Complaints

• Initial Complaint

  03/13/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I tried to withdraw all the money out of my 401k with this company. First call to them was placed on January 31 at 6:27 MTN time. I was trying to get the money out so I could use it to close on a house on February 24, 2023. So when I called them on the 31st, I asked what form I needed to do a hardship transfer, they showed me where the forms were at on the website. I submitted the form and then get an email saying I needed to call because they had questions about my case. So I call them on Feb 3rd at 9:38 AM. They said that I needed different documents attached to form. Not a problem; so i send the correct documents from my Lender. I then get another email a couple days later to call them again. I call and they said they just needed to know the dates of my employment so I give them the dates (as I no longer work for the company). A couple days later I get another email to call them again so I call. They now tell me I filled out the wrong document, that I need to file out the general one since I no longer work for the company. This process continues to keep happening where I get an email to call and then I call and get told something new. I'm told that I can either cancel the request or put it on hold since the company I no longer work for is re-evaluating the contracts. I was told at another point that they are done reviewing the contract and that the hold was lifted. Last call that took place on March 3rd, 2023 was to tell me that they updated their form so I had to do the whole process over again. Needless to say, I did not receive the money from my 401k to help with the closing cost of my new home. I just want MY money from my 401k from them so I can be done with this company and not be given the run around

  Business response

  03/24/2023

  Thank you for forwarding.  We have reached out directly to the complainant to resolve the matter.

• Initial Complaint

  02/22/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I retired last May, after numerous attempts to cash out my 401K I had to get my previous employer to get through to anyone because I had forgotten ONE of my security questions. I closed the account and received my check. Monday, February 20th, I received a letter from Newport informing me I still had an account, they still have some of my money and once again I can't get to it. This is fraud. For they have kept some of my money and continue to take fees from me for it. They purposely make it hard to access and their customer service just gives you the runaround.

  Business response

  03/07/2023

  Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.

  Customer response

  03/08/2023

  Complaint* ********

  
  

  I am rejecting this response because they have NOT resolved this. They sent me a notice 3 months AFTER they received money from my previous employer.  By that time they had taken over half on fees and want half of what's left in fees to payout. Read all the BAD REVIEWS  about Newport Retirement Services and BEWARE. They intentionally make it hard to access your account. 

  
  

  Sincerely,

  
  

  
  

  ***** **********

  Business response

  03/20/2023

  We have taken steps to resolve this with the complainant and will continue to follow up with Mrs. ********** while this is in process.

• Initial Complaint

  02/08/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I paid money into my 401k yet the company says my balance is 0. I know that’s incorrect and they won’t correct this.

  Business response

  02/16/2023

  Thank you for forwarding.  We have reached out directly to the complainant to resolve the matter.

• Initial Complaint

  01/26/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I have had to pay for a funeral, I have had a heart attack and still have over $10,000 in debt to pay, I have recently been off work for 12 weeks medical, yet Newport will not help in my hardship application that was submitted. 10/18/2022. I call weekly to follow up and I have had an email requesting a few things which was addressed immediately and even though the person at Newport said they could see what was being requested was already there in a different attachment, I still resent the information. Newport keeps asking for information they already have. Today I get an email that states now that bills submitted are over the 6-month dates. The bills I have sent are updated invoices. The funeral was in February and still is being paid for which makes it recent bill, the life flight I owe for over 10,000 still is recent. I have sent all medical bills with the EOB/Invoice they request yet. they still ask for the EOB. Please help me. I contact the number they provide for any questions. when I call, they don't help me they send a tag/ticket back to the people who are not helping. Had I depended on my hardship to make my house payment I would have lost our house. I realize there are rules, and the government requires certain documentation, I feel I adequately provided. Do I not have rights too?

  Business response

  02/07/2023

  Thank you for forwarding. We have reached out directly to the complainant and the
  matter has been resolved.

  Business response

  02/16/2023

  We have worked to resolve this with the complainant and will continue to follow up with Mr. and Mrs. ***** while this is in process.

  Customer response

  02/25/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me at this moment. After contacted BBB within 2 days contact was made to actually speak with someone. Since then a part of the hardship monies have been sent at their discretion with no answer as to why not all was sent. Before the acceptance of the partial discussion with one of the two top managers who assured us that once we re-send the health claims that are included in the hardship they will "make good" on what needs done. I refuse to file a 2nd hardship as to a suggestion when all was included in the first hardship and do not know why only partial approved. I ask for an explanation or further questions answered in which I was told there was no explanation needed and no-one higher to discuss this with.
  
  Sincerely,
  
  ***** *****

• Initial Complaint

  11/30/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have been trying to roll over my 401k and **** funds into a personal *** with another brokerage account. The first ones took weeks to arrive. Two of them were issued incorrectly so I had to schedule another call to re-issue them. They kept me on the call for more than 90 minutes. After that, a month went by and I received nothing, no checks, no confirmation or any other communication from Newport. So, I scheduled another call which also ran close to an hour. This time the rep said that even though they have a record of the call, no new cheques were issued and they don't know why. He now tells me there is a $30 fee to re-issue each one. When I refused, he said they will open an investigation (no email confirmation or reference # or case # provided despite asking) to see if Newport was at fault. It has been now 4 months into this process and I feel like I am no closer to being done.

  Business response

  12/14/2022

  Thank you for forwarding. We have reached out directly to the complainant to resolve the matter.

