Complaint Review: Mass Mutal - Nationwide
- Mass Mutal Nationwide USA
- Phone: 800-854-0647
- Web: http://retirement.massmutual.com/rs...
- Category: Financial Services
Mass Mutal MassMutual Massachusetts Mutual Life Insurance Company MassMutual Financial Group Mass Mutual 401k Income Reporting 1099R and Repayment. Questionalble activity and they dropped the ball. Nationwide
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In September 2014 I took a loan from my fully vested Mass Mutual 401k. At the time I took this loan I, via electronic means on the Mass Mutual website, requested that repayment be made through payroll deduction.
I received a 1099-R for 2015 and logged on to see that my loan is now in "deemed" status. Apparently the payroll deductions have not been taken at all. Yes, I failed to see this. I contacted Mass Mutual and they informed me that my loan has been reported to the IRS as income, so I will now owe the IRS money, and that I still have to pay back the loan.
I requested to speak with the supervisor, was put on hold, only to be told that the supervisor did not wish to speak with me. The rep told me that it was my responsibility to inform my payroll department that I needed to have payroll deduction for this loan. So why did I have to fill out an electronic form when requesting this loan, submit it to Mass Mutual, telling them to deduct via payroll?
I have spoken to several others that have had 401k loan with their (other) 401k holders. None of them have ever had to do this. This has been done between the investment company and their payroll division. It seems to me that Mass Mutual dropped the ball and that I am now being punished for their oversight two-fold. Yes, I should have noticed that it was not being taken out but they were responsible for contacting the appropriate parties to have these deductions started.
Why else would I file their electronic form? To add insult, the supervisor then refused to speak with me. I am currently in contact with a lawyer to determine if they can report this, essentially, as income and tell me I still have to pay it back. I don't pay back my regular pay. Since this has been reported to the IRS, why would it be any different?
I am also looking in to withdrawing all of my funds (the rep told me they are not my funds, even though they come from my pay checks, are employer matched, and I am fully vested.) I no longer want to deal with these incompetent crooks.The lack of professionalism is astounding.
This report was posted on Ripoff Report on 02/09/2016 11:52 AM and is a permanent record located here: https://www.ripoffreport.com/reports/mass-mutal/nationwide/mass-mutal-massmutual-massachusetts-mutual-life-insurance-company-massmutual-financial-gr-1286338. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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