Business Profile
Retirement Planning Services
NewportHeadquarters
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Complaints
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Complaint Details
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Initial Complaint
10/11/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
Newport group will not rollover my 401k money. I initially submitted a Fidelity form requesting my funds in August 2022. They closed my request & when I reached out to them they said that I had to use their form. I resubmitted in Sept. 2022 on their form & now they closed it again because they cannot get a signature from my former employer. My former Employer,*********************** was a retail store that is now closed. they also did not ever contribute to my account. It is 100% all my contributions/my money. It is now 2 months & now that I see there are 8 pages of complaints against Newport Group, I am very worried about when I will get my retirement money.Business response
11/17/2022
Business Response /* (1000, 6, 2022/10/24) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.Initial Complaint
09/22/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
I left my previous employer for a better position and did my 401k withdrawal forms July 30 2022. I used to work with this company before and I know doing a rollover with Newport Group will take a while because back in 2019 it took them almost 8 months to do so, I figured I will just withdraw the money since I only worked there for 1 year. Fast forward to September 21 2022, I haven't received my funds yet. First they told me they don't do ACH anymore so I had to call them and they gave me a run around because they keep telling me they can't find my account so it takes 3 to 4 calls to them until I got a hold of someone and set up my wire transfer, after 5 days it didn't arrived so I called again and contacted my employer so again it always takes 3 to 4 calls before they manage to pull my account and I was told that my ticket is pending? Ever since then I have been calling every 7 or 8 days and my employer too has been contacting them and I was always given the same answer that my the money will be wired by next week. It shouldn't take that long for Domestic Wire transfer and I worked with another company too so I know that 401k shouldn't take that long for rollover or withdrawal as well. Newport Group has always been irresponsible handling 401k funds as I have a lot of coworkers who had a run around by them as well. I just want my funds back as it is my hard earned money especially since my employer doesn't match so it is 100% my hard earned money.Business response
10/11/2022
Business Response /* (1000, 5, 2022/10/05) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved. Consumer Response /* (2000, 7, 2022/10/06) */ (The consumer indicated he/she ACCEPTED the response from the business.) Only after I complained at BBB that my issues were taken seriously I also learned that prior to this complaint I was being given false information or should I say false time frame by the agents thar I have been talking to. I suggest that anyone having issues with Newport should resolve their matters here.Initial Complaint
09/21/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
I have a 401k with Newport Group. I concluded my employment and proceeded to withdraw my money and have been met with many challenges. I was 1st told I would have to pay a fee for rapid delivery with no option for regular mail. No option for direct deposit. After not receiving anything for 2 weeks I called and was told I should have been received the check. I was also then told it was 2 separate checks. I changed the address to have the checks mailed to a more secure location. I finally received one check and was told I cannot access it because the company has restrictions on the account. The people are rude on the phone and your unable to speak with a supervisor. I have not received the second check.I requested the distribution on August 22nd.Business response
11/04/2022
Business Response /* (1000, 5, 2022/10/04) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved. Consumer Response /* (2000, 7, 2022/10/04) */ (The consumer indicated he/she ACCEPTED the response from the business.) I received my moneyInitial Complaint
09/21/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
I have an ESOP with my old employer that laid our division off and is handled by Newport. We are supposed to have statements sent 7 months after fiscal year. I have been waiting for a distribution window to get away from this mess and keep getting that no information is available and the statements are just not ready? This is almost October and haven't had a statement for over 16 months? Newport won't give me a valid contact number to find out what's going on and the customer service reps act oblivious to any resolution! I feel that my money is being held hostage and I'm getting months of run around! I want my money and the statement proving what that may be and how it's that (ghost) amount seeing as I have no idea at this point! The website is VERY limited and doesn't even give you a link to contact anyone or send even an email. I had to research myself to find a phone number. Very unprofessional!Business response
10/06/2022
Business Response /* (1000, 5, 2022/10/03) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved. Consumer Response /* (2000, 7, 2022/10/03) */ (The consumer indicated he/she ACCEPTED the response from the business.) They have reached out. My statement was received.Initial Complaint
09/12/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
This is a 401k account that I have with this company. They are refusing to finalize my withdraw request due to what they call system issues but say there fixed then not fixed then fixed again. They have lied to me multiple times stating the following:-Customer Service representatives say they do not have supervisors-Supervisors and stating inaccurate process times-Finding out my submission was never processed-Placing multiple tickets to fix a problem but no outcomes-Being told there was a financial mix up with the money between my previous company and them-Stating all is resolved -Having me submitting requests after stating things are resolved-After asking should I sale the stocks so I would stop losing money the lady said my account is fine so there was no need. (Continued to loose money) -Then being told there are 3 tickets to fix unknown issues but in the same conversation stating the normal process times is over 4 weeks.-Multiple promises to follow-up and phone calls to fix the problem but not happening.-Supervisors not having any answers to what's going on and no one fixing the issues that will allow me to receive my money. The above actions have caused me to get behind on my rent and forced me to get a loan along with me not receiving any of my funds from this account. On August 14, 2022 I was able to submit my withdrawal request. 2 weeks later I noticed that there was no further updates to my account. (Only in Review status) I made the 1st out of multiple calls asking if everything was ok and if I could do anything to help the process. The representative stated everything was fine. I called back to ask for a supervisor maybe 2 or 3 days later and they stated they didn't have one. I got frustrated and called a few days later and demanded cooperate, then they found a supervisor. The supervisor found an error in the process and she placed a ticket, they completed the entire process, but no check (I have a lot more to the story but 3 words)Business response