• Initial Complaint

  11/23/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I resigned from San ****** Indian Casino in 08/2020 and had a 401k through them with Newport retirement services. The account totals about $1500 and according to the plan documents, "if the value of your vested account balance does not exceed $5000, then a distribution will be made to you regardless of whether you consent to receive it." To be honest, I did not even remember the money until October 2021 when I received a letter saying my 401k had been transferred to an *** with Newport. I called and they said they didn't have my information and I was not in the system. They were going to send me paperwork to my address with instructions. I called on 4/22/2022, this time they said they needed me to fill out paperwork to claim the account and then they will send me a check. Again, nothing happened & I received a statement on the account and gave it time with ***** going on maybe they were short people. I called on 8/01/2022, I told them I never received any paperwork but I know they have my address now because I received statements. She said there was nothing she could do until the paperwork was filled out but she emailed them to me. I filled out **************** it, still nothing. Today, 11/23/22 called & I was told the account notated that the hold for distribution was removed but the women said it wasn't so she had to send it to someone for them to fix and that I had to call again to get the distribution. I told her this is not right, I left the company 08/2020 and I still cannot get my money.

  Business response

  12/09/2022

  Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.

• Initial Complaint

  11/18/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I was terminated from my job in august 2022 after informing them I planned to file complaints with the *** for ethics violations and discrimination. I contacted newport group to get a distribution of my funds sent to me. They supposedly sent me 2 checks which were deemed undeliverable by ***** because i live in a condo that has no access for visitors without having a key to enter the building. I was charged for cancelled check fees twice plus expedited check fees for checks I never received. I get nothing but excuses when it comes to my money. They proceeded to ask me for my bank information to wire my money to me and have yet to do so. I have been waiting 2 and a half months, jumped through all their hoops and still have yet to receive my money. Excuses are all I get, and none of the people Ive talked to ever seem to know what's going on with my cash. They almost seem to laugh at me when I call to complain. Im asking for whats mine as and I cant get it from them. They have xalled to confirm my bank information when there is no need to, Ive already confirmed it. *** told them I would seek a lawyer and they dont care. I invested my money and im getting screwed for no reason. If my ex company had a reason to withhold it other than me filing formal complaints I would have heard about it. They seem to be in cahoots with my ex company and this is retribution for being a whistleblower.

  Business response

  11/30/2022

  Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.

  Customer response

  12/06/2022

  (The consumer indicated he/she DID NOT accept the response from the business.)
  I reached out to you the business but have yet to receive my check. I do not consider this resolved until the check is in my hands. I updated my information with a customer service rep and I'm waiting for payment.I have been told before that my check was in the mail but here I am 3 and a half months later and I'm still waiting.

  Business response

  12/14/2022

  Thank you for forwarding. The matter has been resolved. We have confirmed the check was received and cleared.

• Initial Complaint

  11/18/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  A month ago I processed for a disbursement of my 401k, the check was "lost in transit" per the company representative on the phone, and they're charging me 30$ to do a stop payment and reissue, and apparently they will keep doing it until there's no money left. I feel extremely taken advantage of. Check was sent out on 10/21/2022. Nothing was ever received. New request was input 11/18/22. Overall their policy and customer service is the worst I've ever had to experience. I was never notified of a "tracking number" either.

  Business response

  01/05/2023

  Business Response /* (1000, 5, 2022/11/30) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved. Consumer Response /* (3000, 7, 2022/12/01) */ (The consumer indicated he/she DID NOT accept the response from the business.) They didn't resolve anything, charged me 30$ to reissue the 401k check that was lost in mail and I still haven't received anything. No one has reached out since I called in regarding not receiving the first check. Business Response /* (4000, 9, 2022/12/09) */ We have reached out directly to the complainant and the matter has been resolved. A voicemail has been left for the complainant. Consumer Response /* (4200, 11, 2022/12/12) */ (The consumer indicated he/she DID NOT accept the response from the business.) They second check with the deducted 30$ was received. Still no justification as to why I was charged for a lost in transit check. That seems like a them responsibility. Voicemail was received. Not going to play their games, they won't do anything anyway. Never going to set up any business with Newport ever again. Their systems are outdated, they can't do direct bank to bank transfers.

• Initial Complaint

  11/04/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Closed my 401k and am awaiting my check. I mailed in my paperwork at the beginning of October 2022, I was told would take 7 to 10 business days to process the request and mail my check. Newport Group received my request on October 12, 2022 my check was supposedly mailed to me on October 17, 2022 however it never arrived. I called and waited until October 28, 2022 to put a stop pay on it as that is the time frame the company ask me to wait. I called back on October 31, 2022 and paid $30 to put a stop pay and also ask if they could overnight my check the first rep said she would request it. Called back the next day and that rep said that they were waiting for me to pay for the overnight, I was confused and told him what the other rep said. I ended up confirming the overnight and paid another $30 for that. I still have nothing and each time I call I am told a different story. I was also told several times the check was being written that day or the next by each rep and would then be overnighted. Fast forward to today and the check has not been written nor overnighted. I asked several days ago to talk to a supervisor, I was informed they would request a call from a supervisor but it would take 24 to 48 hours for a call back, a call back I have still not received. I have pleaded and begged that my check be sent as I have been out of work for 6 weeks due to an injury. I just want and need my money. I have been nice and I have been a little irritated with them, I have begged to talk to a supervisor to no avail and still no check. I would like this matter solved and just want my money from this company.

  Business response

  12/21/2022

  Business Response /* (1000, 5, 2022/11/18) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.

• Initial Complaint

  10/28/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  This is a retirement services purveyor and they would not assist me in rolling over my retirement to a new account. According to them I failed verification, though I provided my current and past addresses, before being 'locked out' of my account. As this is a 401(k) from a position I held 10 years ago I should have been provided the opportunity to provide my address from then, rather than being locked out of receiving my retirement rollover for providing my current address. The customer service representative was not willing to answer questions or provide any contact information for how I could unlock my account to process the rollover of my retirement funds.

  Business response

  12/07/2022

  Business Response /* (1000, 5, 2022/11/11) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