ComplaintsforCBIZ RPS
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Complaint Details
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Initial Complaint
03/16/2023
- Complaint Type:
- Order Issues
- Status:
- Resolved
CBIZ is the pension company for my deceased father. He passed away in September 2020 and in October 2020 CBIZ notified us that he was due his last pension payment. We're still trying to get that payment two and a half years later. They recently (March 2023) sent a check made out to him personally which we obviously cannot cash and have repeatedly requested it be payable to the executor account as she (and my father) lives in England and that is the only way the bank there will cash it. I've called dozens of times in the last two and a half years and only today was told me it had to be made out to his estate (even though they didn't do that). I'm at my wit's end!Initial Complaint
09/08/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I am a former employee of ******************* ********. They hired CBIZ to service their pension plan. I was notified earlier this year that the plan is being terminated and I had to choose either a pay out or an annuity. I filled out the required paperwork to have a payout of the balance in my pension account. My last name had changed so I included the paperwork required to have my last name changed along with a copy of my marriage certificate. I received a check in July made to my ******** per my instructions but the check had my former last name under ******** and when I took it to ******** I was told they could not deposit it since it was not the same name on my IRA. I have called CBIZ every week since the beginning of August and they keep telling me that the new check is being processed. I was told that I had submitted all the necessary paperwork and that it was their error in not changing my last name. I have been losing interest on this money.Business response
10/07/2022
Please accept this letter as a response to the complaint filed with your company with the ID 17934105. We received your letter addressing the participant’s complaint on September 29, 2022. Our service team immediately reviewed the issue and took the appropriate actions needed for the best resolution for the participant.
Background: CBIZ was hired by the Plan sponsor to administer the termination of the Plan which is a lengthy process that started nearly a year ago. At the time the process started, the Plan records indicated that the participant’s name was provided as her maiden name. The participant elected a lump sum rollover and noted a name change on her returned election forms. Unfortunately, the name change was not captured when CBIZ sent distribution instructions to the Plan’s paying agent. As a result, the participant’s IRA custodian was not able to accept the check that was initially issued on July 29. CBIZ learned of the error on August 9 and immediately requested a reissued check from the Plan’s paying agent on August 11 that reflected the correct name. CBIZ then followed up with the paying agent on August 31 and again on September 21.
Resolution: Upon the receipt of your letter, CBIZ contacted the Plan’s paying agent and prioritized the handling of the reissued check that was still outstanding. CBIZ has since received confirmation that the reissued check was mailed to the Participant on October 4. CBIZ is also consulting with the Plan’s sponsor regarding an interest adjustment to compensate for the administrative delay which is now 2 months.
We sincerely apologize to you and the participant for the inconvenience this has caused. This is not an example of our standard customer service experience. The participant is scheduled to receive a call to inform her of the check reissue mail date.
Please do not hesitate to contact me directly with any follow-up you or the participant may need me to act on.Sincerely,
Thomas *. F*******, FSPA, FCA
President – Actuarial Division -Retirement & Investment Solutions
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Contact Information
Customer Complaints Summary
2 total complaints in the last 3 years.
0 complaints closed in the last 12 months.