ComplaintsforSlavic401k.com

• Initial Complaint

  11/09/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have been working on a Loan payoff case with Slavic401K since Sept 24th. The amount of emails and calls I have with them is constant follow up and so exhausting. I had my former employer payoff a loan balance and a check was submitted directly to slavic401k. I have sent copies/screenshots of the loan balance to slavic401k multiple times and even confirm the loan balance before my employer submitted the check. I am expecting my balance to be 0, but for some reason there is a carry over balance of 2K which does not align with the numbers I was given/confirmed. I have spent over a month contacting and emailing slavic401k. Typically would get an auto reply of we dont talk specific account questions please call us, but when calling them I get the same answer we will escalate and create a new case. To date, no follow up emails and I have to call them again - getting a new agent who likely will restart everything again. My previous employer paid the amount I was told to payoff the loan, and there should be no loan balance. My Slavic app keeps saying I have a loan balance of 2K which is incorrect

  

  Business response

  11/12/2024

  Dear ******, 
  
  Thank you for taking the time to share your feedback with us. We sincerely apologize for the inconvenience you experienced. Your satisfaction is very important to us, and we are committed to resolving your inquiry. 
  
  We understand that your loan payoff was not properly applied as you indicated with your payroll provider. After investigating, we found that there were no instructions provided when you remitted payment with your payroll provider, which resulted in the loan being future-dated and not applied to the principal balance as you intended. 
  
  We have corrected the payment to be applied to your account as a one-time lump sum payment, significantly reducing interest accruals and correcting your principal balance. We have also provided you with a loan payoff form for the remaining balance. 
  
  We appreciate your patience and understanding as we work to improve our services. Your feedback helps us better serve all our customers. If you have any further questions or concerns, please do not hesitate to reach out. 
  
  Thank you for bringing this to our attention. 

  Customer response

  11/12/2024

   
  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.
  
  Sincerely,
  
  ****** ******

• Initial Complaint

  07/17/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  Failed 401k Distribution Request Per Slavic401k guidance, distributions should be resolved within 3 weeks time. After my request on 5/1/2024 - the status of my request has not been updated since 5/3/2024 and I've received no check to complete the rollover of my 401k. I've talked to a number of customer service representatives by phone, and tried to reach out by email with no resolution. Recently, all my customer service calls have been dropped. I have no way to escalate and no way to resolve this matter on my own.

  

  Business response

  07/19/2024

  Hi *********,
  
  Thank you for bringing the issue to our attention. After further review, we found an oversight on our side, which caused the delay in your request being processed. After identifying the problem, we quickly processed your request on 7/17 and a check was overnighted to your rollover company yesterday (7/18) and will arrive tonight (7/19). You should have received an email from our team regarding this earlier today. We apologize for the error and the inconvenience it caused you. In addition, we have waived all fees associated with your rollover request. Please do not hesitate to reach out to the team member who contacted you if you have any questions. Again, we apologize and appreciate your business. 

  Customer response

  08/05/2024

   
  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.
  
  Sincerely,
  
  *******************************

• Initial Complaint

  07/17/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  ************************* **************************************************************************************************************** ************************* ************ [Date]Slavic 401K *************************************************************************************** Subject: Complaint Regarding Withdrawal Process Dear Slavic 401K Plan,I am writing to express my disappointment with the handling of my recent 401(k) withdrawal request. The entire process has been fraught with issues, causing significant inconvenience and frustration.Firstly, when there was a question regarding the amount I wished to withdraw, I was informed that an email had been sent to me for confirmation. However, I never received any such email. Subsequently, I spoke with a representative over the phone who assured me that the amount would be updated as per my request. Unfortunately, this update was never made.Furthermore, when I called to check on the status of my *** deposit to my bank, I was advised to check the next day. Upon calling back the following day, I was informed that there was an issue with submitting the *** to my bank, and a check had been mailed to me instead. At no point was I contacted regarding this issue or informed that a check was being mailed. This lack of communication and transparency has been extremely disappointing.It feels as though your company has taken every possible step to delay the disbursement of my funds, which I urgently needed. I expect better service and communication from a company handling such important financial matters.I request a thorough review of my case and an explanation for the delays and lack of communication. Additionally, I would appreciate any steps that can be taken to ensure that such issues do not occur in the future.Thank you for your attention to this matter. I look forward to your prompt response.Sincerely,*************************

  

  Business response

  07/26/2024

  Hi *******,

  Thank you for bringing the issue to our attention. After a full review of your customer service experience with our team, we found the oversight on our side and understand your frustration. We take full responsibility for the miscommunication between our customer service and our distribution teams regarding your distribution request. As a courtesy to you we have waived and refunded the processing fees back into your 401k account.

