Ms [redacted] states that my company did not respond to her request for a distribution of her money in a timely fashion and that we “took” money from her for paperwork.We are an actuarial consulting firm that handles the setup, annual administration and annual tax filing for employer sponsored retirement plans Generally the only people that know of our existence are the employer, their financial advisor and/or accountant We often do partner with the large recordkeeping institutions, such as Principal, to provide our services while Principal handles the plan’s assets and accepts requests for loans and distributions When a loan or distribution is requested the employer is to be notified and if we have to sign off on it they are to let us know that there is a pending loan, Principal does not directly notify us of this It is my understanding the Mr [redacted] owner of the company had passed away within the past year and his son, [redacted] took over operations Upon his taking over he was not aware of our existence until only about days ago, so he would not have known to let us know about the request, thus the delay in getting everything completedIn addition, because of the information that we collect and process, we are not legally allowed to speak with any employees since we cannot absolutely prove we are in fact talking to who they say they are Everything is communicated directly between us and the employer unless they authorize us to speak with their advisor/accountant We are also not a Plan Fiduciary and cannot simply approve any distribution requests without the employer’s approval first.With regards to the fees, whether we are preparing the paperwork for the loan/distribution or simply approving it through Principal our fee is the same since it generally requires the same amount of work It has been previously approved and signed off on by both Principal and the employer When it pertains to an employee taking a loan or distribution from the plan it is the employee’s responsibility to pay this fee as it does not involve the employer The Employer and Principal are required to disclose all fees to plan participants that may be applicable to them I am certain that Ms [redacted] received such disclosures at least once during her employment by either her employer or directly from Principal There are numerous fact sheets and booklets written by the Department of Labor that discuss the fee disclosures and examples of fees that are charged directly to participants, including loans/distributionsIt will be difficult for me to provide you with any documentation due to the confidentiality of the reports that we produce.Please let me know if you need any additional information and when a decision will be made
As I have stated numerous times there are reasons that plan participants should not and do not know about us. I’ve also mentioned that *** *** (the son) did not know about us until only a couple of weeks ago. We were brought in to everything by a representative of Principal and the plan’s advisor. *** should have known of our existence but apparently does not remember seeing it on the agreements with Principal or in discussions with Chris from our office. The in-house administrator, or bookkeeper, at *** *** *** had nothing to do with the move to Principal and the addition of a TPA so he/she would not know about our existence, only the owner which I have already address, again.As previously stated we will refund the $100. A check will be mailed tomorrow, October 27th, to Ms*** at the address provided. Upon receipt, according to her written word, we expect that this claim be dropped once and for all
Complaint: ***
I am rejecting this response because: The information provided in the latest answer is not completely true There was never any disclosure made in regards to a third party administrator; the administrator for the 401k 'the bookkeeper' also had no idea about a tpa and wasn't aware of any disclosure to a tpa as well *** *** (the son) also claimed to have no knowledge of a tpa ...at least that's what he told me I'm leaving *** *** (his dad) out of this because he didn't have anything to do with the 401k except as president of the company and his signature was needed at the timeI never used the word 'stole' in my complaint *** *** couldn't even find out who the tpa was when I first asked him about it...he was told it was 'Chris' It wasn't until I made several calls did we find out who it was...while I have considered getting other entities involved with my concerns over my experience with having my own money moved, I will accept the portion of the response that the only resolution is to return my $to me It can be mailed to: ** *** *** *** ** ***
Regards,
*** ***
Ms. [redacted] states that my company did not respond to her request for a distribution of her money in a timely fashion and that we “took” money from her for paperwork.We are an actuarial consulting firm that handles the setup, annual administration and annual tax filing for employer sponsored...
retirement plans. Generally the only people that know of our existence are the employer, their financial advisor and/or accountant. We often do partner with the large recordkeeping institutions, such as Principal, to provide our services while Principal handles the plan’s assets and accepts requests for loans and distributions. When a loan or distribution is requested the employer is to be notified and if we have to sign off on it they are to let us know that there is a pending loan, Principal does not directly notify us of this. It is my understanding the Mr [redacted] owner of the company had passed away within the past year and his son, [redacted] took over operations. Upon his taking over he was not aware of our existence until only about 2 days ago, so he would not have known to let us know about the request, thus the delay in getting everything completed. In addition, because of the information that we collect and process, we are not legally allowed to speak with any employees since we cannot absolutely prove we are in fact talking to who they say they are. Everything is communicated directly between us and the employer unless they authorize us to speak with their advisor/accountant. We are also not a Plan Fiduciary and cannot simply approve any distribution requests without the employer’s approval first.With regards to the fees, whether we are preparing the paperwork for the loan/distribution or simply approving it through Principal our fee is the same since it generally requires the same amount of work. It has been previously approved and signed off on by both Principal and the employer. When it pertains to an employee taking a loan or distribution from the plan it is the employee’s responsibility to pay this fee as it does not involve the employer. The Employer and Principal are required to disclose all fees to plan participants that may be applicable to them. I am certain that Ms. [redacted] received such disclosures at least once during her employment by either her employer or directly from Principal. There are numerous fact sheets and booklets written by the Department of Labor that discuss the fee disclosures and examples of fees that are charged directly to participants, including loans/distributions. It will be difficult for me to provide you with any documentation due to the confidentiality of the reports that we produce.Please let me know if you need any additional information and when a decision will be made.
