I am writing to formally file a complaint regarding the extremely poor service I have received from Empower Retirement in attempting to roll over my after-tax retirement funds into a Roth IRA account.
In early August, I contacted Empower Retirement to initiate what should be a routine rollover of after-tax funds. Instead, I have endured over a month of delays, confusion, and incompetence, with more than 10 phone calls and no resolution.
Here is a summary of the issues:
I was initially told that some funds were in a brokerage account and needed to be liquidated. I followed instructions, waited the required 3 days, and called back.
I confirmed the transfer should be processed as after-tax, and was told to wait another 3 days for the funds to return to the main account.
Upon calling again, the representative could not locate the funds. After multiple transfers, I was told someone forgot to “criss-cross” the transaction, requiring another correction and another 3-day wait.
After that, I was told the funds were mistakenly moved to a money market account instead of the sweep account, requiring yet another correction and delay.
Every time I called, I had to re-explain the entire situation because no records were kept. Representatives gave conflicting information, and I had to educate them on their own internal terminology.
Most recently, I was incorrectly told that my entire brokerage account needed to be transferred to the main account. I had to correct the representative again, referencing the “criss-cross” solution previously discussed.
This experience has revealed a deep lack of training, record keeping, and internal communication at Empower Retirement. As a customer, I should not be responsible for teaching representatives how to process standard retirement transactions. The inconsistency and lack of accountability are unacceptable for a company entrusted with managing lifelong retirement savings.
For comparison, I have worked with Fidelity Investments, where similar requests are handled in a single 10-minute phone call with clear instructions and no confusion.
I respectfully request:
A full audit of Empower Retirement’s training procedures, record-keeping practices, and customer service protocols.
A formal investigation into how such a basic rollover request could be mishandled so extensively.
A resolution to my rollover request without further delay or miscommunication.
Thank you for your attention to this matter. I am prepared to escalate this complaint to regulatory bodies if necessary.
Recommendation: Complain to your employer, US Department of Labor and your state attorney general