ComplaintsforPCS Retirement

• Initial Complaint

  07/21/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I left my previous company and now employed at ***** I requested a distribution roll over 2 months ago They sent me something looks like a deposit slip or check that states on it not a check non negotiable.I sent this to net benefits the new company that handles my new job 401k Net benefits stated today that they cannot roll this over cause it says it's not a check and it's non negotiable So I called Pcs retirement but no one is answering and no one calls back When I log in it shows 0 balance ?! It's only 2+k but still it's my money and I earned it. So I don't know what's going on big company like that should not be able to do this.

  Customer response

  08/24/2023

  I asked for a roll over distribution 2 months ago they did not send it to my new 401 I got a call from them stating that they will correct this , nothing was corrected and now close to 2 months plus and no resolution. I called 3-4 weeks ago they recommended I fill a form to stop the first rollover distribution and they would start new one but nothing rolled over yet. the company owe me this money and they never answer the phone when you call, and if you request call back they will not call you. Every agent I spoke to told me a different story by far and after working full time with many 401 K companies, this company is the worst to deal with. stay away from them if you can
  
  Desired Outcome:
  I need my owed money rolled over from PCS 401 K to my new 401 K account

  Business response

  08/31/2023

  This customer spoke to an agent each of the times he called and didn't abandon the queue.  He terminated employment and PCS had a check sent on June 6, 2023 for the balance of his funds.  The check was not cashed and the receiving company, ********, asked the participant to request a stop/reissue due to the mailing allegedly being lost by the USPS. The stub that he received and submitted to ******** is the proof of mailing we send to participants so they are aware the check was sent to their receiver.  It is far more likely that the check was lost internally at ********.  The stop/reissue was filed by the participant on August 9, 2023 and was processed within 6 business days.  The new check was mailed on August 23 and should have been received and cashed by now.

• Initial Complaint

  07/10/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  PCS handles my retirement funds. I have tried calling several times. The automated phone system rings forever and then eventually takes your number promising a return phone call. They never call back. They are impossible to get in contact with. When they do actually respond, the information is never responsive to my request. This company holds my entire retirement account, and their lack of responsiveness has prevented me from rolling my funds into my new employer's 401k plan for 3 months. The entire situation is unacceptable.

  Customer response

  08/07/2023

  Good Morning:

  I am following up on this with an update.  I was finally able to get in contact with someone on from PCS.  My rollover request was approved on July 17, 2023.  The funds were withdrawn from my account.  I was told that they funds would be overnighted to me (I paid extra for this) and I would have the funds in hand in 5 business days.  It's August 7, 2023, and I have not seen the funds come through.  PCS has not been responsive to my requests for additional information and a resolution.  I opened a support ticked on August 2nd.  I have called several times since then.  This morning, I have was finally able to get someone on the phone.  I was told that the rollover is still "pending" and they will need to do more research to find out what happened.  At this point, my entire retirement funds are essentially missing.  The funds have been out of the market for at least a month, and I am suffering significant financial damage from this.

  These people are supposed to be the fiduciaries of my retirement funds.  I just want to be done interacting with this company, and these business practices are abhorent.    I'm at a complete loss of how to fix this.  Please help.

  Business response

  09/01/2023

  I will say for now that ************** is taken care of, but I will provide a summary of the experience.

  Business response

  09/05/2023

  ********************************* submitted an online rollover request on 7/13/23 per DIST-******-******.  Plan Sponsor approved the online request on 7/17/23 and check was issued on 7/19/23 and sent overnight mail as requested.  ******* website the check was returned to sender (Tracking # ******************) and no additional details provided on the website for reason it was returned.  Per case number ******** opened on 7/17/23 (assigned to *************************) the ptp advised us he received an email notification the request was completed and confirmed the payee was not accurate.  ****** followed up with the ptp on 7/19/23 advising him the *** was accurate per ****** Website and case was closed.  PTP called on 8/8/23 advising us check had not been received and ************************* emailed the participant the stop payment form required to reissue a new check.  Per case number ******** ********************************* submitted Stop Payment instructions on 8/9/23 and new check was overnighted on 8/10/23 at no cost to the PTP.  Check has been received and cleared per ****** ********* Site. 

