ComplaintsforFinancial Services

• Initial Complaint

  11/17/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I contacted Paul S******* office, In August 2022 who held my retirement plan from my previous employer **** **** ********** I dent with Stephanie B*** in regard to cashing out my retirement. We started this process on August 25, 2022. I signed all paperwork and faxed it to their office for release on August 23, 2022. Per Stephanie via email my paperwork was sent to Pen Checks their release company on September 14, 2022. On September 21, 2022 a check for disbursement was in process and could take 7-10 day. After waiting one month and not receiving a check and no help from Paul S******* office I tried to contact the companies that were distributing my funds. They claimed the funds had been distributed and the accounts had been closed to follow up with my financial institute. After making this phone call I received a call from Stephanie Buck stating that Paul S****** did not want to hide anything from me but my funds had been accidently distributed into someone else's account and they were trying to get that person to release the funds. I spoke to Paul, He claimed that this was an accident, he does not work for me, and I just need to wait for my funds to surface. It has been one month since that phone call and I have not herd one word from Paul S****** nor received my funds of which I worked 15 years for.

  Business response

  12/06/2022

  We are sorry that the customer was not satisfied with the service that she received.  We value all of our client relationships past and present and work to fulfill their expectations. It is disappointing when a customer makes a complaint such as the one you have received.As noted in the customer’s statement, the customer worked for **** **** ********* PLLC and was a participant in their 401K Plan. The Trustee of the 401K Plan established individual employee accounts through Financial Services and ******** ***** * **., Inc. with ********, LLC, as custodian. The 401K Plan is administered by ******* Group, which disburses funds through ********* Trust Company of America (“*********”). When an employee ends their employment, all of these entities (********, ******* Group, and *********) are involved in distributing funds from the 401K Plan to the employee.The dates set forth in the customer’s statement are generally correct. Funds were withdrawn from the customer’s 401K Plan account with ********, LLC and sent to ********* on September 21, 2022. The customer advised us that she received a letter from ********* on September 28, 2022, stating that the distribution was being processed and a check would be mailed.  The customer did not reach out to us again until October 12, 2022, and advised she had not received a distribution check. We immediately contacted ******* Group concerning the distribution and were advised on October 18, 2022, that ********* had distributed the funds to an incorrect account.    On hearing this news the customer was understandably upset. The customer requested that we provide a firm date of when she would receive funds, which we were unable to provide as correcting the error and processing a new check was up to ******* Group, *********, and ********. We were advised by ******* Group on November 16, 2022, that the customer’s check had been sent and communicated this update to the customer. The customer thanked us and told us the funds were needed for a family matter and she was frustrated by the delay.  Sincerely,Financial Services

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