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Complaint Details
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Initial Complaint
05/18/2023
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
A check we mailed to Mission Square Retirement and with a forged endorsement was cashed. Our Bank needs a notarized affidavit from Mission Square Retirement that he endorsement on the check was not made by them. It has been impossible to speak with anyone other than a customer service person who types our question to someone (who it his someone). I wait on hold for the someone to type back, and this just goes on and onBusiness response
06/22/2023
June 22, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 8, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from a participant in a retirement plan administered by MissionSquare Retirement regarding a request for documentation.
Upon research into this matter, the requested documentation has been sent to the individual.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsCustomer response
06/26/2023
[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.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
***********************Initial Complaint
05/11/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
I have a *** retirement account with MISSION SQUARE RETIREMENT (MSR). The *** account allows employees to receive retirement distributions when they leave employment, regardless of the person's age without early withdrawal penalties, as per Federal Law. When I received my 2022 1099-R's from MSR they sent me one stating that a portion of my distribution was subject to early withdrawal penalties (10%). I've been receiving distributions for years with no penalty until 2022. I called MSR on 4-12-23 and spoke to a customer service representative who informed me the 1099-R was incorrect and that a new one would be emailed to me in 5 to 7 days, which I never received. Can we get a copy of this recorded conversation? So, after 3 weeks I sent a message via MSR's Website inquiring about the new 1099-R (messages attached). MSR responded by saying that it was now too late to correct the 1099-R and that my distributions are not subject to early withdrawal penalties (yet the 1099-R they sent me states that I did withdrawal the funds early and is subject to a 10% penalty that I will have to pay when I file my 2022 taxes). MSR will not explain or even a knoledge their own contradictions. MSR sent me a 1099-R that states a portion of my distribution is subject to earl withdrawal penalties, while at the same time telling me they are not subject to such penalties. Further discussions with MSR is futile, which is why I'm filing this complaint.Business response
06/19/2023
June 16, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 3, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding a 1099-R form that was sent to him regarding his retirement plan account administered by MissionSquare Retirement.
Upon research into this matter, an updated 1099-R form is being prepared and will be mailed to the individual.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
04/24/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
I have sent in the proper paperwork to this company for a rollover. I began this process in Feb. 2023. However, they keep lying to me and saying they are expediating my rollover, and it's now 4/24/23. Also, they keep saying I am working for my Employer in **. However, they have the dates from my Employer and VRS stating I separated from my job on 1/31/23. However, this is the same excuse they keep giving me. I spoke with several management and nothing has changed. Also, as of Friday 4/21/23- they took $462.35 out of my money, yet I asked for a rollover, but they have the opportunity to do this. When I asked why this happened, they responded they do not know, yet this is on my account. I really would like the rollover to happen asap before any other money is removed from my money.Business response
05/19/2023
May 19, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated May 5, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding her attempt to transfer her retirement account administered by MissionSquare Retirement to a third-party financial institution.
Under applicable law and the terms of the individuals retirement plan, the individuals retirement account transfer could only be processed if she had separated from service with her employer. On the account transfer paperwork she submitted in February 2023, she reported she was currently employed. In addition, our records indicate the individual is still employed, which has been confirmed to us by her retirement plan sponsor, most recently in April 2023. We will continue to review the individuals employment status to determine when she is eligible for an account transfer to a third-party financial institution. In addition, based on our review we have found no evidence of a $462.35 withdrawal from her retirement account on April 21, 2023.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice PresidentClient Experience Operations
Initial Complaint
04/21/2023
- Complaint Type:
- Product Issues
- Status:
- Resolved
Company (Mission Square Retirement) refuses to rectify "blocked from financial activity". For months I have not received a call back from a supervisor(s) in Escalations to remedy what is believed to be a software issue after merging with **** **. I am unable to access funds in my retirement account ****. As such the company is depriving me of said funds in the amount $194k. I am also unable to roll out funds to another institution/vehicle which provide a greater return on my invested funds.Customer response
05/08/2023
