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 day hold on check, the only time I was told was 3-days (see Email below)From: Carter [redacted] [mailto: [redacted] ] Sent: Monday, October 30, 3: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 planWhat 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, 5:PM To: [redacted] Subject: Proposal for Guardian Consultant Services From: Alejandra [redacted] [mailto: [redacted] ] Sent: Monday, November 27, 4: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 youI hope you had a good ThanksgivingPlease allow 3-business days for your balance to reflect the Rollover monies Kind regards, Alejandra [redacted] From: Charles [redacted] [mailto: [redacted] ] Sent: Sunday, November 26, 2:PM Regards, Charles [redacted]
PAi has been a provider of full-service 401(k) administration for more than 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 websiteUpon 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
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 sfee as the only charge on the plan
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 $will solve this complaint 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 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 companyTherefore, 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 accountIt 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 plansThere 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 dutyWe 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 that the company is going through bankruptcy and in receivership They had not made a 401(k) payroll contribution since September 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 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 ProgramFor 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 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 teamsHe did speak with Lin Rostrom, a member of our Voice of the Customer (management) team in January and was explained the policy at that timeHe contacted us again recently and voiced disagreement with our policyDuring that time lapse, Mr [redacted] made no steps to work with other members of Consortium Companies, Incto share our advice to terminate the plan To which we again provided a plan termination package in August 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, Incafter 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 companyWe 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 PlanWe 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 to 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,
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]
***, it appears we are at an impasse with your request for the $reimbursement to resolve your complaint PAi did take action to waive the monthly administration fee leaving only the sfee as the only charge on the planThis 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 $scharge 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 day hold on check, the only time I was told was 3-days (see Email below)From: Carter [redacted] [mailto: [redacted] ] Sent: Monday, October 30, 3: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 planWhat 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, 5:PM To: [redacted] Subject: Proposal for Guardian Consultant Services From: Alejandra [redacted] [mailto: [redacted] ] Sent: Monday, November 27, 4: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 youI hope you had a good ThanksgivingPlease allow 3-business days for your balance to reflect the Rollover monies Kind regards, Alejandra [redacted] From: Charles [redacted] [mailto: [redacted] ] Sent: Sunday, November 26, 2:PM Regards, Charles [redacted]
PAi has been a provider of full-service 401(k) administration for more than 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 websiteUpon 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
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 sfee as the only charge on the plan
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 $will solve this complaint 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 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 companyTherefore, 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 accountIt 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 plansThere 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 dutyWe 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 that the company is going through bankruptcy and in receivership They had not made a 401(k) payroll contribution since September 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 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 ProgramFor 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 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 teamsHe did speak with Lin Rostrom, a member of our Voice of the Customer (management) team in January and was explained the policy at that timeHe contacted us again recently and voiced disagreement with our policyDuring that time lapse, Mr [redacted] made no steps to work with other members of Consortium Companies, Incto share our advice to terminate the plan To which we again provided a plan termination package in August 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, Incafter 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 companyWe 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 PlanWe 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 to 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,
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]
***, it appears we are at an impasse with your request for the $reimbursement to resolve your complaint PAi did take action to waive the monthly administration fee leaving only the sfee as the only charge on the planThis 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 $scharge would remain