Empower

Nov 6th, 2021

My wife's employer switched last year from Voya to Empower. If your prospective employer tells you that Empower is their retirement plan provider, this is a reason to keep looking for another job. The customer service is non-existent to terrible. Finding basic answers to questions like their fee structure (boy, do they have a fee structure!) is impossible via the web site. The funds provided as investment options are adequate, but not as good as Voya or any other retirement plan with which we have experience. Most importantly, they nickel and dime you to death! They charge monthly fees for an "asset based charge" in which they take a small percent of everything you've invested -- just because, with no way to opt out. They charge quarterly fees for "Brokerage Account Maintenance" for self-directed brokerage accounts with TD Ameritrade: a "service" in which they do absolutely nothing and you and TD Ameritrade do everything. It's such a rip-off we've wondered who got bribed at the hospital where she works to make the switch. When she retires, one of our very first actions will be to sever all ties with Empower Retirement move those funds elsewhere.
Sep 24th, 2020

Trying to rollover funds and they charge you to do it since they will no longer be in control of the funds. Also, when requesting all the information for the rollover to happen, they do not provide it even if requested so the transaction is delayed.
Apr 17th, 2019

I'm sharing my ongoing hassle with Millennium Trust Company below, because Empower transferred my retirement fund there without any advance warning or notice. UPDATE: Instead of admitting her customer service rep was both rude and wrong, Lisa doubled down by implying that I am confused about the rules. I understand the rules perfectly well, because I've had a more competent retirement fund company send my funds directly to a university for tuition in the past. I called the number she offered, as well as the general customer service line, about 30 minutes before closing today, and got a message that they were closed. I guess it's off to an early weekend after a week of scamming people out of their hard-earned money! Oh well, at least I have the account closing fee on top of the account opening fee to look forward to before this is over... I was forced to work with Millennium when my retirement fund was rolled over from a previous employer, like everybody else here. I tried to "gain control" of my account through the website, and it said I had to call. I spoke to Michelle, who gave me attitude about the distribution I was planning to cover qualifying educational expenses, saying this was not allowed and "we don't do that here." I got off the phone and confirmed that yes, it is in fact allowed. I called back and the next CSR I spoke to told me that my account wasn't showing up in their system yet and it could take up to two weeks. I look forward to ending this nightmare and getting my hard-earned money away from these people.
Jan 22nd, 2019

They forced transferred my 401K without notifying me then blamed it on someone else. I lost hundreds.
Jan 4th, 2018