  Customer response

  09/05/2023

  [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 this issue has been resolved.  With that said, I do not find their response satisfactory.  It took them over a month to return client money.  That is UNACCEPTABLE business for a fiduciary of somoene's finances.  Of particular note, the business overnighted the funds and never provided tracking information - despite charging extra for overnighting.  Had they provided this, the situation could have been resolved significantly earlier.  Additionally, contacting this business was near impossible during this period.  I called no less than 30 times over that month.  Tickets would usually sit for days without a response.  Again, these are fiduciaries of client money.  Lastly, that month that the business took to refund money has caused significant financial damages since my retirement account was out of the market for a significant period of time.  Zero out of Five Star experience with this company.
  
  Regards,
  
  *********************************
  

• Initial Complaint

  06/20/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have been trying to access my online retirement account which is with PCS Retirement for the past 3 months. Every time I login, it just redirects me to the home page and doesn't log me in. This account is with a previous employer and I am attempting to consolidate retirement accounts. I have attempted to call the 800 number many times and no one calls me back. Any help would be well appreciated.

  Business response

  07/05/2023

  My records show that we received 3 calls from the participant, all of which were handled by my team. The first call was returned within 8 minutes and resulted in a voicemail left by my agent. The second call was returned the following business day due to the hour of the original call and also resulted in a voicemail left by my agent.  The final call was returned within 11 minutes and resulted in a conversation with the participant indicating his account was no longer serviced by our company and had been transitioned to another recordkeeper in March of this year.  He thanked my agent and hung up.

  Customer response

  07/07/2023

  [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. 
  
  Although it doesn’t explain why no one from PCS informed met that my retirement account was moved, or that they hung up on me while I was on hold several times. There was also not a way to schedule a call back, as was stated by the hold recording. They call back whenever they are available instead of when the customer is available. That’s the reasoning for all the call backs. That’s not good customer service. Either way, I don’t have to deal with them anymore, so it won’t affect me, just the other people they “serve”.
  
  Regards,
  
  ***************************
  

• Initial Complaint

  06/12/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I filed for a loan that was approved for $1002 dollars and it was approved and to be overnighted to me. I was charged for the overnight fee. It was shipped incorrectly regular mail from PHX Az and I live in Stanfield AZ less than 50 miles away and it still has not been received. This company also refuses to send my check to a different address as we do not get physical mail only ***** and *** at my physical location. The fact is they are holding our retirement money hostage basically. It is not their money it is money I contributed along with my employer. This company operates on shady terms and should not be allowed to deal with peoples retirements. This is the second time that they have messed up and over charged me for a withdrawl.

  Business response

  07/10/2023

  ******************* submitted an online loan request on 6/6/23. 

  The request was approved by employer on 6/7/23,

  The request was traded on 6/8/23

  The check was requested to custodian on 6/9/23. 

  The check was received by the participant and cleared on 6/15. 

  The participant requested overnight delivery but her address on file was a PO box so distributions asked Participant Services to contact the participant to obtain a physical address per case number ******** on 6/8/23. 

  Participant Services responded to distributions the same day with the participant's physical address. 

  Distributions responded on 6/8/23 that the distribution record (****-******-******) was going to be updated with the physical address, which it was, but unfortunately the distribution check already went out by regular mail to the PO box originally listed on the participants account. 

  Distributions did update the distribution record accordingly but instructions were not followed during the process of issuing the loan check.  

  Participant mentions in her complaint that she was charged an overnight fee but we do not have a record of that fee being charged because we cannot send overnight mail to a PO box.  We only have a record of the standard record keeping fee of $170.

