Empower Retirement
Sucks 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.
Horrible customer sercviceq
OMG horrible customer service, making it so hard to get my money out and charging ME a FEE to move my money to another account. Horrible website, no “self service” – dumb forms that require an actual signature (even tho esignature is legal) and the hold times to talk to a person. Crappy all the way around. As opposed to other orgs – where I could complete the rollover on line quickly and easily. UGHHHHH.
Won’t give me my money
I’ve been trying to get my 401K since Aug 2021. It’s been one excuse after another, resigning paperwork multiple times, on hold for an hour and longer. My attorney had to have my divorce paperwork redone because Empower wasn’t satisfied with the wording saying that was all needed. But it was another bs story. We’ve done everything they’ve demanded and they still haven’t given me my money. This company is worthless!!!
Can not change a stock
It is not letting me change a stock and I am losing money
Whew - almost had me
Wow – well, all I can say is that I went to go into this meeting and saw the webmx and thought hmmm…. I clicked out of the meeting before anyone was there and looked it up and yeah – tytyty to all who post these scammer stories. Saved me! Thank you!
Unbelievably bad - 3rd world bad
The irony of the name, “Empower” is almost funny. Weeks of struggle to even get our dividends sent to us. Get this, once received, it was rejected by our bank because along with our name was THEIR name on the payee line. Cut to today. Big day in the market. Reached a goal on a particular stock and wanted to sell today. Called Empower customer service, 4 different numbers and guess what happened? A recording answers and tells me that they cannot help me right now, call back some other time and THEN HANGS UP. ALL of our retirement money is under Empower’s control and I cannot reach them at all. Texts, emails, phone calls……all dead ends. I can’t get away from these morons fast enough. Dangerously inept company. Avoid at all costs.
Avoid Empower Retirement LLC AT ALL COSTS
Due to poor customer service, misleading information, and “internal processing” it will take almost 2 months before I will receive my distribution. I will not tolerate this organization holding MY money hostage and filed a complaint with the BBB which I recommend you do as well, or avoid them all together.
Stole my money from existing account
Had my IRA account and got a letter one day saying it was transferred to Empower. I never gave permission. I said I want it back and now it is several days and forms to be filled out to get it back. They locked me out of my account after I requested the withdrawal form. I logged in no problem before I requested the withdrawal. Now they made me change the User name, after that required a verification code, the code was not sent for over and hour when it arrived it does not work ! I called and they needed a verification code to get thru the call, which then never provided. So I called the general number and waited over 45 minutes. They still could not give me a code that worked. Still locked out. One click and they stole my money, now hours and days of work to get it back. DO NOT USE EMPOWER !!!!!
Very bad with the customer
Very bad. I know the company is a mix of three companies and it shows. They don’t know what side is doing what. Unorganized and allot of flaws. Fidelity is the real deal. Also MerrillEdge and Schwab. Empower is somewhat of a joke. Took three platforms – formed one bad one. Needs more guidance and new leadership.
A shady business indeed – I had rolled over my 401k into a separate retirement account and they did not include interest leaving $31.37 in the account. They wanted to then charge me $50 to cut a check?!?! Wow, they just stole my hard earned money… Wow
WAS STILL PENALIZED AFTER A ROLLOVER.
ON 9/30/20 I DID AN INITIAL ROLL OVER FROM THEIR 401K PLAN TO THEIR TRADITIONAL BROKERAGE IRA. AFTER SIX MONTHS OF NOT LIKING THE SERVICE, WAS LOSING MONEY DURING BULL MARKETS, I DID ANOTHER ROLL OVER OF $1000,000TO ANOTHER FINANCIAL BROKERAGE COMPANY. TODAY, 2/12/21 I RECEIVED A 1099G IN THE AMOUNT OF $1000,000 TO FILE TAXES THROUGH IRA. I REFUSED BECAUSE I ROLLOVER THE AMOUNT. NEVER WITHDRAW IN CASH. MADE COPIES OF MY STATEMENTS AND LETTERS AS PROFF. FOLKS, STAY CLEAR OF THIS COMPANY. A COMPLETE FRAUD.
Disorganized. Very bad customer service.
Empower Retirement sucks. I’ve been trying to roll over my 401k for months and this still isn’t resolved. Going to start looking into legal action shortly.
Holding my family's retirement funds
We asked for our retirement funds to be wired out of our account. They pissed around for 1.5 weeks and still never sent the money. We have jumped every hoop possible. Notarized, I’s dotted, T’s crossed. HR is involved now and we are seeking legal action now.
Milliman-empowerment Retirement distributed my company retirement benefits. I’ve got my pension lumpsum check in April 1st 2020. On April 9th 2020, I was informed that Empower-my-retirement made an error, and my retirement check was canceled. I am now in the hook for NSF at Chase Bank.
After 3 months they never realized and detected any errors on my pension distribution fund. I’m still waiting for their explanation letter, and a revised distribution check. What is next to follow, you’re guess as good as mine.
After seeing many complaints, Milliman-empowerment Retirement does not look like a good investment nor retirement plan to look after their investor’s assets.
Angel
On February 18th, 2020 I’ve applied for my retirement pension benefits being managed by milliman-empowerment retirement located in Dallas, TX.
On April 1st, 2020, I’ve received my elected a lump sum distribution. On 4/9/2020, I’ve got a (supposedly a courtesy call) to inform me the check was canceled due to an error on their part, no further information given on their call.
I was told that I’d be receiving an explanation letter detailing their error, so far I’m still waiting for their email. Meanwhile my Chase Bank account has been frozen, unable to get access any funds. Most likely they never never set aside my distribution to an escrow-like company and left it in the financial market and took a hit for the worst due to the market fall-out.
They’ve said that I could still opt out and be paid monthly, how could I, I’ve already had accessed to some of my funds. I went through their chat system hoping to get hold of their CSR, after waiting my turn on their chat for 4 hours, I was disconnected.
I’m totally disappointed with Milliman-Empower Retirement, totally incompetent, inefficient retirement funds provider. As others have said, beware and think twice before choosing them as your retirement plan provider, they’re rated one of the worst investment providers. Thank you.
THIS COMPANY IS REALLY AN LIFE INSURANCE COMPANY AND A SCAM
THIS COMPANY IS A TOTAL SCAM. THEY WILL DO WHATEVER IT TAKES FOR YOU TO NOT GET A HOLD OF YOUR MONEY. THEY WON’T EVEN LET YOU MAKE DIRECT DEPOSITS, WONT MAIL YOUR THE CORRECT FORMS TO GET A HOLD OF YOUR ACCOUNTS. WON’T EVEN MAIL BENEFICIARY FORMS. THIS COMPANY NEEDS TO BE OUT OF BUSINESS.