** **** *** ** **** ** ***** ** ************* ******************* ****** *******So, the block was lifted and the funds were sent to my bank. But, only AFTER I advised of complaints filed with BBB, **** **** ***** and my employer.However, my 2nd complaint is they sent said 6 digit funds in the form of a check via standard mail with no tracking. Very irresponsible.Initial Complaint
04/20/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Mission Square is a retirement investment company that handle the deferred investments for the City of ****** employees, which a few years ago took over from **** *********** for our 457 deferred investment plan. Originally with **** *********** in making changes to our accounts were easy by electronic forms, but after Mission Square took over you have to submit physical forms instead. I made a change to increase my withdrawal from 20% to 24% to the IRS to keep up with my taxes. I filled the forms out as instructed by their customer service rep and faxed them over from my bank, unfortunately the rep had me check the wrong box and screwed up my distribution amounts that are electronically posted to my checking account and to the IRS. I contacted Mission Square of the mistake and was instructed fill out forms to cancel the REM distribution and another form requesting the original distribution over again. Then the next month of April the fix wasn't done, and the distribution was wrong again. Called them again and was told they have a backlog of updates and would put an expedited order in to fix it faster. Because of the mix-up I received an over $400 check I didn't want. I was told it would be fix next month. Next month of April it not only wasn't fixed, but I also didn't receive my normal distribution at all. I was going to pay half of my property taxes with that. Also, another unwanted check for $212.93 was sent according to their email, but I never received the check. I was told they would have to open a case to investigate those problems as well. My distribution of funds for each month keeps getting delayed and worse. I then contacted the City of ******, Pension Department and was told the City couldn't help me. I need help or am I going to wait and wait for months for a resolution to my problem at the mercy of Mission Square? I understand from my sources that BBB had to resolve 72 complaints with this company so far and has a D- rating.Business response
05/19/2023
May 19, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated May 12, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding distributions he requested from his retirement plan account administered by MissionSquare Retirement.
Upon research into this matter, we have determined the individual’s requested distribution for the month of May was processed properly. Further, the distribution sent in April in the amount of $212.93 is not missing; rather, our records reflect it was deposited directly into the individual’s account via ACH transfer on April 5, 2023.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
04/18/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am requesting that the company release the hold on my account so that I may withdraw funds. I have contacted your organization several times to withdraw my funds. On April 11, 2023, after numerous phone calls to customer service over three weeks when no one seemed to know why I could not access my account. I finally spoke to a customer service representative who found that a hold was placed because of a QDRO. On April 12, 2023, I sent a fully executed QDRO as requested to resolve the issue as to why my account was on hold. I have spoken with two more customer services representatives who confirmed that the QDRO was received and forwarded to the QDRO division. I still do not have access to withdraw funds. Attached is the QDRO, Awarding the Alternate Payee (my ex-husband) 50% of the total vested account balance, valued as of August 21, 2015. Also, my Quarterly Financial Report for my 401 Managed Account from July 1, 2015 – September 30, 2015. The total in my account at that time was $11,125.66. Either I was vested by August 21, 2015, or not. The Plan Administrator at that time did not distribute the $5,562.83 to the alternate payee for whatever reason, thus not allowing me access to the $175,000+ currently in my account.Business response
05/21/2023
May 19, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated May 11, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding her inability to access her account administered by ************* Retirement due to a hold on her account related to a Qualified Domestic Relations Order (****).
Upon research into this matter, the QDRO has been processed and the hold on her account has been removed.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
04/03/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
On 9/4/2022 I put in an order to transfer $36,195.04 (my entire account balance) from my ************** Plan (***) account to Mission Square Retirement (formerly ICMA). I have an existing account with Mission Square (opened in 1993 with ICMA). TSP sent the check on 10/24/2022 and told me it was cashed on 11/14/2022. My point of contact with Mission Square Retirement (MSR) has been *******************. To speak with her, I have to make an appointment for her to call me. My last conversation with ************** was on 1/31/2023. I gave her all the info I had on the check, including who it was cashed by, and informed her that she needed to initiate phone calls with me to keep me apprised of the situation, as I had entrusted my money to MSR, and after 4 months of doing all the work on my own to find out what happened with my money, there was nothing else I could do. She seemed to understand and agree. I have not heard a word from ************** or anyone at MSR since then (1/31/2023). As of this date, my $36,195.04 is still out there "somewhere." My husband has been investing for 34+ years, with numerous financial institutions and has done numerous transfers between institutions. He is appalled by the lack of concern MSR has shown to me and is also concerned that this company may be a sham or shell company. He believes that any legitimate company would at least give me the courtesy of a weekly phone call to let me know what actions were being taken to find my check. He thinks that unless this is such a common occurrence with MSR, that the *** should be aware of my situation and personally directing staff accordingly. I have contacted the U.S. Treasury and they are now involved in finding out who exactly cashed my check and whether anything criminal has occurred. As busy as I'm sure the U.S. Treasury is, they have been more communicative with me than MSR has been, which is not hard to do since MSR has not once initiated a communication with me since this began over 6 months ago.Business response
05/12/2023
May 12, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated May 2, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding her attempt to transfer funds to her retirement account administered by MissionSquare Retirement.
