ComplaintsforRPG Consultants

• Initial Complaint

  01/04/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  They have my money and wont give it back to me for 3 weeks now was to last week Im going get it this week still isnt here just keep giving me a run around

  Business response

  01/10/2023

  Our Firm is a 401k Recordkeeper servicing nearly **** Companies that offer 401k Plans to their employees ranging from under 5 to over ****** employees each. We do not hold any assets. We keep the records and process contributions, distributions, and trades through the Plan custodian as selected by participants on our website. 401k rules dictate who can take what kind of distribution from a 401k plan and when. A 401k plan is not an ATM.There is never an expectation of immediate turnaround:
  
  - Paperwork needs to be complete
  - Proper documentation must be supplied
  - Approvals by the Trustee must be obtained
  - Trading and liquidation must be done
  - And then, finally, funds can be transferred
  
  The usual timeline for this process is up to 30 days which is standard for the industry.
  
  On 12/7/22, ******************** submitted a Hardship withdrawal request. Our office reviewed this on 12/13/22, and we replied that he did not provide adequate documentation to support his request. On 12/19/22, he called back asking for the status of his request and, per my Distributions Manager, I mentioned to him that we were waiting for his missing paperwork, and I tried to explain how our distribution process works. He was angry and nasty and did not want to hear or care about how we operated. He mentioned that he was terminated and needed his funds badly.
  
  Note that, per IRS rules, Hardship withdrawals are NOT allowed for terminated employees. He refused to resubmit the proper paperwork for a Separation of Service Distribution form. As a courtesy, and in light of his dire financial situation, we converted his distribution type and began our Employer verification process on his termination status using his existing paperwork. This took some time to obtain, and we were only able to proceed with processing the trades on 12/29. Because of Stock Market Holidays, settling all transactions occurred right after the New Years weekend return, and we sent the funds out promptly.
  
  Despite at least three documented calls to our office where ******************** was extremely nasty and rude, we did our best to help him. He initially failed to submit proper documentation, his status changed mid-processing,and he refused to complete a new and appropriate form. Furthermore, the Holidays caused a delay in obtaining the proper verifications. But we did NOT intentionally hold back funds, nor do we benefit personally by delaying distributions. Please let me know if you require further clarification. Thank you. -****.

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