I had $178 in my 401k account with them. The company I worked for went out of business.
I was charged a $75 distribution fee. After taxes I got $81. Over half the $$ went away. What a rip off.
What they should do is charge 2% or $75 whichever is less.
I did call them and they told me that they could not waive the fee, and that they could charge me what ever they liked, since the fee had gone up since I signed up for the plan. Taken out of my pocket $75 not a lot, but there is a principle involved here this is just another case when you are poor you end up getting the ripped off.
Product or Service Mentioned: Paychex 401k Retirement Plan.
Reason of review: fee.
Monetary Loss: $75.
Preferred solution: Let the company propose a solution.
I didn't like: Robbed me, Inaccurate information, No responsibility for mistakes.