We are currently in the process of reaching out to the participant to discuss the status of her transfer request.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsCustomer response
05/25/2023
[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
Complaint: ********
I am rejecting this response because:I do not want to reject the business response at this time. During the timing of complaint and business response, I was on a 15 day vacation in a 3 hour difference time zone. I did not have documentation with me to provide the business information they needed to be able to expedite a resolution to the complaint. I did in fact have a discussion on May 23 with respondent and I emailed the info he requested that day. I talked to the BBB today (May 25)and was told that I must either Accept or Reject the business response today. If I Accept the case will close. If I Reject I can explain that the business is working to resolve the problem now and it would be unfair to them not to allow them to proceed to solve the complaint.
Regards,
***********************Customer response
06/05/2023
Tell us why here.. My complaint has not been resolved. I wish to know details as to why nothing was done to locate my funds. My check was cashed on 11/24/2022 and I notified Mission Square of the details on the check. I was told by ******************* that the P O Box on the check was a dedicated box for Mission Square only and addressed FBO (For Benefit Of) me personally and that there was no need to worry as to whether or not their firm would receive the money as addressed. I made several phone call requests to ******************* and she always responded that she would expedite the matter to her Supervisors/ Managers. I made contact with Mission Square through Secure Messaging also with no results.
I want to know why absolutely nothing was done to locate the funds and I was never contacted regarding the status of my request for locating my funds since November 2022 until I contacted the BBB and then received phone calls from the Rollover Manager at Mission Square in May 2023.
I had no alternative but to notify *** myself to find out if another check could be issued. They said that it was possible. However, the Treasury found that the check had indeed been cashed, so the U. S. Treasury Department had to send me a number of forms to fill out and return to them so they could investigate the matter. I received a letter from them two days after returning from vacation on May 22, 2023. They said that forgery was involved and they would be sending the funds back to TS* and the roll-over would be attempted again.
I deserve an explanation from Mission Square. I think that I should be allowed to know exactly who forged my check, and what they face in the judicial system and that I should be kept up to date regarding the prosecution of the case.
I initiated the rollover on 9-4-2022. The check was mailed 10-24-22. The check was cashed 11-14-22. It is now 06-05-23 and I still to not have the funds in my Mission Square Account..Business response
06/23/2023
June 23, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated June 9, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received additional comments from an individual regarding her attempt to transfer funds to her retirement account administered by MissionSquare Retirement.
We are currently processing the individuals transfer request and we have been in contact with the individual.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice President
Client Experience OperationsInitial Complaint
04/03/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
When **** was switched to Mission Square, i no longer have access to my 457 account. Apparently, from calls with Mission Square, my SSN that is now assigned to my account is not my accurate SSN, which was entered correctly under ****. During the switch, Mission Square incorrectly entered my SSN. They cannot tell me the SSN that is in my account. Thus, i cannot log into the system to access my account. Despite calls for correction to Mission Square, they told me to go through my prior employer (city of ******), where the **** account was created. The City told me that my SSN is correctly entered in their accounts, and is consistent with my actual SSN.Business response
05/11/2023
May 11, 2023
Dispute Resolution Team
BBB of Metropolitan Washington DC and Eastern Pennsylvania
1411 K St. NW, 10th Floor
Washington, DC 20005
Re: Better Business Bureau Complaint ID Number ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated May 1, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan Washington, DC and Eastern Pennsylvania (“the BBB”).
According to your letter, the BBB received a complaint from an individual regarding an account administered by ************* Retirement after the individual was unable to access their account because the individuals Social Security Number was incorrect in our system.
