Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:08/27/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Business signed paperwork regarding a transaction and did not honor the document. They did not contact me to tell me any deviation from said signed contract. I had to contact them numerous times to get any information. The information they did provide was purposely misleading and in some cases purposely false. Refused to be transparent regarding timelines. A consult for the company contacted me to apologize and tell me they made a mistake in signing paperwork. The information he gave me regards my transaction was not accurate.I was sent a money wire with a fraction of the previous agreed to amount. There was no paperwork involved.After contacting them again to try and gain transparency in this transaction, they informed me they withheld $1200 for tax purposes but with no paperwork included, no transparency, and the difficulty in getting basic information I do not believe them. Based on the previous interactions, the lack of corresponding paperwork containing signatures, and the lack of basic transparency, I believe this company has stolen from and purposely misleading me.

  Business Response

  Date: 09/10/2024

  Dear ******************,
  
  Thank you for reaching out to us regarding your recent 401(k) distribution. We deeply regret any inconvenience or confusion you experienced during this process and appreciate the opportunity to address your concerns.
  
  Transparency and Processing Time: Your distribution request was initiated on July 30, 2024, with the necessary paperwork completed on July 31, 2024. At the time of your request, your plan, the ForUs 401(k) ***************** was in the final stages of the plan termination. As required under ERISA regulations, distributions could not proceed until the plan termination was fully processed. The distribution was initiated by our recordkeeper on August 21, 2024, and the funds were wired to you on August 23, 2024.
  
  Tax Withholding: Regarding the distribution amount, please note that 401(k) distributions are subject to mandatory federal tax withholding of 20%. This was indicated in the distribution request form that you executed when you initiated your distribution request.  Additionally, based on your selection in the form, an additional 20% state withholding was applied. These withholdings are required by law and are reflected accurately in the documentation. 
  
  Written Information: On September 3, 2024, we sent an email providing you with the following documents to clarify the distribution:
  A Distribution Summary detailing the transaction and withholding amounts.
  A Pro-forma 1099-R, which includes information that will be reported to the IRS.
  
  We understand that clarity and transparency are important to you, and we apologize for any delays in communication. We are happy to provide any further explanations or documentation you may need.
  
  Thank you for your patience, and we are here to answer any further questions or concerns you may have.
  
  Sincerely,
  ForUsAll

  Customer Answer

  Date: 09/10/2024

   
  Complaint: 22203371
  
  I am rejecting this response because:

  They did not honor a signed contract. I do not trust their word that the proper information has been or will be accurately conveyed to the **** I have not received an official document stating exactly where the missing funds have been allocated, only a loosely worded email.
  
  Sincerely,
  
  ***************************

  Business Response

  Date: 09/12/2024

  Thank you for your continued correspondence. We understand your concerns, and we would like to reiterate the steps that have been taken to ensure transparency and accuracy throughout this process.
  
  Firstly, the form you completed was a withdrawal form, which was honored and processed, resulting in the distribution of funds to you. As part of this process, we applied the appropriate withholdings for federal and state taxes, as mandated by law. To clarify, the funds are not "missing," but rather withheld in accordance with both federal tax requirements and your elected state withholding, as outlined in the form.
  
  Additionally, it is important to note that you did receive an official document. A distribution summary report was provided to you, along with the details of your 1099-R tax form, which outlines how the transaction will be reported to the **** This is the standard documentation provided for tax-reporting purposes, and we want to assure you that everything has been done in full compliance with IRS regulations. If you would like us to send these documents again, please let us know.
  
  We understand that tax withholding can sometimes lead to confusion regarding the net amounts received, but we hope this clarifies the process and the purpose behind the withheld amounts. A formal 1099-R will also be sent to you next January for your tax reporting.
  
  If you have any additional questions or need further clarification, we remain available to assist you. Our goal is to ensure that you are fully informed and confident that all actions taken are compliant with the terms of the transaction.
  
  Thank you for your understanding.

  Customer Answer

  Date: 09/12/2024

   
  Complaint: 22203371
  
  I am rejecting this response because:

  If the goal of this company was to be transparent and honest in regards to transactions, they have severally missed the ***** The original signed contract had a inaccurate information, I would have been happy to sign a new contract with the accurate amount included but I was not given that option. Thus the signed contract was not honored, leaving me with no clue as to the amount contained as well as the amount that I would be paying in taxes. If I was given a contract with the correct information in regards to both the amount of money in the account as well as the amount I would be paying in taxes, I would have rejected that. I would have not proceeded to pull out my 401K.

