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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This report was posted on Ripoff Report on 04/24/2013 12:22 PM and is a permanent record located here: http://www.ripoffreport.com/reports/sterling-trust/waco-texas-76710/sterling-trust-a-division-of-equity-trust-co-never-filed-fiduciary-final-report-to-the-ir-1045877. 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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