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CB Retirement and Pension Empower Retirement Installment payments from 401 (k)
Empower Retirement

Empower Retirement review: Installment payments from 401 (k)

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8:30 am EST
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I am over 65, and have recently retired. Empower (formerly Prudential) is the fund manager for my previous employer Philips. I followed the "rules" and completed all forms provided to me by Empower to begin Installment Payments Withdrawal from that 401(k) Plan in October, 2023. Philips provided Empower with my termination date the following day, (this is required by your previous employer). I made numerous calls to the Empower "Service Team" and spoke with Tamia, Andrew, Dario, Leena, Kashad, and others. With each call, I am given a different reason as to why Empower is not processing this withdrawal request. I have asked to speak with management, but the service team tells me a manager will only tell me the same thing. As a new retiree, I have planned and now rely on those funds to meet my financial obligations - which I now cannot do. My wife and I are extremely upset that we are not getting the funds as required by Empower. I wish someone at Empower would recognize there is a fiduciary responsibility that is not being met.

Desired outcome: I would appreciate a communication from management or director at Empower, and the processing of my installment payments withdrawals.

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    Nov 03, 2024