The complaint has been investigated and
resolved to the customer's satisfactionResolved Milliman Benefits — Unethical & Illegal Practices
resolved to the customer's satisfaction
This is a fly by night 401K company. Their origins are actually insurance, and their reputation in this field is not well either. They support illegal operations of 401K plans. Many of their plans are not even approved 401k's. This company took over 401k recordkeeping at my previous employer. They allowed non-US citizens to be part of the fiduciary committee. They dfid not inform all of the employees 30 days in advance as the law requires. In addition, they took each employees’ funds and did not allow the employees to roll the vested portion into an IRA instead of being rolled into their plan. Then these funds were invested at their discretion in their approved funds with no consideration of the employee's investment elections. These funds were held in these investments throughout the blackout period. Once the blackout period ended and employees made their elections, the funds were not always re-invested. Only if the new elections were in their favor would they reinvest the funds. I have now found this company charges an "administration fee" for rolling these funds into a qualifying IRA. These funds are taken from the 401k distribution without being taxed.
This company readily practices in illegal and unethical activity with people's retirement funds. Is this who you want handling your employees' future?