plan correspondence to my attention. They have terminated my access to the company section of the 401k website. However, they claim that in order to receive my distribution the company must assign someone with assets in the plan as the new fiduciary or close the plan. Each of these actions require the plan participants to pay hefty fees. All while creating a stall tactic to hold hostage the largest account in the plan. But A) they have never made this request to the company and B) this is not my issue. I am no longer with the company and do not have the authority to institute the modifications they claim to require. They have no legal basis for the requirement.

PAi acknowledges there is nothing in the plan documents or operating agreement that supports any claim that A) a fiduciary cannot resign from the plan without having their assets frozen, B) a fiduciary is required to have assets in the plan to administer on behalf of the company and the employees and C) that a plan must terminate for a fiduciary or ex-fiduciary to rollover their assets.

The plan has changed fiduciaries in the past. Prior fiduciaries have withdrawn assets from the plan. This is an ever rising fee based plan and PAi is acting solely in its best interest in an effort to maximize the fees by holding the assets of the plan hostage while attempting to extort absorbent change fees or termination fees from the plan participants. They do this without authority of an executed operating agreement but instead hide behind company policy all the while restricting access to those who supposedly implanted said policy.

Anyone with assets being managed by PAi is in danger of having this company arbitrarily and unilaterally hold those assets hostage from their rightful owner and needs to be made aware of these unethical and unlawful business practices.Desired Settlement: I want PAi to rollover my funds they have been holding hostage for the past year.

Business

Response:

Mr.

[redacted] is listed as a fiduciary (Trustee) on Consortium Companies, Inc.’s

401(k) plan. Mr. [redacted] is also

listed as an owner of Consortium Companies.

He has disagreed, stating that he is no longer a Trustee on the plan or

an owner; however, he cannot remove himself as the Trustee and no one else from

his company has supported that change of information with us and PAi never

received any new information on owners or a buyout of the company. Therefore,

for the sake of the company, Mr. [redacted] is still a fiduciary (Trustee) on

Consortium Companies, Inc.’s 401(k) plan.

At

the time Mr. [redacted] sent in a distribution request form, he was (and

still is) the only fiduciary remaining on the 401k plan that has assets in his

account. It is PAi policy to not allow a fiduciary to distribute their assets

and leave the remaining participants unattended. Our experience, history

and work with hundreds of other cases such as this have lead us to this policy;

it’s the way we do business in order to protect the participants in plans. [redacted] has asked for documentation of where this policy has been communicated

to plans. There is no published guidance. This is internal PAi policy of

which our owner, Michael Kiley, supports because it is in line with the spirit

of the Department of Labor since it looks out for participants and holds plan

sponsors accountable for their fiduciary duty. We acknowledge the absence of

written communication as a learning opportunity for PAi; however, it does not

weaken the validity or justification for our policy.

The

additional facts of the plan not provided by Mr. [redacted] are that it had

been communicated to PAi in 2013 that the company is going through bankruptcy

and in receivership. They had not made a

401(k) payroll contribution since September 2013. However, they have continued to have their

participants absorb the administration fees of the plan rather than properly

terminate the plan and distribute funds to the participants with balances. Mr. [redacted] and the other owner with

signing authority, Mr. [redacted], were provided documentation to sign and

proceed with a plan termination in November 2013. Both individuals did not follow through and

sign the form necessary to move forward and provide distributions for all

participants (including Mr. [redacted]).

These details make this 401(k) plan a classic example of why the DOL

developed the Abandoned Plan Program. For details on the

Abandoned Plan Program please access the DOL website: www.dol.gov/ebsa/.

We

had continued to encourage both parties to terminate the plan as it is in the

best interest of the plan’s participants and allow all individuals to access

their distribution. Another plan termination

package was e-mailed to the parties in January of 2014. Mr. [redacted] has refused to assist with

that, arguing that he is no longer a Trustee on the plan.

Mr.

[redacted] has voiced frustration in not being able to speak with a member of

our compliance or management teams. He did speak with Lin Rostrom, a member of

our Voice of the Customer (management) team in January 2014 and was explained

the policy at that time. He contacted us again recently and voiced disagreement

with our policy. During that time lapse, Mr. [redacted] made no steps to work

with other members of Consortium Companies, Inc. to share our advice to

terminate the plan. To which we again

provided a plan termination package in August 2014 to the appropriate parties

to sign and return to proceed with distributions.

Upon

Mr. [redacted]’s contact to us this month, we decided it in the best interest

of the plan for us to begin working directly with Mr. [redacted], the

Authorized Employer Representative of the plan, to amicably rectify this

situation. This became a challenge as

the phone numbers initially provided to PAi were disconnected and could not be

completed as dialed. We had to review

previous records to access a personal cell phone number for Mr. [redacted]. That being said, on September

23, 2014, PAi contacted Mr. [redacted], and we finally gained his consent to

move forward with a plan termination for Consortium Companies, Inc. after 5

attempts to work with these two owners and remaining fiduciary of the plan. Additionally,

PAi has offered to contact all plan’s participants who have a balance and

ensure their distribution happens, a responsibility normally expected of the

company. We have informed Mr. [redacted] that we would absorb the

termination and distribution expenses so that we can work with them to avoid

their liquidated company from having to become involved with the DOL as an

Abandoned Plan. We made this decision to do what is best for ALL of the

remaining participants in the plan, including Mr. [redacted].

