Report: #1045877

Complaint Review: Sterling Trust

  • Submitted: Wed, April 24, 2013
  • Updated: Wed, April 24, 2013
  • Reported By: Lee — Dallas Texas
  • Sterling Trust
    1101 Wooded Acres
    Waco, Texas
    United States of America

Sterling Trust a division of Equity Trust Co. Never Filed Fiduciary Final Report to the IRS on our Company 401(k) Waco, Texas

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Our small company decided to have a 401(k) for our employees in 2008. We looked on Vanguard's website for their suggested recommendations on fiduciary administrators (fyi - they no longer do this). We picked Sterling Trust because they were in our home state of Texas.

After 1 year, when they were unable to correctly determine the matching contributions to our employees, we closed the plan.  (We eventually sent them a correct spreadsheet so employees were paid correctly and then checks were issued to them to close out the entire 401k plan.)

In 2011, I began receiving notices from the IRS that our company had not filed the correct "401(k) clsoing documents." Sterling would NOT answer my emails, nor phone calls. Finally after 3 months, I got a reply on their internal, secure mail.  It would not enable me to copy the correspondence no send a copy to myself for documentation. [continued below]....
.....  I refused to communicate this way - with no back-up.

I went out onto the US Dept of Labor website and filed what information I had, and got a receipt of filing within the time frame.  I also filed responses to the IRS documenting everything I did - and what Sterling failed to do.  The IRS is after me to pay $1600+ in fines...but I keep telling them, and showing them the docs that I did file. 

Sterling won't return a call and no one will ever let you speak with a manager.  It's nothing but a stonewall.  I would sue them, but our tiny company is barely able to make it right now.  HELP!
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