10/04/2022
Business Response /* (1000, 5, 2022/09/23) */ Thank you for forwarding. We are working with the complainant directly.Initial Complaint
09/09/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I worked for a company which I had to wait 5 years to get my ESOP. I went to cash out my ESOP on 7/15/2022 when it opened to get my money. My address was wrong and they said it took a week to update and then cash out once the address updates. So the distribution request went thru with the old address and I wasn't aware until an email said it did. I called 7/23/22 and was told it was going to my old address and they would file a ticket for me and get the address updated and have my check sent to my new address. On 8/01/22 I got an email saying my check will be sent to my new address once processed. On 8/11/22 I called again to make sure everything was good. I was told my check was mailed out on 8/04/22 to old address. And she saw how the ticket said it was being sent to new address but it was sent to wrong address. She put in a new ticket and said they will cancel and reprocess a new check for me. On 8/18/22 I called again and another rep said that my check was sent out on 8/15/22. I had to wait 5 days for processing and another 10 for it to get to me. It's 9/09/22, I called to see where my check was since I waited the 3 weeks and I can't check online because it's saying I have no distribution requests available and it hasn't changed since 7/15/22. I'm talking to the lady who I've spoken to about 3x and she said not one check has been processed and she can't tell me when I will get my money or where I am in the processing line. We send checks out in batches every 2-3 weeks. I've been waiting since July for my money. It's been over 2-3 weeks with every ticket that has been created. And every time I call, everyone keeps telling me something different and I have had no resolution or an answer to where my money is. All I'm told is wait 5 days for processing and 10 days for it to come. This is beyond frustrating because everyone is so nonchalant and non informative. If it was their money I'm sure they would have the same persistence and frustrations I have.Business response
10/21/2022
Business Response /* (1000, 5, 2022/09/23) */ Thank you for forwarding. We have been in contact directly with the complainant.Initial Complaint
09/01/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
I withdrew money from a ESOP, the employer explained there was a delay with the distribution window. When the window opened I submitted the request for distribution. The window closed on 8/12/22, at that point Newport explained the distributions would take place. We were notified via email by Newport that the ACH deposit was submitted on 8/26/2022 allow 1-3 business days to appear in your account. As of August 31, 2022 no money was deposited. We called Newport Group, they claimed end of business 8/31, so your deposit will appear 9/1, well its 9/1 and still no money. There is zero accountability! Our bank has no pending transactions for the account. I just want my money, done with the games, done with the laundry list of excuses. 14 MONTHS I HAVE WAITED and Newport is still yanking me around. I just want answers.Business response
09/19/2022
Business Response /* (1000, 8, 2022/09/16) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved. Consumer Response /* (2000, 10, 2022/09/19) */ (The consumer indicated he/she ACCEPTED the response from the business.) Withdrawal was received.Initial Complaint
08/29/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
On 8/15/2022 I submitted a distribution request form for a cash payout of my 401K balance. I have been given so many different responses each time I have contacted this company to inquire about the cash disbursement of my funds. I requested Direct Deposit but was told it was not offered. I then opted for Expedited Delivery and was told that my checks were mailed out the evening of 8/26/2022 and if I didn't get them by 8/27/2022 than I should receive them by 8/29/2022 through regular mail. I was charged $60.00 for expedited delivery, and no check was delivered today in the mail. I am in need of my funds, and it's like I'm being ran around and around in the process. I have been told that the company received everything they needed to process the cash disbursement; yet I have received nothing on the dates I was told to expect it in the mail. I am requesting that your agency look into the business practices of this company; because their customer complaints by plan participants are many; and now I have become one too. Thank you for your assistance. ****************Business response
10/18/2022
Business Response /* (1000, 5, 2022/09/12) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.Initial Complaint
08/23/2022
- Complaint Type:
- Delivery Issues
- Status:
- Answered
Waiting on a $330,000.00 check that was cut on August 2. I know they sent it to the wrong address. I have tried to change the address for 14 months and they keep changing it back. Now they will not respond to my emails. Same thing happened last year and will probably continue each year.Business response
09/20/2022
Business Response /* (1000, 5, 2022/08/31) */ Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.Initial Complaint
08/18/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I had a 401K with the Newport group, when my employment was terminated I requested a distribution. After one day of filing the request, my online account was closed and I was told by their service reps I have to wait until I'm 72 to request a distribution. Calling back the next day they told me my account is no longer managed by the Newport group and to contact my previous employer. My employer told me the fund is still being managed by the Newport group. They essentially ate my account and locked me out of their system. Their service reps act incompetent and clearly know they are scamming.Business response
09/16/2022
Business Response /* (1000, 5, 2022/08/30) */ Thank you for forwarding. We have attempted to contact Mr. ***** and left voicemails. He will need to work with his previous employer and their provider.
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Contact Information
Customer Complaints Summary
78 total complaints in the last 3 years.
12 complaints closed in the last 12 months.
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