ComplaintsforRetirement Clearinghouse, LLC

• Initial Complaint

  07/18/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  MY HCA 401K money was sent to this company (RCH) after separating from them in 2022. I've been attempting to rollover into my Federal TSP account but only options offered on the website are to open an *** with RCH or cash out. I want neither. I also don't want to pay a fee for "individualized help" as it seems it is a scam. Multiple attempts to communicate with RCH have been made and unsuccessful as all emails are automated responses and all numbers listed (have a list of all the numbers attempted and listed, if needed) are disconnected. I need them to communicate IN WRITING via LISTED EMAIL ************************ with CLEAR directions on how to rollover MY money, whether it be by sending me a check for the amount or directly into my current 401K account, any and all forms needed to complete this process, and the name of a Representative for RCH that can be contacted DIRECTLY if my broker or I have any questions or find any roadblocks in the process. Thank you!

  Business response

  07/26/2024

  We have looked into the issues that ********************************* had reaching Retirement Clearinghouse and we believe it was a phone issue on our end with calls from ************  We were able to get in touch with ********************************* on 7/19/2024.  As of this morning, we do not see she has been in contact with our group that handles rollovers to the ********************** Plan, so we are going to email her their direct phone number and call her to help initiate her rollover.  

• Initial Complaint

  06/24/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I am very disappointed and concerned with Retirement Clearing House. My past employer of mine had rolled over my Vanguard account to *** due to the amount on my account. I started a new job with a 403b and thought it would be a good idea to just roll the *** account to my new 403b. I contacted *** and they sent out the check so I can send this to my new 403b. I requested in May and I did not get it in the mail (note i never had issues with my mail as I received notification from *** before). I reached out and they recommended I do a replacement so I did early June. I waited another 7-10 business days for this just to find out when it did not come the second time - someone fraudulently cashed out this check. This is suspicious and confusing how this could have happened. I wish they initially offered a tracking number for the mail sent to me in the beginning of this situation and not make it a guessing game. This is scary and frustrating as I just wanted a simple transfer to my new retirement plan. I have still been in contact with a representative with ***, but I have low confidence in this company and I hope this is resolved as soon as possible.

  Business response

  06/27/2024

  Retirement Clearinghouse has been working closely with ********************* over the past two weeks to locate her rollover distribution check.  Even though the check was made payable to her Rollover IRA provider and sent to her address, it appears the check has been stolen and cashed by a bad actor.  Our management team has partnered with ************ and our bank to begin the fraud investigation process to determine what happened to the check, and what steps we can take to recover the funds for ************.  This process could take some time, but we will continue to work closely with ************ until the investigation is completed.  

  Customer response

  06/27/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to my complaint and find that this resolution is appropriate. This is still an ongoing issue as we are still going through the process of Fraud investigation to be fully satisfied.
  
  Thank you. 
  

• Initial Complaint

  05/20/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had a defined benefit retirement plan with TIAA through the *********************. I am no longer employed there. A few months ago, the University provided an option to withdraw or roll over the funds in the plan. I rolled the full amount into an **** but it appears my old account accumulated 1 cent in interest after the rollover. I received a notice from Retirement Clearinghouse stating that on May 10, 2024, the 1 cent balance was put into an *** with them. They indicate there are service fees for maintaining this 1 cent account. I tried to call them to try figuring out how to get this ridiculous 1 cent account closed, but the phone number, which appears several times in the letter, is disconnected.

  Business response

  05/20/2024

  Retirement Clearinghouse would be glad to help *********************************** with this account.  We can be reached at ************, Monday-Friday, 8:00 AM EST to 7:00 PM EST.

• Initial Complaint

  04/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I had an *** with my previous employer, Autonation. who then performed a direct rollover to Retirement Clearinghouse. I NEVER REQUESTED A ROLLOVER, SO I REQUESTED THE MONEY TO BE ROLLED OVER INTO AN *** AUTOMATIC INVESTING ACCOUNT WITH *****************. WHEN I GOT THE 1099-R FORM THE DISTRIBUTION CODE IS A 1 INDICATING EARLY WITHDRAWL. I HAVE CALLED THEM TWICE AND WAS TOLD AT THE **** THEY WERE NOT ABLE TO DO A DIRECT ROLLOVER. SO THEY SENT ME THE MONEY AND I IMMEDIATELY DEPOSITED IT INTO MY *** ACCOUNT WITH ********* THE ISSUE IS MY TAX ADVISOR SAYS IM GOING TO BE PENALIZED AND TAXED ON MY RETIREMENT EVEN THOUGH I IMMEDIATELY REINVESTED IT. I WENT TO CHASE BUT THEY DONT HAVE ANY TAX DOCUMENTS FOR 2023 AND TAX DEADLINE IS THE 15TH OF APRIL. THIS IS UNACCEPTABLE AND RCH NEEDS TO BE REPREMANDED FOR THEIR ACTIONS. I REFUSE TO BE TAXED ON MY *** DUE TO THEIR MISTAKE. I DONT EVEN KNOW WHY THEY SENT ME THE CHECK WHEN I PROVIDED THEM ALL THE ACCOUNT INFORMATION FOR THE ROLLOVER. I AM CURRENTLY ON THE ***** WITH THE *** TRYING TO RESOLVE THIS ISSUE. ALL IM ASKING FOR IS THE 1099-R FORM TO BE AMENDED FROM DISTRUBUTION CODE 1 EARLY WITHDRAWL TO DIRECT ROLLOVER DISTRIBUTION CODE G DIRECT ROLLOVER, EVEN THOUGH IT WAS AN INDIRECT ROLLOVER DUE TO THEIR MISTAKE. I JUST DONT WANT TO BE PENALIZED AND PAY TAXES ON MONEY I NEVER SAW/USED/ SITTING IN AN *** CURRENTLY