  Below is a brief timeline of the events for your reference:  
  

  - The participant submitted a distribution request for a Net amount, but the intention was to select Gross. The account didnt have enough funds to process the Net request.
  - The participant called to correct the request to Gross and received conflicting information from several agents, resulting in further necessary calls and more confusion.
  - The original representative contacted you to inform you that the Gross amount could be processed with a paper form, and you chose to proceed with the initial request to avoid delays.
  - The ACH was processed, and the funds were deposited into your account. As a courtesy due to the miscommunication, processing fees were waived and refunded.
  - A member of our customer service leadership team has attempted to call you but was unable to reach you. You should have also received an email from them and if you have any additional questions or issues, they will be your direct point of contact.

  We have closely tracked and reviewed the details of this matter,and we are addressing it internally to prevent future occurrences. Please do not hesitate to reach out if you have any questions. Again, we apologize and appreciate your business.

  Customer response

  08/09/2024

   
  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.
  
  Sincerely,
  
  *************************

• Initial Complaint

  06/13/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have open complaints / and a current investigation regarding a retaliation claim. To further add to the choas and stress of the negligence from former employer, being terminated in itself is so emotionally distressing when you have two young children and a single parent basically living pay check to pay check, after 7 years I was terminated without warning in an at will state is a circus when trying to get another job. My payroll service did not comply with law regarding final paycheck and slavic has a 20 day rule from last posted check date, to even intiate a claim to get my funds out that are 100 percent vested. okay that's fine for the rule However because payroll broke the law im now not facing the aftermath with slavic in attaining my funds after everything I really can't afford to wait an additional 20 days after the 28 days I've already waited and now I still have to wait then wait more to process the request to just be able to survive. I have spoken to different reps all say different things of course, but once I asked for a manager here comes the bull c*** excuses, for a buisness that houses your hard working money and makes a rule like that and still deal with the penalties of tax. They don't care just like my bills don't care and eviction and being hungry don't care, it is so corrupt nowadays against the working class of america that the greed exceeds ethics and always being a catch. I have kept my end of the deal in paying in every paycheck to contribute my portion now that I have to retain the funds and be penalized for doing so I have to be given the run around from a company that don't even honor their own policies when seeing a blantant error initiated from the payroll **** and former employer? Do yourself a favor save money under a mattress at this point or within a company that has good reviews and customer satisfaction because looking on how this buisness operates I'mnot shocked. I will be filing a complaint with SEC and ESBA. What a joke.

  

  Business response

  06/14/2024

  Hi *******, 

  Thank you for reaching out. We passed your feedback to our customer service leadership and had them review your account. They have since communicated with you via phone and email regarding your account and this should now be resolved. We apologize for the inconvenience you experienced and appreciate your feedback. Below is a summary of our findings. 

  The contact center received your escalation this past Wednesday and immediately began the process to rectify the issue. A customer service team lead contacted you Thursday regarding completing a paper distribution form, and we have waived the processing and overnight fees. This afternoon we received your completed distribution form, and this has now been sent over to the ************************ for processing.

  We thank you for your business, patience and understanding. Should you have any further questions, please let us know. 

  Customer response

  06/17/2024

   
  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.
  A representative has contacted me regarding the situation. The representative was a manger with their team and she has helped me find a resolution that exceeded my expectations. Thank you again for reaching out. 
  Sincerely,
  
  ***************************

• Initial Complaint

  06/03/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have a 401k account through a previous employer rolled into Slavic 401k. However, I keep trying to call them and no one ever picks up. I have written multiple emails to no avail. I havent been able to set up an account yet. I have absolutely no insight into my 401k assets. I want to move the money to my current 401k and unable to do that. The experience with this company has just been horrendous. When I try to set up an account online it just says identity failed. They dont give me a reason why. Please see uploaded picture. I have done that many times and its always the same result. Last I knew I had close to ********************** the Slavic 401k account.