Finally,

in an attempt to discuss the policy and close the issue with Mr. [redacted],

[redacted] of our Compliance Team, contacted Mr. [redacted] on

September 26, 2014, and it was communicated that Mr. [redacted] would be in receipt

of this distribution within the next 7 to

10 business days. As a result of the

cooperation of Mr. [redacted], Mr. [redacted]’s distribution is being

completed; he can anticipate its arrival to him the week of October 6, 2014.

Business

Response:

The desired Settlement that Mr. [redacted] requested in

his 9/20/14 Revdex.com complaint was “I want PAi to rollover my funds they have been

holding hostage for the past year.” Our response to his complaint secured his initial,

desired settlement.

In his Revdex.com response, Mr. [redacted] has continued to not

accept the justification we have provided and is seeking further clarification on

the DOL policy. We encourage Mr. [redacted] to contact the DOL on their position. At

this point we recommend he seeks guidance on interpreting the DOL policy by

contacting them directly, as we have been unsuccessful in helping Mr. [redacted] accept

a policy that he does not like.

We have explained and justified our policy, have waived

fees, and have gone beyond the expectations set forth on us as his Third Party

Administrator to work with others in his former business to reach his initial requested

settlement. We consider the complaint closed.

Consumer

Response:

I am not sure what you are asking me to clarify. This process has highlighted the fact that PAi does whatever it wants based solely on its best interests. It is in their best interest to collect fees from plan sponsors and plan participants. They do not execute these business practices under any legal, moral or other generally accepted principles. I am an individual employee in a retirement plan where they have held nearly $250,000 of my money hostage for the past year. I originally asked for the money over a year ago. They told me that in order to get my money the plan sponsor would have to pay a fee and assign a replacement fiduciary with assets in the plan or the company would have to pay a fee and everyone in the plan would need to liquidate prior to to me getting my money. They charged monthly fees to my account to hold the money hostage. They admitted the decision was not based on any operating agreement between the sponsor and PAI or PAi and the me as a participant. They said it was a company policy and claimed it was supported by the Department of Labor. When asked to speak to someone who could validate this claim, PAi was non-responsive and uncooperative. As a result, I filed a complaint with Revdex.com of Wisconsin and PAi quickly changed their tune and allegedly sent the money even though the prerequisites they outlined a year earlier were never met. Nothing has changed! PAi has not validated their right to hold the money. PAi claims they stand by the policy and that it is supported by the DOL. I say prove it or give me back the fees you stripped from my account.

Review: PAi is a retirement plan administrator. I was self-employed, and PAi offered a 401(k) plan for single employers/employees. I recently decided to rollover my PAi account to a bank where I live, [redacted]. This was communicated by telephone on March 12, 2015, while I was in the offices of [redacted]. Shortly thereafter I received the following e-mail: "[redacted], Per our discussion, I have attached the plan termination notice document for the [redacted] 401(k) P/S Plan. Once the document is completed it can be sent to our office either via fax to ###-###-#### or email to [email protected]. If you have any questions or need assistance, please contact us at ###-###-####, Option 2, between the hours of 8:00 a.m. and 5:00 p.m. Central Time or via email at [email protected].

Thank You,

Customer Care Consultant

PAi

[redacted]"

I received the plan termination, single-page document shortly thereafter that same day. I then sent Ms. [redacted] an e-mail asking where the package was that she said I would receive during the conversation when I was at the bank. She replied by e-mail that same say: "The paperwork is the initial letter of intent to terminate. Once our office receives that request, we will send you the full termination package, along with an invoice and how the fees can be paid."

The next day I sent Ms. [redacted] another e-mail: "We filled out and signed the form and faxed it back last night. Why are you not sending me the "package?" She replied:

"A plan termination goes through a process and the first step is you sending in the letter of intent. From that point, you will work directly with our Deconversion department that will provide you the package."

On March 13, I sent another e-mail to Ms. [redacted] reiterating that she told me I would receive the full termination package "once [her] office receives the initial letter of intent" and asking for the package. On March 16, I sent her another e-mail stating that I was still waiting for the package.

On March 17, Ms. [redacted] sent me another e-mail: "I have forwarded your request to our Deconversion department to assist further with your inquiry on the termination package and timing." I replied asking her to give me a name or telephone number to contact the "Deconversion" department. She sent me an e-mail address but no telephone number or name to contact the Deconversion department.

On March 17, I sent an e-mail to the Deconversion department asking when I could expect the package. On March 18, I sent a "Second Request" e-mail to the Deconversion department. On March 19, I sent a Third Request.

I finally got a response about a half-hour ago. It informed me that the termination date I had chosen (March 13, the day after the initial document was signed and faxed back to PAI) was considered backdated, so I would have to send another form with a longer (farther) date, before they would process my request.