  Since I was given false information I could not accurate assess the situation. If I was given the correct information I would have not proceeded. Due to this companies lack of transparency I could not make an accurate assessment of my account.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:03/21/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had a 401k plan with For Us All that I requested to be rolled over to a Traditional *** with Robinhood. The estimated time for this to occur was 2-3 weeks as per the email below. The email was sent by them on 1/2/24 and included a "Plan Termination ********************* that I signed. Thus it should have been 2-3 weeks from that date where I receive my funds. It is currently 3/20/24, nearly three months later and I have not received my funds. I was charged $750 for deconversion of my plan, which is more than the $75 they put in their email. I am requested 1) that my funds be rolled over to Robinhood immediately, 2) that they refund the $750. Hello ****,In this email, youll find an online Distribution Election Form. Submission of this form initiates an outgoing rollover from your ForUsAll 401(k) where you are rolling funds over to an *** or eligible retirement plan. This option means funds are made payable to your new retirement provider. This request is a reportable transaction as all rollovers generate a tax document, but it is not taxable to you. You will receive the tax form 1099-R in January of the year following the distribution for tax filing purposes. Be sure to consult a tax advisor if you have more specific tax questions. Do not use this form if you wish to request a cash distribution. Once completed, the form is reviewed and approved by ForUsAll.Note: Please allow 2-3 weeks for review of this form and receipt of funds. A $75 transaction fee will be charged by the record keeper and deducted from your account balance. This form will expire in 30 days. If you have any questions relating to this form, email ForUsAll at ********************************

  Business Response

  Date: 03/22/2024

  ************,

  You transitioned your company's 401(k) plan to ForUsAll during 2023 and, as a result, some of your plan's contribution history occurred prior to when ForUsAll became the Plan Administrator.  This meant that as part of the annual compliance work, the recordkeeper needed to reconcile the contribution activity at LT ***** and at the prior recordkeeper.  During this review, it was determined that some excess matching contributions had to be removed from participant accounts because they did not meet the matching formula criteria.   As part of the plan termination process, all testing needs to be completed, final invoices need to be paid, any corrections need to be completed and then any forfeiture balance in the plan needs to be allocated across the participant accounts on a pro-rata basis.  This needs to happen before distributions can begin.  We expect that the final adjustments will be processed within 7 business days.  After that point, the recordkeeper will release the distributions.  The recordkeeping agreement  that you signed with LT *****, spelled out the Plan Termination Fee which ranges from a minimum of $750 to a maximum of $2,000.  This is a plan level fee and is customary when terminating a plan because testing and compliance work needs to be done as part of the shut down.  The $75 distribution fee is a participant level transaction fee.  This is charged by the recordkeeper because they will need to prepare and send you a 1099 and will have to process your distributions.  The distribution fee was outlined in the recordkeeping agreement that you signed and in the participant notices that you received when you moved the plan to ForUsAll and then again in Nov.  

  I apologize for any confusion that you have had about the timing of your distribution.  I will work with the team to make sure they set the correct expectations going forward.  We are unable to refund any of your fees.

   

• Initial Complaint

  Date:09/11/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This business facilitates 401(k) for businesses. When separating from the job who I was paying the 401(k) through, I ran into problems on their website with trying to withdraw. That issue alone took almost 2 weeks to resolve. Once they sent me a manual form to fill out, I was assured it would take 3-4 business days to process but now their support is saying I will have to wait an excess of 10+ business days before I see any of my money.Not to mention, they invested all my 401(k) funds into a single place Vanguard. No diversity at all. Terrible management. Multiple reviews online account this company stealing money, lying about processing times, etc. ************ should lose its license.

  Business Response

  Date: 09/22/2023

  This complaint completely mischaracterizes the issue that ***** experienced. 

  1)" Not to mention, they invested all my 401(k) funds into a single place Vanguard. No diversity at all. Terrible management" - This is fundamentally untrue. ******* funds were invested into a Vanguard target date fund which is an exchange traded funded comprised of multiple investments that is actively managed by vanguard.

  2) "I was assured it would take 3-4 business days to process" - We never quoted ***** this timeline. He is referring to timeline listed on the form which only includes the processing time from when the record keeper receives the form but does not include the time that it takes us to collect the signatures from the necessary parties. We only quoted ***** the 10 day business day time frame which includes all of our processing time as well as the 3-4 days our record keeping partner requires

  Please let us know if you have any further questions!

  Thanks,