  

  Business response

  06/14/2024

  Dear *************** ********************************,

  Thank you for your feedback, and we apologize for any inconvenience you have experienced. Our customer service leadership team has thoroughly reviewed your account and has been actively trying to reach you to address your concerns. As a first step, our service ambassador updated your email address in our system, as it was verified a few months ago but the contact details were not updated in our records. This correction has now been made. Additionally, a customer service manager has been in touch through email to schedule a call. He suggested a time to speak on Tuesday, but we did not receive a response regarding your time zone to confirm the call. We also had a call scheduled for 2 PM today, but unfortunately, we could not reach you. 

  We have sent you an email requesting your additional availability. Please let us know a suitable time for you, and we will make every effort to accommodate it. Thank you and we appreciate your business. 

  Customer response

  06/18/2024

  I have not been able to connect with the business yet. I am available on most days except Thursday after 3:30 pm EST for a call to resolve the issue.

• Initial Complaint

  05/23/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Slavik401K has been mis-distributing my 401k allocations which in turn messed up a loan payoff. Simple addition and subtraction which then took over a week to get a manager on the line to see what I was talking about which only then did they fix. I then proceeded to apply for a loan, they collected the documents from my employer over 10 days ago and I have yet to get a hold of anyone. The website says processing and then went back to just received as of yesterday. The documents were collected from my employer on the 13th of May and as of today ******** customer service team is saying they have not been collected. These issues have been going on since May 3rd and yet I cannot get a hold of someone that can help me.

  

  Business response

  05/29/2024

  Hi *******, we are sorry to hear that the service you received did not meet your expectations. After reviewing your account, our records indicate that your original loan was paid off as of May 9 (within the stated turnaround time). Your new loan application was processed and sent via ACH on May 24, which was also within the stated turnaround time. We attempted to schedule a phone call with you, but have not heard back. At this time, you should have received your money and the matter is resolved. If you have questions, please reach out directly to the customer service team member who contacted you. We appreciate your feedback and will work internally to identify opportunities for communication improvement. Thank you and we appreciate your business.

• Initial Complaint

  05/23/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Slavic 401K was the financial institution / provider of my 401K account. My company **************** decided in June of 2023 to rollover accounts to Empower 401K, this was to be completed by mid August, 2023. The majority of my savings was rolled over to Empower on 8/7-8/8/23 and blackout of all log ins and statements started in early August.When I received the last Slavic statement as of 9/30/23 there was still a balance of $58.55. The stated rollover balance agrees exactly with what Empower received, ref attached statement scan, This is where the mess began. Since October of 2023 my husband and I have tried calling and emailing (***** emails) asking for information on why, where and when this balance would be transferred / rolled over. We've spent a ridiculous amount of time trying to resolve this issue.Also, keep in mind, I involved my company HR people and their outside expert on 401K plans with no resolution and no follow up.Multiple tracking numbers via phone calls with the promise to follow up in 24 to 48 hours. Multiple emails, with confirmation that e mail was received with the promise to follow up in 24 to 48 hours.2 or 3 Slavic managers and their direct emails, again stating they will follow up with information from their "rollover experts", etc., and no follow up or just stating the dollar amounts in question and nothing of what happened with my residual money.We have all this info in email form if needed.The key here, this has gone way beyond the $58+ dollars. How can any company, especially a financial institution not respond in a professional manner?Maybe with the BBB's intervention something will get resolved.Thank you, ***** Slavic 401k ******************************************************** ************ www.slavic401k.com **************************************** managers ********************************* **************************************** ************************************

  

  Business response

  06/03/2024

  Hi *****,
  

  Thank you for contacting us about your rollover concerns.After speaking with you and your current 401(k) provider, we have confirmed that your new provider received the wire transfer of your remaining funds on 11/28/23. The funds were applied to your account on 2/28/24 in the amount of $47.41. Your current provider also confirmed that the funds were coded as earnings and were posted to your Fidelity ********************** We apologize for any confusion and inconvenience this has caused you. If you have further questions, please reach out to the Slavic401k team member youve been speaking with directly, or contact your current 401(k) provider. Thank you and we appreciate your business.