• Initial Complaint

  03/14/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I changed employers last October. I have been trying to transfer my funds from PCS to my new retirement account now for over 4 months with no success, I did get through to someone about 4 weeks ago and they emailed me a form to request transfer, I completed it and emailed per the instructions given, no response for 3 weeks, in the meantime I received a 1099 stating I did receive the funds and now its reported as income. I've been trying to contact someone now for over a week, when I do get someone to answer all they do is take my name and number but no call back, I just want an explanation of what has happened to my money, and what I need to do to get it transferred.

  Business response

  04/11/2023

  I apologize for the delay in responding to the is request.  We are investigating and will provide a more comprehensive response soon.  Thank you for your patience.

• Initial Complaint

  02/06/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  In August 2022, I was told I have a balance in my custodial retirement account with PCS Retirement. I asked if I could withdraw it, the number I called for PCS said I'd have to fill out a change of address form, and then a withdrawal form. Then they said I'd have my check in a couple of weeks. Months later, they still hadn't processed my change of address form. I called every week for several months after that. I kept being told my case was marked "urgent," then "critical," and that someone would call me later that day. No one from PCS has ever called me. Ever. For six months no one has ever called me. I've called them nearly every week. Seven months later, after I moved again, they think I still live at the address that I lived at four years ago. I've been told that I'm talking to a third party company who can't help me. They never have a record of previous conversations I've had, and every time I talk to someone from that phone number, it's like I'm starting from scratch all over again. This genuinely feels like a scam. I don't believe I'll ever get my money.

  Customer response

  03/08/2023

  Yes I heard back from the business but they still made several critical errors and the issue remains unresolved. Still working with them but the nightmare continues. 

  Business response

  04/24/2023

  Upon receiving the complaint, one of our supervisors reached out to the participant on 2/10, leaving a detailed message and his contact information.  He advised **************** we would overnight a check to him at no charge.  After receiving the correct documentation from the participant, our supervisor submitted the new distribution request to our distributions department.  After the check was mistakenly mailed to an incorrect address, our supervisor put an emergency stop payment at no cost to the participant and had a new check overnighted, also at no cost.  The new check was issued on 3/10 and cleared on 3/16.  
  
  While we apologize to **************** for the confusion and the delay, the issue is now resolved.
  *********************
  Director, Participant Services

• Initial Complaint

  01/31/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Have been calling this company daily for an update on a check for $6,000 I withdrew from my account. No one can give me any answers and no one calls me back even after escalating the situation. They are withholding my money and not giving me any answers.

  Business response

  02/10/2023

  PCS Retirement, LLC (PCS) was notified by the Better Business Bureau of a complaint filed by ***********************. ************** complaint indicated that he had been calling PCS for an update on a withdrawal requested from his account but that he was dissatisfied with PCSs responsiveness to his calls.
  
  PCS provides recordkeeping and related services for retirement plans, including an employer-sponsored retirement plan in which ************ participated. PCSs records indicate ************ requested a distribution from his account in the plan on Sunday, January 15, 2023. The request was reviewed and approved on January 17, 2023. Assets were liquidated from ************** account to fund the distribution, and a check was requested from the plans custodian on January 19, 2023.
  
  Although ************** complaint expressed dissatisfaction with PCSs responsiveness to his calls, PCSs records indicate that PCS representatives had multiple calls with ************, including lengthy calls on January 23, 26, and 31, 2023. In those calls, PCS representatives informed ************ that the check had been mailed and should arrive within seven to ten business days from its mailing.
  
  PCSs records indicate that ************** distribution check cleared/was deposited on February 1, 2023 (within ten business days after it was sent from the plans custodian).