I called the number on the e-mail and left a message, indicating that no one had advised me about what date to choose; telling the individual who sent the e-mail that I would file a complaint with the Revdex.com in Milwaukee, if I did not hear back by 4:00 EDT. I have not heard back, so here's my complaint. Thank you.Desired Settlement: I want my account at PAi to be rolledover to my IRA at Fifth Third Bank and I want added to the amount interest at 4%. I also want a written apology and the assurance that PAi will not treat other account holders with unnecessary delays. I consider this an unnecessary delay, because I was not told the whole process when I first contacted PAi; I was not given a meaningful timeframe to expect the rollover; and I consider the most recent e-mail about not choosing a different date to terminate my account PAi's fault causing additional delays.

Business

Response:

PAi has been

a provider of full-service 401(k) administration for more than 30 years. PAi takes pride in our customer service, and

as such strives to reply to customer inquiries on a timely basis.

Buyer beware that this company is "fee" happy. I paid over $300 to have this company set up our 401(k), then they charged $80/month and over $1,000 to terminate their services even though I am not on a contract but month to month. And did I mention I asked them to rollover my money to my financial advisor over a month ago and they would not do it. Shop around before you say yes to Pai...I wish I would have.

In my second year of my small business start up I was contacted by a sales rep at PAi to set up a solo 401(k) plan. I was assured that I could set aside up to $18k a year before taxes to help fund my retirement plan. I asked at that time if it depended on my income and was told that it did not. After much wrangling the account was setup and I made 3 contributions to it. After speaking with my accountant at year end and learning that I did not have enough net income to justify having such a plan I phoned PAi and asked for it to be terminated. After only 3 months and 3 contributions their termination fee was $175 to roll my small pittance of savings into my other IRA. When I inquired about waiving the fee I was given a strong "no". Their sales team is only interested in getting you signed up. They don't have any knowledge about funding the accounts or what is allowable. If you want to set up a retirement plan talk with an accountant--not with PAi. They do not have the knowledge or integrity to give you the information you need up front. I wish I had been smarter. As a small business owner I need every penny I earn. An expensive error on my part. Buyer beware!

Called and asked to rollover an old 401K - less than $200 in the account. Was told to rollover my money to another qualified account (IRA) that it will be $50.00. Fifty dollars to write a check and send it to another qualifying account. This is after other quarterly fees they add to the account that reduced it by $36.00 from the previous balance. Con men - that is all they are.

Review: I have been on a merry-go-round with [redacted] trying to get my funds rolled over to my financial advisor at [redacted]. Since November 2013, the nightmare and continued issues of trying to get my money is unreasonable and no customer should have to endure. I filed a negative review in December and they did reduce my final bill by $500 because I am only a one-man participant in the profit sharing plan. With that said, the lack of communication in that company is absurd. I have people sending me invoices, others telling me I need to sign a form, other departments telling me wrong instructions on how to close my year end (which come to find out they had a glitch in their system and postponed my money a few more weeks), payroll errors, they continuously trying to debit a closed account, trying to get a correct final invoice, faxing yet one more form and there is always "one more thing needed to finalize my rollover", emails after emails and none of these departments talk to each other because I have had to repeat my story over and over and over. Since November and it is now March and I still don't have MY money. Absolutely unreasonable and excessive in delaying a funds rollover!Desired Settlement: I want the $500 you guys charged me to rollover my funds because you guys have charged me $85/mo. for 10 months of "doing nothing" and causing TOTAL frustration for 4 months trying to rollover funds!!

Business

Response:

This letter is in response to a notification dated March

6, 2014, from [redacted] of [redacted], to your

agency. In order to better understand the situation with All Aspect

Inspections, Inc., we would like to provide a summary of

the communications our office had with Ms.

Review: My 401k distribution was sent to another financial institution without proper identification and had to be returned to PAi. Either PAi didn't follow their procedures or the procedures aren't adequate because this caused a 1 week delay transferring my 401k funds. On top of it I had to pay fees to stop the first check, reissue a second check, and pay to expedite delivery.Desired Settlement: Due to the poor cus[redacted]er service which resulted in a 1 week delay in transferring my funds, the custodial, recording keeping, and distributions fees should also be dropped.

Business

Response:

Upon receipt of the complaint from Mr. [redacted], PAi immediately completed a review of the events which had transpired during the processing of the requested distribution. Within the review, we determined that PAi did not supply the identifying information provided by Mr. [redacted] to the financial institution receiving his check. A member of PAi’s Voice of the Cus[redacted]er team contacted Mr. [redacted] to discuss his concerns, and apologize for our error and subsequent handling of the situation. We agree that the stop pay, reissue and expedite fees should not have been charged in this case. Those fees, as well as the initial distribution fee will be refunded. PAi and Mr. [redacted] have agreed that the custodial and record keeping fees will not be refunded.PAi appreciates the feedback, as well as the opportunity to review and improve our services in the future.

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.

Regards,