  Customer response

  06/04/2024

   
  Complaint: 21750144
  
  I am rejecting this response because: I received ************************************* response late on Friday 5/31/24, took less than 2 working days to make contact with Empower, they verified the $47.41 "outside deposit" but said it was only sent to them on 2/28/24. It's nice to see that Slavic was able to find a deposit within a week (with interaction from the BBB) but our 8 months of phone calls, emails and ***** hours of digging through statements, emails, etc. got no attention or follow up from Slavic. I'm still mystified why Slavic can't come with an answer about their quarterly statement balance from 9/30/23, where the balance was $58.55? So, what is Slavic going to do to make this right by me and my husband? I request a written response and would also be willing to discuss via phone call with *******. Donna 

  Sincerely,
  
  *********************************

  

  Business response

  06/12/2024

  Hi *****, 
  
  Thank you for your message. A Slavic401k **************** representative has emailed you directly regarding your concerns and has thoroughly investigated the issue. Below, you will find our final findings and resolutions that has also been shared with you directly via email. 

  After a thorough review of the interactions and timeline, Slavic401k has determined that on November 10th, 2023, we received your call in our contact center, during which you brought the remaining balance to our attention. The Slavic401k customer service representative immediately informed our mergers team, who then wired the amount of $48.91 to Empower on 11/28/2023. 

  On December 18th, 2023, our Slavic401k **************** team received a call from you regarding an update and they then advised that there was no longer a remaining balance in your account. On December 19th, 2023, a **************** representative sent you a report of the balance that was transferred to Empower showing the $48.91 liquidation on 11/28/2023.  

  On January 4th, 2024, our Slavic **************** team received your call regarding the status of the balance transfer to Empower. Regrettably, the call was dropped due to technical issues on our end at Slavic401k. Despite our attempt to return your call, we were unable to reach you.  

  On March 5th, 2024, our Slavic **************** team received your call, during which two Empower representatives were also present, as they were unable to locate the transferred balance. The customer service representative opened a case and reached out to our mergers department for confirmation of the transfer. On March 15th, 2024, a resolution was provided confirming that the funds were sent to Empower on November 28th, 2023. Additionally, we responded to your email on March 18th, 2024, informing you of this transfer.  

  On March 19th, 2024, you requested to speak with a supervisor after receiving the same information previously provided. However, the call disconnected before connecting you with a supervisor. Our **************** team promptly called you back and successfully connected you with a supervisor. The supervisor assisted you and verified with our mergers team to ensure all relevant information was reviewed thoroughly and Slavic401k did not miss anything.   
  

  Slavic401k has identified some room of opportunity for communication and has shared this with the customer service members. As a final resolution, we have worked diligently to make this right by internally communicating with Empower to track down where the missing funds were. Empower advised us directly that your funds were received on 11/29/2023 and were not deposited into your account until 02/28/2024. We have asked them to confirm why the delay has occurred, but they have confirmed no further information can be provided unless it is with you directly. We proactively reached out to Empower on your behalf and asked for a contact to provide you with. They advised you to call Participant Services at **************. They advised to ask any representative you speak with to open a request to the merger team to review and a merger representative at Empower will connect with you. We truly hope this helps you with assistance at Empower.

  This is our final conclusion and how we worked to help resolve this issue. We have confirmed that the funds were wired back in November and advise you to contact Empower as they are the ones who can answer the reason of delay and they can assist with providing you with a resolution to the issues you experienced with this transfer. We apologize for the inconvenience and any issues you experienced with your interactions with Slavic. Please let us know if there is anything furthermore, we can assist with. 

  Customer response

  06/14/2024

   
  Complaint: 21750144
  
  I am rejecting this response because:
  
  Sincerely,
  
  *********************************

  Customer response

  06/14/2024

  I may have missed pasting my response back to Slavic on 6/14 around 9:15pm cst. Here it is:

  We will start by saying you did a good job of digging into the 8 month long saga of phone calls and emails, and it sounds like Empower could have done more as well.  What is missing is the finality of follow up by Slavic and Empower. "Someone tying up the transfer information". What dollar amount on what date was sent and Empower confirming that transfer, that was never done!. Keep in mind that I was on the phone with both parties more than once and nothing was followed up on by either side. 
  For a real taste of what we have gone through, go back and look at the communication between me and LorealM @ Slavic on 12/26 & 27. I provided detailed date, dollar amount and time information (your September statement) and she follows up with "a report of the balance before it was sent over to Empower of "$47,*** vs actual $49,*** and no information on the 9/30/23 balance of $58.**.
  That's type of garbage we have dealt with for 8 months, and that is not the only phone call or email with the same response. And no follow up when we responded that the Slavic information is missing key points, or totally irrelevant dates. 
  So, go back and ask yourselves why the heck 2 people could be so mislead, so upset and confused as to what has happened to $58,  over 8+ months.
  No, I will not be signing off "on a resolution to this issue" with the BBB. And when time permits, I will be contacting Empower to get their take on the issue and where they failed to complete the process with me and Slavic.
  So, again, my husband **** and I commend you & ***** on your review, very thorough but totally off the **** with the evaluation of what has transpired.
  