• Initial Complaint

  01/06/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have a 401k managed by PCS Retirement. After a job change, I requested to rollover my 401k account. I first started contacting PCS to do this early Dec. 2022. I left 3 messages with NO return call. On my 4th call, I fiinally got in contact with someone around 12/12/22. They instructed me on how to initiate this rollover online. I attempted to initiate the rollover online only to received a message stating I could not do so. He advised I wait 48 hrs. I tried again 48 hours later and was able to request the rollover online. This was 12/14/22. The request then went to my plan sponsor to "sign off." There was no movement for 2 weeks, I tried to give it time due to the holiday season. On 1/2/23, I contacted PCS again, and was told that the plan sponsor needed to sign off and to reach out in 1-2 days if not completed. I called PCS again on 1/4/23, and was told that they would reach out to the plan sponsor to facilitate signing off on the request. On 1/6/23, there was still no movement (at this point, the request was set to expire on 1/7/23). I was notified that the request had been sent to the plan sponsor, was still pending, again. I contacted my plan sponsor on 1/6/23, they stated that there is a technical issue with PCS system prohibiting them from signing off and that they have notified PCS. I contacted PCS again after this call and was told "oh ya, we have a case number for that, I sent it to our technical team...there is nothing we can do until they look into this." Now, my request is set to expire and I will have to start the whole process over. All of my calls to PCS go directly to a call center who continues to input and update cases in their system, with no one actually working to resolve my issue. In the meantime, my money stays in their system for them to use.

  Customer response

  01/12/2023

  To Whom in May Concern,
  
  I submitted a complaint today against PCS retirement. After notifying them of my BBB complaint, they seem to have resolved the issue.
  
  Thank you,
  ***************************
  

  
  

• Initial Complaint

  11/29/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I just chatted with one of the PCS reps named Shelby. She has informed me that my termination distribution, submitted on 10/17, is unable to be paid because they are still “waiting on trades to settle”. ***/PCS has consistently acted in bad faith since this distribution request was made. I have spoken with 5 or 6 different individuals, all giving me different information each time. It took me nearly a month to discover that my request was in limbo as ABG had no contact with or even any idea who my former company’s plan administrator was. It was then made clear by a rep named Priscilla O****** that PCS would provide no assistance as it was solely my responsibility to investigate this and gain approval for this distribution. What kind of company doesn’t have any idea of who to get in touch with regarding their clients money? I was able to track this person down on my own and get them to grant approval, and was then told on November 4th by a rep named Angel that this had been approved. This turned out not to be true at all, and just another in a series of roadblocks continually thrown my way. I received an email on November 16 once again saying this had been approved. I was instructed to talk to Wade V****** as he was in charge of it. When I asked what happened to the 11/4 date initially quoted, no one had any idea of course. Today I reached out to check in again only to be informed that these “approvals” are actually meaningless as not only is it unable to be paid, there also is no timetable at all. I was then referred to another new person named Jonathan S********* who, supposedly, was really the one handling it. This company’s conduct throughout has been nothing short of reprehensible.

  Customer response

  12/30/2022

  This claim was finally settled on December 5th in spite of ***s best efforts to avoid paying it out at all costs. They tried every possible sleazy delay tactic imaginable, including outright lying on multiple occasions. Disgraceful behavior from a company with zero moral compass.

• Initial Complaint

  11/18/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  PCS Retirement is the administrator of a 401(k) plan that I held with a previous employer. I am no longer with that employer and would like to remove the funds that they currently have under their control. The issue at hand is that I cannot reach anyone who can assist me. When you contact them at the 800 number they provide, a third party call center is handling the inbound calls. That company does not have access to any personal information and thus cannot comment on the account or assist with any questions. They simply record the nature of the question(s), take down your contact information and say that someone will return the call but no one ever returns the call. I have called 4 separate times, over the course of several weeks, and the process repeats; the individual answering cannot assist - they just take the information and say someone from PCS will contact me but they never do. I tried emailing them also, but I still have not gotten a response. At this point, I do not know what to do. It's impossible to reach anyone. I asked to speak with a manager when I last called but they explained there is nothing that can be done because they are just a third party. All they can do is continue sending the request for a call back. The manager I spoke with mentioned that several individuals have experienced the same issue and confirmed they are an intermediary to PCS even though I am calling the PCS 800 number. Unfortunately there's no way to reach them directly. Any assistance you can provide would be greatly appreciated. Thank you.

  Customer response

  12/21/2022

  Thank you for your follow up. I have heard back from the company and the issue has been resolved as of today. 

*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. ↩