Ms [redacted] states that my company did not respond to her request for a distribution of her money in a timely fashion and that we “took” money from her for paperwork.We are an actuarial consulting firm that handles the setup, annual administration and annual tax filing for employer sponsored retirement plans Generally the only people that know of our existence are the employer, their financial advisor and/or accountant We often do partner with the large recordkeeping institutions, such as Principal, to provide our services while Principal handles the plan’s assets and accepts requests for loans and distributions When a loan or distribution is requested the employer is to be notified and if we have to sign off on it they are to let us know that there is a pending loan, Principal does not directly notify us of this It is my understanding the Mr [redacted] owner of the company had passed away within the past year and his son, [redacted] took over operations Upon his taking over he was not aware of our existence until only about days ago, so he would not have known to let us know about the request, thus the delay in getting everything completedIn addition, because of the information that we collect and process, we are not legally allowed to speak with any employees since we cannot absolutely prove we are in fact talking to who they say they are Everything is communicated directly between us and the employer unless they authorize us to speak with their advisor/accountant We are also not a Plan Fiduciary and cannot simply approve any distribution requests without the employer’s approval first.With regards to the fees, whether we are preparing the paperwork for the loan/distribution or simply approving it through Principal our fee is the same since it generally requires the same amount of work It has been previously approved and signed off on by both Principal and the employer When it pertains to an employee taking a loan or distribution from the plan it is the employee’s responsibility to pay this fee as it does not involve the employer The Employer and Principal are required to disclose all fees to plan participants that may be applicable to them I am certain that Ms [redacted] received such disclosures at least once during her employment by either her employer or directly from Principal There are numerous fact sheets and booklets written by the Department of Labor that discuss the fee disclosures and examples of fees that are charged directly to participants, including loans/distributionsIt will be difficult for me to provide you with any documentation due to the confidentiality of the reports that we produce.Please let me know if you need any additional information and when a decision will be made
As I have stated numerous times there are reasons that plan participants should not and do not know about us. I’ve also mentioned that *** *** (the son) did not know about us until only a couple of weeks ago. We were brought in to everything by a representative of Principal and the plan’s advisor. *** should have known of our existence but apparently does not remember seeing it on the agreements with Principal or in discussions with Chris from our office. The in-house administrator, or bookkeeper, at *** *** *** had nothing to do with the move to Principal and the addition of a TPA so he/she would not know about our existence, only the owner which I have already address, again.As previously stated we will refund the $100. A check will be mailed tomorrow, October 27th, to Ms*** at the address provided. Upon receipt, according to her written word, we expect that this claim be dropped once and for all
Complaint: ***
I am rejecting this response because: The information provided in the latest answer is not completely true There was never any disclosure made in regards to a third party administrator; the administrator for the 401k 'the bookkeeper' also had no idea about a tpa and wasn't aware of any disclosure to a tpa as well *** *** (the son) also claimed to have no knowledge of a tpa ...at least that's what he told me I'm leaving *** *** (his dad) out of this because he didn't have anything to do with the 401k except as president of the company and his signature was needed at the timeI never used the word 'stole' in my complaint *** *** couldn't even find out who the tpa was when I first asked him about it...he was told it was 'Chris' It wasn't until I made several calls did we find out who it was...while I have considered getting other entities involved with my concerns over my experience with having my own money moved, I will accept the portion of the response that the only resolution is to return my $to me It can be mailed to: ** *** *** *** ** ***
Regards,
*** ***
Ms. [redacted] states that my company did not respond to her request for a distribution of her money in a timely fashion and that we “took” money from her for paperwork.We are an actuarial consulting firm that handles the setup, annual administration and annual tax filing for employer sponsored...
retirement plans. Generally the only people that know of our existence are the employer, their financial advisor and/or accountant. We often do partner with the large recordkeeping institutions, such as Principal, to provide our services while Principal handles the plan’s assets and accepts requests for loans and distributions. When a loan or distribution is requested the employer is to be notified and if we have to sign off on it they are to let us know that there is a pending loan, Principal does not directly notify us of this. It is my understanding the Mr [redacted] owner of the company had passed away within the past year and his son, [redacted] took over operations. Upon his taking over he was not aware of our existence until only about 2 days ago, so he would not have known to let us know about the request, thus the delay in getting everything completed. In addition, because of the information that we collect and process, we are not legally allowed to speak with any employees since we cannot absolutely prove we are in fact talking to who they say they are. Everything is communicated directly between us and the employer unless they authorize us to speak with their advisor/accountant. We are also not a Plan Fiduciary and cannot simply approve any distribution requests without the employer’s approval first.With regards to the fees, whether we are preparing the paperwork for the loan/distribution or simply approving it through Principal our fee is the same since it generally requires the same amount of work. It has been previously approved and signed off on by both Principal and the employer. When it pertains to an employee taking a loan or distribution from the plan it is the employee’s responsibility to pay this fee as it does not involve the employer. The Employer and Principal are required to disclose all fees to plan participants that may be applicable to them. I am certain that Ms. [redacted] received such disclosures at least once during her employment by either her employer or directly from Principal. There are numerous fact sheets and booklets written by the Department of Labor that discuss the fee disclosures and examples of fees that are charged directly to participants, including loans/distributions. It will be difficult for me to provide you with any documentation due to the confidentiality of the reports that we produce.Please let me know if you need any additional information and when a decision will be made.