Empower Retirement

Sucks at investing

Autoenrolled into this shit-stain of a 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 waaay to long for what amounted to a refund).

Once it came to that time I was given a few other reasons why they had 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 that they had played it in the stock market, my $130 shrank to about $100. A loss.

I would like to point out that this is the longest bull economy in our nation’s history, how in the economical fuck did they pull that off?

Naturally, they took a fee for the refund, and then I incurred a $19 tax for 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. Sucks at investing. They all probably eat babies

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5 reviews on Empower Retirement

  1. Do Not do business with this company!!!!!

    I had money in a 401k that I forgot about the plan is no longer around but I never got paid my money. For 3 weeks and 4 people later of trying to recover my money they say it was paid out in 2002 after another one of their reps said this plan was paid out in 2011, but I never received a check. I told them for all I know one of their employees could have cashed that check as they say they have no way of seeing who cashed said check. He said that is possible. So I am out of my money and they don’t seem to care. Do Not do business with this company!!!!!

  2. TERRIBLE!!! I cannot stress this enough!

    TERRIBLE!!! I cannot stress this enough! They sent my 401K off to a 3rd party WITHOUT my consent, even after I filed the proper paperwork to send it to another company.

    I spoke with a rep who ASSURED me that my account would be placed on hold while the paperwork was ran. Months later I find out my money is gone. POOF! So now, I need to pay this other company all these fees to finally move my money to the correct company. Obviously, I call for a reimbursement since its Empower’s mistake. Easy right?…..WRONG!!
    I spoke with Tom (Supervisor) to review the recording of that call, and he blatantly LIED saying that I was never told that.

    I do have an option to get a written transcript, which I need to pay for (not happening), through a 3rd party company. However, at this point, I don’t trust anything connected with Empower. Don’t use this company. Work together to SHUT THEM DOWN!!!

  3. It seems that they need some deep support for customer support.

    What I have been reading about service and the response from Empower being a general apology. It seems that they need some deep support for customer support.

  4. Spoke to four representative and was very disappointed that no one could give me an answer.

    I called to move my money from my 401(K) to my Fidelity Account. The company I worked for went out of business in the third quarter and I was sent a form where it was indicated that I wanted the money transferred immediately. When I questioned why the money was not received yet,

    I was told that the Administrator of the company had to close the account which was April 30, 2019. When I asked if the money could be received by that date at the latest, the Empower representative indicated that nothing could be transferred until the Administrator closed the plan.

  5. I can only hope that my former employer has been made aware of this fiasco and can remedy it ASAP.

    from Voya to Empower. All services were disabled for 2 weeks to afford a smooth transition. Here we are, 9 days after the final “transition”, and i cannot navigate the system to transfer fund balances and seize some current market profits.

    In addition, I’ve called to question what paperwork is involved re beneficiary info (a form that needed to be notarized every 3 months by Voya), and was sent 27 pages of forms…..none of which seem applicable to my issue.

    Having read all the positive info from Empower prior to the switch, I was reassured that my former employer made a positive move. Now, after my personal experience and those of others on this site, I am disgusted with their choice. I can only hope that my former employer has been made aware of this fiasco and can remedy it ASAP.

Englewood 80111 CO US
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Reviews: 5
Reported Loss : 12547 $
Severity of Scam : Extremely High
Reported by : Anonymous
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