Requested a distribution from my 401k to meet my required minimum distribution because I just turned 70 1/2. Made the request on 5/13/18 after completing and faxed the forms required.
I received a letter 2 days later that the forms were received and approved and that the funds would be deposited in my bank account. The money was taken out of my Voya account on the date of the letter.
The money did not arrive in my bank after a week. I called and was informed that because my checking account is in a trust I would need to have the forms I sent in to be notarized. I did not understand what my bank account being in a family trust would be relevant since it is only receiving the money.
My Voya account is not in the trust and is the account sending the money. When I spoke to Voya about not receiving the money they said my option would be to receive the check by mail. They told me to allow 10 business days (excluding weekends and holidays) for the check to arrive.
I live in Northern California and the check is coming from Iowa. It takes 4 to 5 days for mail to get from me to my children in Washington DC, but I let that go. 16 days after the check was supposedly mailed (Mailed on 5/23/18 called on 6/8/18) I was told I should wait until Monday 6/11 in case it arrives then at which point I could request a new check.
I asked how it was mailed. I was told that they are sent via regular US Mail with no tracking number available as would be the case with US Priority Mail.
Today I asked to speak to a supervisor. The supervisor Marvin told me that they only discovered yesterday that no checks got printed on 5/23/18 because of a glitch and that they were not mailed. They have since been mailed via regular 1st class US Mail.
Why didn't the people I spoke with before asking to speak with him not know this? Marvin didn't have an answer for this as he only just found out himself. I asked when I should expect the check. Marvin said by Monday or Tuesday and that he would call me to follow up. I asked for a case number for my complaint to reference if another call was required and Marvin said that he would just keep a note to follow up with me.
I asked if he could provide me with a contact person to lodge a formal complaint as these people have a lot of my retirement savings. Marvin said that no such department existed but that I could write a letter and fax it to Voya. I will be transferring my retirement savings from Voya.
Bottom Line: No, I would not recommend this to a friend