• Initial Complaint

  03/31/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This has to be a ghost bank, I have called Slavic over 10x this past week and every single time I was put on hold for over an hour and I still never got through to speak to a rep. I filed for a 401k loan 10 days ago now and I received an email on Wednesday telling me my funds had been sent to my account. I've called my bank everyday and there are still no funds to be found. I know it says pls allow ***** days but if your saying you paid it out and I never received it then we are going to have bigger problems then your customer service department that is apparently non-existent. Can they explain why I called over 5x on Friday and pressed #1 which I was prompted would initiate a call back and it never did. I tried one more time at probably around 1pm ** or so and got a message that "in observance of Easter, our offices are closed." It's probably pretty safe to say that this is the worst financial establishment I've ever had to deal with in my entire life. I will be looking at other options for the future if this is the way Slavic handles getting a clients OWN hard earned money loaned back to them during a hardship.

  

  Business response

  04/03/2024

  Hi *****,
  
  We apologize for the experience you had with your loan request and our phone system. We experienced an issue with our phone system on Friday which led you to believe our call center was open. However, our company follows the stock market holidays and our call center was closed on Friday when you attempted to call us. We see that you spoke with a representative on Monday, and hope they were able to address your concerns. Your loan finished processing on Thursday and the *** would have been released on Friday, but due to the holiday it was released on 4/1/24. Our records show that as of yesterday, you should have received your funds. If you have further concerns or questions, please reply to directly to the service ambassador who reached out to you via phone and email. Thank you, and we appreciate your business. 

• Initial Complaint

  03/23/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I submitted a request to roll over a 401k and was told that I could track the progress online. When I tried that, I found the process was stuck at "Identify Verification" and informed "You must complete the identity verification step before your request can be processed." I clicked on the link and saw this: " Link has sent to: Phone number: null Email: null" I received nothing. No email. No text. No way of verifying my identity.Company is a scam and will do anything to keep your money longer and keep you paying their high fees. BEWARE!

  

  Business response

  04/03/2024

  Hi *****,
  
  Thank you for reaching out to us about this. We apologize for the IT issues that caused you difficulty. We brought this up with our IT team and it appears to be an isolated incident that is resolved. Also, your rollover has been processed and should be all set. If you continue to have issues, please contact the service ambassador who has reached out to you directly. Thank you for your business and we apologize for the inconvenience caused by the tracker not working properly. 

• Initial Complaint

  03/11/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I did a search for 401Ks from old employers that never got rolled over or distributed. I found that I had a 401K held by Slavic401k for a position I held from 2011 to 2017. Upon trying to create an account on the website I was continually given an Invalid Token error. Upon calling Slavic401k, I was informed the 401K was moved to **** *******. I contacted **** ******* and was told that theyve searched and dont see my name or SSN anywhere in their systems and that I dont have funds with them. I reached out to Slavic401k again and asked for my balance at the time of the supposed transfer to **** ******* as well as paperwork showing the successful transfer to **** *******. Slavic401k was unable to provide any of this requested information/documentation and asked for some time to research and get back to me. Given the 1 out of 5 star reviews I see everywhere for them and the number of bad reviews/complaints, I have a suspicion they have my 401K, didnt properly transfer it and are withholding funds from me. I would like to be contacted by Slavic401k with detailed instructions on how to retrieve my funds. If they can show proof they no longer hold the 401K, I need a company name, the name and number of a contact and any account information such as account numbers, balances and dates of transfer at the company they moved the 401k to.

  

  Business response

  03/15/2024

  Hi *****,
  
  We apologize for the experience you had with customer service. Our service ambassador has since tried to reach you by phone and email to discuss the matter further. We have researched your 401(k) account during the time you had an account with us and found that you never enrolled to participate in the 401(k) with your employer. There is payroll information, but never any contributions to the 401(k) plan. There are no documents to share, as there was never activity in the account. If you would like to discuss this further, please return the phone call/email from our service ambassador, as he will be your point of contact moving forward. 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. ↩