Empower RetirementSucks at investing
Auto enrolled into this shit-stain of an Empower Retirement through my internship. Despite opting out, they put me back in when it came time to process the first payment.
These assholes took about $130 off my paycheck and refused to give it back until 2 months after it “vested” (that or some other bullshit–regardless, it was way too long for what amounted to a refund).
Once it came to that time, I was given a few other reasons to delay my payment.
I can’t remember what for, as it was three months ago, and those reasons basically amounted to them being a bureaucratic hellscape.
But finally, I got them to start the refund–only after realizing, to my horror, that they “invested it.”
In the month they played it in the stock market, my $130 shrank to about $100—a loss.
I want to point out that this is the longest bull economy in our nation’s history. How in the economic fuck did they pull that off?
Naturally, they took a fee for the refund, and then I incurred a $19 tax for the early withdrawal of my 401k.
The auto-enroll payment that should have never went through occurred in August 2018.
It is now February 2019, and I am looking at a $77 check from Empower.
While I figure getting that back is better than forgetting about the account forever, I’m still pissed that we live in a world where companies like this exist.
tl;dr: Anti-consumer. Bureaucratic. It sucks at investing. They all probably eat babies.
65 Reviews on Empower Retirement
I asked for a withdrawal from my Harvester Retirement Annuity that is handled by Empower, It’s taking a long time. apparently there are a lot of people waiting to get their money. They claim they are waiting for Harvester instructions. Meanwhile, Im watching my account shrink.
Incompetent or unscrupulous ? BOTH !!
As the executor of his estate, I have been trying to close my father’s Lockheed Martin Saleried Employee Savings Plan (401k) for 3 months, and Empower has dragged their feet, created obstacles and generally been unresponsive. Empower is a disgace. Their lack of response and incompetence is disrespectful to his devoted and life-long empoyment (RCA- GE- Martin Marietta- Lockheed Martin).
I resigned from the company I previously worked for on Jun. 16 of this year. On Tuesday of this week, Empower finally received my official end date from that employer. Empower emailed me a PDF of a form and instructed me to fill it out and upload it to their website.The form didn’t autofill, so I had to manually create text boxes for each section – inconvenient, but whatever. They come back to me today with an email telling me I didn’t fill out their form correctly because it needed a PHYSICAL signature from me which I cannot do right now because I don’t have a printer, and also because there’s a section that I didn’t fill out that HR from my old job is supposed to fill out + physically sign and upload as well. I did not leave my last job on good terms and returning to beg for signatures on forms is completely ridiculous. Empower should be dealing directly with my old employer to get HR to sign the paperwork and stop requiring physical signatures. They are holding my money hostage over stupid bureaucratic bullshit at a time when I am out of work and desperately need access to all of the money I previously earned. Empower is run by crooks that steal retirement $ from average hardworking individuals and make them fight to get what is rightfully theirs. Do not do business with these fuckheads!!!!
Attempting a Hardship Withdrawal
My husband has been attempting a hardship withdrawal now for almost two weeks. Each day, it’s something new. Our documents arebeing uploaded to them and they’re supposedly, “blurry.” They’re completely visible to us on our computer. We can zoom in and read it clearly. So, we asked if we could fax. Apparently, the fax goes to the same automatic upload and they’re still experiencing the issue and claiming they’re blurry. I literally copied and pasted zoomed in snap shots of the full document where it’s so huge, they couldn’t miss it and we faxed it. They claim it’s “still blurry.” I asked them if they have the zoomed in shots and she wouldn’t answer at first and then claimed that she does, but that the lines are “blurry.” I asked if we could email the document to someone there. They said, they do not accept emails (um, what???). So, we are at their mercy as they keep stating that this specific invoice is showing blurry. I have no idea what to do and have been begging and pleading for our funds to pay for a memorial service this coming Saturday. They don’t seem to care. I told my husband that this is like any other corporation who doesn’t want to give a “credit” to their customer and hold onto the funds. They are low down and dirty. This is unlike anything I have ever experienced. I have had several 401K providers throughout my entire adult life and none at all like this.
they are holding my money hostage they are terrible liars and i have caught them numerous times. they will not give me my money