Business ProfileforEmployee Fiduciary, LLC

- In September of 2020, our accountant informed us of an over-contribution to the 401(K)s of two owners of the business. We immediately informed our EF account rep, who assured us that during the annual plan testing, if their Compliance team found any over funded contributions, they would process a Correction Summary and have the money distributed back to us.- Over a year later, in October of 2021, while communicating with our rep on other issues, we asked her what was the result of the testing by their Compliance team and whether the excess contributions had been returned. To our shock, she replied that our plans 2020 testing was not yet complete! The next day, surprisingly, we were informed that our plans annual testing was completed and we received the Correction Summary for the over contributions. We eventually received checks for the excess contributions and the associated earnings and ****-Rs for the distributions of the excess contributions.- In October of 2022, as our taxes were prepared for filing for the 2021 tax year, we were informed that we would be double-taxed for the late distributions of the excess contributions (and that the double-taxation could have been avoided if the over contributions had been refunded in a timely manner). The tax penalty was significant, resulting in several thousand dollars of additional taxes due to the late return of funds. Obviously, we were not happy about this.- We asked Employee Fiduciary to reimburse us for these extra taxes. A Director said he spoke with the Owner about this issue and the Owner would not do so, and would only cover the next quarters plan fees of a few hundred dollars. They would not take responsibility for their negligence that resulted in a huge cost to us.