Great West handles the South Carolina Deferred Comp Program. I needed to withdraw some money and was amazed to find out I needed to print out 15 pages and return 5. That's right a 5 page form to get your money. I was told to withhold 20% by the rep that I spoke with. In filling out the form, I put down to withhold 20%. I also was amazed to see that Great West charges for direct deposit.
When I got my check, 40% was deducted. When I called, I was told that 20% is automatically withheld, so they withheld 40%! When I called, the rep I spoke with said nothing could be done.
I then posted about this on Great West's Facebook page. A representative of Great West did call and return the 20%. I explained to him at no time did anyone offer to help me fill out the forms, nor was I told it was possible to get the 20% returned. I thanked him for his time, and explained that I would be rolling over my and my wife's accounts.
After the problems of last week, I went to my financial advisor to complete a rollover. I printed the forms needed from Great West off the internet, signed them, and my financial advisor faxed them in on 6/3/14.
Today, 3 large packets came, dated 6/5/14 stating the forms I printed off of YOUR WEBSITE WERE NO LONGER VALID, and "A current Distribution Request form must be completed. We can no longer accept the older version of this form".
This makes me ask the following questions:
1.) WHY THE HECK ARE THE FORMS STILL ONLINE IF YOU CAN NO LONGER ACCEPT THEM?
2.) Why did you not email or call me stating I needed the "correct" form, so I could have faxed them in?
3.) Why did your reply, dated 6/5/14 take a week to reach me. According to the postmark, it took 4 DAYS for the letters to be posted.
Great West has caused me to potentially lose THOUSANDS of dollars due to the recent stock market losses. I will make sure to tell my friends in the SC Retirement System my experiences, and will contact my state legislators, and the state treasurer.