Texa$aver Program Office

Thank you for bringing this participant complaint to our attention By way of background, Empower Retirement provides recordkeeping services to the Texa$aver 401(k) Plan (the Plan), which includes Plan loan processingThe Plan received a full loan payoff from Mr*** *** for his Loan
on October 2, The payment was made by check drawn on Mr***’ personal checking accountEmpower Retirement’s service policy is that payments made with non-certified funds, such as personal checks, require a 10-day clearing process to ensure the payment is verified before new loans may be requested from the accountThis policy was implemented for all plans serviced by Empower Retirement in March of to ensure that the outstanding plan loan is fully paid off before a subsequent loan can be taken from the plan by the participantIf the check is determined to be invalid and the loan remains outstanding, the plan may be in violation of its terms and the Internal Revenue Code if the participant was able to receive a subsequent loan during the clearing processWe apologize if this change has resulted in any inconvenience to Mr***Our records indicate that Mr*** requested a new loan from his account in the Texa$aver Plan on October 10, As of October 18, 2017, the check shows as cashedIf Mr*** has any additional questions or concerns, he may contact Empower Retirement at ***-***-Participant Service Representatives are available from a.mto p.mCentral time, and will be glad to assist himSincerely, *** ** *** Assistant Manager Correspondence Empower Retirement