401(k)

[shooligan]

What is the name of your state? PA

I have money in a 401(k). I am not getting credited with dividends paid out by one of the funds I have. The problem isn't with my company, but with the broker responsible for the plan. He tells me the company plan doesn't pay enough for him to look into my complaints about nonreceipt of dividends. I asked him for a detailed accounting of entries into my account and he tells me it isn't possible.

I guess my question is who is the next step in the chain of command to take my complaint and put some heat on the broker?

Thank you!

 

[p2brams]

Are you sure the dividends are not being reinvested into the fund? If you are sure about the situation, call the fund. I would also contact your HR department and see if they have a contact for another advisor. If that fails then tell the broker you wish to speak to his compliance officer. If you are thinking about filing a complaint with the NASD, i wouldnt but you have that right. However you stated its not the brokers fault, his problem is that he lacks customer service skills but in this market its hard to keep a happy face! good luck

 

[shooligan]

The dividends are sent from the fund to the administrator of the 401(k). I have already called the fund and they told me the administrator has to notify them the money wasn't received. The administrator tells me when the money is received, it will show up on my account.

My blame is not with my company, but WITH the broker who doesn't seem to give any weight to customer relations. It would seem to me a simple matter to fix. He looks at my account, confirms I hold the fund, confirms the funds paid a dividend on a certain date, etc etc.

 

[ShadyLL]

Pur your complaints in writing, Written complaints must be responded to. Keep a copy for yourself. IN fact, send it registered mail so he has to sign for it.

If he doesn't respond in a satisfactory way, send a copy of the letter to the BBB. If necessary, you can complain to NASD

 

[shooligan]

OK .. the problem continues although it has been admitted that my complaint is valid. However, still no solution has been found
to correct it. So...when I contact the compliance officer, how much time do I allow before taking it to the NASD?

 

[ShyCat]

Forget NASD. Since this is a 401(k) subject to ERISA, contact the Department of Labor... www.dol.gov

 

[Jeter]

Don't waste your time with the dept of labor either. If the dept of labor acted on all poor customer service complaints, most of the country would be unemployed. Let's put this situation into perspective. I know that his actions are offensive, unprofessional and an extreme inconveniece to you. But as you said, it comes down to a customer relations matter. Contact Human Resources at your company. Find out what the chain of command is in regard to who handles your 401k. If it is a seperate administrator, contact them and do the same. Maybe if you're lucky they will put a negative comment in his work file.


Jeter

 

[paul1]

Within a 401k, dividends are reinvested as are capital gains. There is NO SUCH THING as receiving cash dividends. Someone is misleading you about something. They should not have been sent anywhere. More than likely this particular fund that you are invested in does not pay a dividend and you don't realize this fact. If I am wrong and it does pay then there is fraud involved.