I requested an $8,000 net withdrawal from my 403(b) deferred compensation program. I requested that 30% be taken in addition to the standard CA and IRS withholdings. Empire took $6,736.83 for CA and $6,315.78 for IRS. When I inquired with the CA Franchise Tax Board and the IRS, they could not locate the funds.
While requesting the withdrawal, I spoke with three different people who sent me the 20+-page request form, which is confusing because it applies to many situations. No one explained that requesting an additional 30% tax withdrawal of the net amount would result in 60%+ withholding. They also said I completed the wrong part of the form twice and that I was not allowed to make a withdrawal. Today, I asked Empire (Mariah) to provide the date and how the monies were sent to the FTB and the IRS. This process will take one to 2 weeks. In the meantime, these monies are not accruing interest or paying the monies owed from past fiscal years.
Empower Retirement is not helpful, sensitive, or caring toward the elderly people they are serving. They need to train their representatives to be helpful and provide clients with information. I am extremely frustrated with the services they provide. I found that their corporate offices are in Dubai!
Desired outcome: I need to know when and how the withholdings were sent to the IRS and the CA Franchise Tax Board so I can request that those funds be applied to what I currently owe.
Confidential Information Hidden: This section contains confidential information visible to verified Empower Retirement representatives only. If you are affiliated with Empower Retirement, please claim your business to access these details.