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

Is Empower Retirement a scam?
Empower Retirement is a scam and a bad service provider as per the report filed on dirtyscam.com. They are not aggressive towards their customer satisfaction and complaint grievance.
Is Empower Retirement legit?
First Empower Retirement is not a legit business owner or provider. You must take necessary precautions/measures before buying or using their services.
How many reviews are submitted by Empower Retirement’s consumers?
There is/are 49 review(s) posted about Empower Retirement and it indicates that the severity of the scam is Extremely High.
Where is Empower Retirement located?
Empower Retirement is located at Englewood, CO 80111, USA. You can contact Empower Retirement by dialing (855) 756-4738 or visit their website empower-retirement.com before filing a lawsuit. We are no way affiliated with better business bureau or yelp reviews platform.
How much monetary loss is incurred by Empower Retirement’s customers?
According to the report(s), US $12547 was the total loss incurred by Empower Retirement’s customers.

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49 reviews on Empower Retirement

  1. David Hussy

    I'm concerned now that the implementation just lost my funds!

    Empower failed to provide written announcements on a outage to convert to their Empower Retirement plan. Our Payroll department obtained a soft-copy and distributed it to staff after the black-out had started.

    We have not been able to see our balances since and the last transaction in my history has that date and described as a distribution. A distribution I cannot view – says: “Your plan does not allow this option”.

    I’ve been through numerous plan black-outs in my 40+ years being in qualified plans. Never has I seen such a poor implementation. I’m concerned now that the implementation just lost my funds!

  2. Richard Carter

    I just want them to send me my money.

    I have to admit that I had not had any issues with Great West, now Empower prior to this year. As a physician we are allowed to set aside money in a “Rabbi trust” which is a non qualified plan which is basically a salary deferral.

    This year’s distribution was removed from my account on Feb 5th,. My employer’s part was immediately paid to me in my next paycheck. I did not receive my part of the deferred salary that I had put away so I made a call on Feb 20th to customer service.

    I was told it might take up to 10 business days to arrive. On the 22nd it still had not arrived so I called back and after discussing it with the customer service rep made the decision to stop payment on the check. I was given the number on the check so that if it did arrive not to cash it and wait for the new check.

    I was told it would take 5 to 10 business days before the new check would arrive but would most likely be less. I have had prior distributions over the last 10 years and they have been very prompt.

  3. Iris Mitchell

    I requested a withdrawal of my 401 because an urgent financial situation to pay my bills after I lost my employment.

    I also consider that joining empower retirement is a mistake but it was the retirement company my employer was working with. I requested a withdrawal of my 401 because an urgent financial situation to pay my bills after I lost my employment. I received an email that the check was mailed on Friday, February 2, and that will take up to 5 business days.

    Today is Wednesday, February 21, and still no check on site. I called customer service and they said that the check has not been cashed yet and they can put a stop payment and issue another which can delay another 3 or more weeks.

    I decided to wait until Friday, February 23, and see if I can finally get the check, hopefully will arrive since my utility bills can wait any longer. Please beware of this company! I never heard of a retirement company that takes that long with the payment. They should start working with UPS (which issue a tracking number) instead of the USPS where have no way to track the check.

  4. Rachel

    Is this company even real?

    Got a letter from Empower retirement under a name that has over the years appeared on my credit report but is not, nor has ever been my legal name (and with my first name misspelled). I called the number listed and the first thing the asked for was my SSN. Not giving that out on the phone to a company I know nothing about. Waited for a person… they said (even though I had an account number listed, that they could not look my account up without my SSN – again, not giving that out to just anyone). A week later I got a check for $383.00 under the Never-been-my-legal-name. And it’s just sitting in my purse. Can’t cash it, it’s not my legal name, can’t get it fixed because I won’t give out my SSN to strangers over the phone. Kind of stuck in limbo. I did have a retirement fund out in CO back in 2001 that I never got my money out of – so that could be it, but how am I supposed to know when they won’t just look up the account by the account number? Overall, if this is a real company, they are super sketchy.

  5. Kenia

    Horrible company

    After leaving mu current employer i decided to cash out my 401k. Process was pretty easy called a rep stated it can take 7-10 business days. Here i am wayyyy past the 10 days only for them to say if it was lost it would be the postal service fault and they didnt have any tracking # or any other info. They could put a stop on the check but it would take ANOTHER 10days!!! What a fucking joke of a company!

  6. Ki

    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.

  7. Loya

    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.

  8. Loya

    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.

  9. Jon

    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.

Reviews:49
Reported Loss :12547 $
Severity of Scam :Extremely High
Reported by : Anonymous
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