  Business response

  04/17/2024

  A Manager from Retirement Clearinghouse spoke with ******************** on 4/10.  We reviewed the situation with him and assured him that there would not be an issue with his taxes based on how his rollover was processed.  ******************** understood the explanation and seemed satisfied with the result.

  Customer response

  04/17/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to my complaint, and find that this resolution is satisfactory to me.
  
  Thank you. 
  

• Initial Complaint

  03/11/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  After I quit my previous job in November 2023, the employer sent my retirement savings to this company. I had no say in this decision. I tried to transfer my balance to my new account and was told that they could not do it electronically and I would have to wait to receive a check in the mail and send that check to the address of the new company myself. After a few weeks, I still had not received a check so I called customer service and was told they would send another. Instead, I received a form to fill out which had to be NOTARIZED and mailed back to them just to have to wait for them to send another check. I was told the funds could not be electronically transferred to my 403B or my *** even though it clearly states online that the transfer is done ELECTRONICALLY and not by check!!! It is absolutely insane that I have to pay money out of my own pocket to get a piece of paper notarized so that I can get a check mailed to MY HOME that is addressed to the other company. None of this makes any sense and I have never dealt with anything so absurd in my life. At this point Im not even sure if this is a real company or HCA just sent thousands of dollars in retirement savings off to a scammer.

  Business response

  03/18/2024

  ********************* was an active participant in the *** 401(k) Plan (Plan) until November of 2023.  Once she terminated her employment with ***, she received a letter from Retirement Clearinghouse (RCH) notifying her of the options she had with this account.  Her account was never sent to RCH as she mentions in her complaint.  The role of RCH is to assist with her options and take distribution request on behalf of the Plan record keeper,Conduent/B-Connected. 
  
  ************** called RCH on 12/14/2023 and requested her account be rolled over to *** with another company. We sent those instructions to Conduent, and the check was issued to her address of record.  ************** reached back out to RCH on 1/24/2024 to notify us that she had not received her check.  Following our standard procedures,we transferred her to Conduent to request another check be issued.  The policy for the Plan is to request a notarized form requesting the original check be stopped and another request issued.  Additionally, the plan does not send funds electronically to other *** or 401(k) providers, and they send the checks directly to the participant to forward on to their *** *************** The only option to send funds electronically is a cash out where the participant provides their own bank account information to receive the funds. 
  
  Prior to responding to this complaint, RCH attempted to reach ************** and explain the situation, but we did not hear back from her.  While we can certainly understand the frustration of not receiving the original check, the claim that RCH isnt a real company or scamming retirement money are completely false.  ************** will need to work with Conduent to complete this transaction.  

• Initial Complaint

  11/13/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I closed out my account in the beginning of November. By default a box is check electing to not have federal taxes withheld. Taxes were still witheld without my authorization. Also a dividend posted on 10/31 and did not receive it in my final amount that requested closed in November. I'm looking to have my taxes withheld returned to me as well as my remaining balance. They already charged me $30 to close my account.

  Business response

  11/21/2023

  ******************** requested a cash out of his Retirement Clearinghouse (RCH) *** online and elected to have federal taxes withheld.  RCH withheld $281.36 as instructed.  Once taxes are withheld, we are unable to reverse the transaction.  However, if he does not owe taxes for tax year 2023, he can recoup that amount on his 2023 tax return.  There was an $11.38 trailing dividend that was sent as a separate check to ******************** on 11/15/2023.

• Initial Complaint

  07/06/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Both the Contact Us button and Withdrawl Buttons are INTENTIONALLY DISABLED using their interface. I have used several devices and web platforms and I can verify that they have made it impossible to close an account through the web portal. FOR SHAME.

  Business response

  07/11/2023

  Upon receiving this complaint, Retirement Clearinghouse (RCH)immediately reviewed ********************** account and we were not able to replicate the issue with the Contact Us or Withdrawal Buttons.  We pride ourselves on allowing our customers to access their account 24/7 through our website, and would certainly never intentionally disable functionality.  We apologize for any technical issues with his account on-line, and any inconvenience caused by being unable to close his account via our website. 
  
  ******************** sent in a distribution form to close his account on July 6, 2023, prior to RCH receiving this complaint.  His distribution request was processed that same day, and one of our ************** managers called him and left a message to let him know that his account was closed. As a gesture of goodwill to ********************, we waived the account closing fee.  He should be receiving his distribution check this week. 
  