Upon research into this matter, the individuals Social Security Number is now updated in our system.
If you have any questions or concerns, please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing Vice PresidentClient Experience Operations
Initial Complaint
03/31/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
My wife ******** and I worked for *********************** for 25+ years and began putting into ICMA-RC (Now Mission Square Retirement) for 18+ years when it was first offered to employees. My wife ******** passed away in November 2019. I retired in December 2021. On February 2, 2023 I contacted Mission Square Retirement and submitted (FAX with confirmation of receipt) the needed forms, Death Certificate and Photo Identification to rollover my and ********'s 401K, 457 and an *** to ********, LLC. My 401K and 457 monies were transferred without issue within just a few days, however, ********'s monies did not. On 2-25-2023, I submitted my Photo ID a second time at their request. 2-15-2023 I submitted an *** Inherited Account Form at their request. On 2-23-2023 I resubmitted all forms and Photo ID at their request. On 3-2-2023 "******" advised files were misplaced electronically, that she placed them in the proper location and advised funds would transfer in 2-3 days. On 3-9-2023 "********" advised she did not see the forms or the Photo ID, I asked her to have "******" call me, no call. On 3-13-2023 "******" advised all forms were in and that I would receive a call within 48 hrs. to advise me when the funds would be transferred. No Call. On 3-20-2023 spoke with Supervisor "******" who stated all paperwork was in the proper files, but I needed to submit a new *** transfer form, however, the 401K and 457 should transfer in a few days. It is not 3-31-2023 and there is no movement of the funds.Business response
05/09/2023
*** ** **** ******* ********** **** *** ** ************ ************* *** ******* ************ ********************************* ************** ***** *** ****** ******** ****** ********* ** ****** ********
Dear Dispute Resolution Team:
This letter is in response to your letter dated April 29, 2023, regarding a complaint filed with the Better Business Bureau of Metropolitan ************** and Eastern ************ (the BBB).
According to your letter, the BBB received a complaint from an individual regarding an account administered by MissionSquare Retirement subsequent to the individuals attempts to transfer the account.
We are currently in the process of transferring the account. A member of our client services team will reach out to the individual to provide information regarding the status of the transfer.
If you have any questions or concerns,please feel free to contact me at the contact information provided below.
Sincerely,
*****************
Managing ************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************* Client Experience OperationsCustomer response
05/12/2023
[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.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
*****************************Initial Complaint
03/27/2023
- Complaint Type:
- Product Issues
- Status:
- Resolved
MissionSquare Retirement handles *********** Deferred Compensation for state employees, of which I have paid into, and am seeking a payout. I am entitled to a payout because I no longer work for the state of ********, but over the last TEN TIMES that I have called them for my payout lump sum, they keep redirecting me to call back: first time, it was implied that I wasn't who said I was because I failed test questions that were not about me; second time, they knew that it was me, but they had the wrong hire date; third time, the hire date was corrected, but not the other date; fourth time, the dates had been corrected, but the payout was still being processed; fifth time, the money should be in my account within the next couple of business days; sixth time, the payout was still being processed (a week later); seventh time their file show I was payed out on March 16, 2023, but the money was never received by bank, nor showed up in my account; eighth time, I was given the check numbers of the two deposits that were deposited into someone else's account, but not mine; ninth time, the case was being investigated, but still no results, so call back; tenth time, I requested a supervisor, but she just went to lunch; eleventh time, the supervisor called me and stated the case was being investigated, so shell call back once she has more information…but nothing right now and my 401k and retirement account show a $0.00 balance now.Customer response
04/07/2023
---------- Forwarded message ---------
From: ************************* <**********************************************************>
Date: Wed, Apr 5, 2023 at 10:11 AM
Subject: Forward from complaint ********
To:<[email protected]>
******************* <***********************************.com>
Tue, Apr 4, 11:33 AM (21 hours ago)
to me
In regards to complaint number ********: I am withdrawing the complaint, due to the business paying the amount that was owed to me. Thank you for your time and efforts.
On Mon, Mar 27, 2023 at 08:30 <**********************************************************> wrote:
*******************
******************************
Belleville, IL, 62223
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Contact Information
Customer Complaints Summary
140 total complaints in the last 3 years.
32 complaints closed in the last 12 months.