ComplaintsforGroup Plan Administrators, Inc.

• Initial Complaint

  12/09/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  To avoid financial hardship I wanted to close my 401K/ and take/ pay the penalty. I had to figure out through 3 different phone calls and multiple people at work and even drove to my ************ which company/ office to call/ whom is responsible for my retirement money. After I made contact on November 1, 2023 with person 1. ********* had to wait for the plan administrator because he apparently just got back from vacation. She informed me that I would have to physically come down to the office to speak with the plan administer. I ignored that direction and emailed her my work credentials informing her of my work status whom I was with photo ID. Person 1. informed me that she forwarded my information, and that my form was processed not notifying me that I was not going to be able to receive any of my money from my 401k. I followed up a month later, and was informed by person 2. ******* that I would not be able to use my funds per the institutions rules set up. I was upset and informed them that I would like my money sent to another institution or else the police would be called to escalate.

  Business response

  12/28/2023

  Dear ******************:

  Group Plan Administrators (GPA) provides administrative services for the ************************ Industry of ****** 401(k) ****************** Plan (the Plan).
  

  Earlier this month, ***************************** requested a withdrawal from his 401(k) account.
  Unfortunately, under the rules of the Plan, ************** does not yet qualify for a withdrawal.
  GPA has advised ********************** that he does not qualify and is sending him an official denial
  letter. The Plan is governed by the Employee Retirement Income Security Act and federal
  agency regulations, and so must adhere to the terms provided in its Plan Document.
  

  Nonetheless, GPA is working with ********************** to resolve his requestGPA has
  advised him of his ability to apply for a financial hardship exception, sent him the plan language
  explaining the criteria for a financial hardship, and informed him that he can request an
  application or discuss with GPA whether he qualifies. He has not done so. If **********************
  requests an application and applies, GPA will review the application and work with Mr.
  Manarpaac to determine whether he qualifies for a hardship withdrawal.
  

  We trust this is sufficient to resolve Mr. ********** complaint. Please reach out to me
  at ******************* if you have any further questions or concerns.

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