  

• Initial Complaint

  05/24/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I hate this company. They delay every chance they can to allow you to remove your funds. I went through the process of updating my info, email, had to wait a week for some dumb arbitrary reason. Logged back in today to close my account. 5/23. I got to the final screen, and clicked everything applicable, then clicked "complete withdrawal" button, and it won't budge. I tried on Brave Browser, and I also tried on internet explorer. The complete withdrawal button only appears when you select all necessary options. I have also been charged fees arbitrarily even though i never called or contacted them. I WANT MY MONEY OUT, ACCOUNT CLOSED, AND FEES REFUNDED.

  Business response

  05/31/2023

  Response is attached.

  Customer response

  05/31/2023

   
  I am rejecting this response because:
  

  Retirement Clearing House has not formally responded with anything material, and only attached a document of their account of the events. They have not closed my account yet, or at least the check has not arrived. I was told by the manager I would get an email when it was closed, I have not. They also charged me arbitrary fees for calling/closing the account, and put up 2 different barriers to me closing my account. The company has not made anything right or corrected anything whatsoever.

  If I do not receive my money within 15 days of making an attempt to cash out the account, i will bring a suit in circuit court.

  
  

  Business response

  05/31/2023

  The distribution from Mr. ****** account was requested on Friday afternoon.  Due to the Memorial Day holiday on Monday, the distribution was completed today.  The check will be sent out Thursday and should take 5-7 days to arrive at his address.  

• Initial Complaint

  04/06/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I received a letter from retirement clearinghouse dated January 24, 2023. When I called to find out more information about this account that I had no knowledge about the customer service rep was completely a knowledgeable and offered no help. Instead, I was asked to go online and create an account which I attempted to do. I have created credentials for an account that the website wont let me access because I want to cash out of this account immediately. When I have tried to contact retirement clearinghouse at every number, listed online and on the letter that I received, the number is disconnected and does not allow for calls to be made to this company. I would like to cash out my money because with everything that I have experienced so far, it feels fraudulent .

  Business response

  04/07/2023

  One our Managers reached out to ******************** yesterday by phone.  We were able to explain why the account was established, and processed a distribution from her account at her request.  ******************** seemed satisfied with the interaction, and we now consider this matter closed.  

  Customer response

  04/10/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to my complaint, and find that this resolution is satisfactory to me.
  
  Thank you. 
  

• Initial Complaint

  04/03/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  My former employer rolled over money from an ERISA settlement into an account with Retirement Clearinghouse. I received a letter from RC on 3/21/2023 notifying me of this action. The current balance is ****** as I contacted RC today. The monthly service fee is **** and the distribution/account closure fee is *****. The fees are exorbitant. I do not think it is fair that I continue to be penalized in this manner. The distribution/account closure fee is greater than 21% of the entire sum in the account. I also never received any notice from my former employer notifying me of this settlement and rollover.

  Business response

  04/03/2023

  Retirement Clearinghouse (RCH) was hired to accept settlements as part of a class action law suit filed against the ********************************** Retirement Savings Plan (Plan).  As part of our contract, we agreed to charge our standard *** fees of $2.50/month and a $30 account closing fee.  RCH established Safe Harbor ***'s for each of the former participants in the Plan and received money to be credited to their *** *************** Once the investments were made in each of the ***'s, we sent out confirmation notices to the individual *** ************* *********************** was a former participant in the Plan, and RCH received $144.01 to invest in her *** on 3/6/2023.  She reached out to RCH on 3/31/2023 and requested the paperwork to roll these funds into another ***.  

  RCH charges a monthly fee rather than an annual fee to reduce the amount paid by *** customers who move their money out soon after receiving confirmation that they have an *** with RCH.  Our fees are well in line with the industry and needed to help us cover the cost of establishing the account, executing a trade upon opening and closing the account, sending tax statements including IRS forms **** and ****, producing and sending a distribution check to a new ***, mailing confirmations and annual statements, call center availability, on-line access and account security.

  The link below should give ************ more information regarding this settlement.  RCH has done nothing other than fulfill our obligations as the Safe Harbor *** provider, and we will not be waiving any fees for this account.

  ******************************************************************* University ERISA Settlementc/o Settlement Administrator1650 ***************************************************************:(888) 874-1788EMAIL:********************************************

   

  Customer response

  04/04/2023

   
  I am rejecting this response because: I read similar complaints to the BBB about this company waiving fees and allowing other individuals to roll their *** over to an *** of their choosing.  I would like to see that they do the same for me and waive the exorbitant $30.00 fee.
  
  

  Business response

  04/06/2023

  RCH takes BBB complaints very seriously, and each case is reviewed to determine if any mistakes have been made by our firm.  The decision to waive fees is made on a case by case basis.  In this particular situation, there is no error or reason that would result in the need to waive any fees.  However, as a courtesy to ************, we will waive the distribution fee, and we would be glad to take her *** transfer instructions over the phone.  I have noted her account to make our call center aware of these arrangements if she would like to call and process the *** *********************

  Customer response

  04/07/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to my complaint, and find that this resolution is satisfactory to me.
  
  Thank you. 
  

*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. ↩