On 3/14/25, the CEO (also Owner) of Employee Fiduciary sent us a NOTICE OF TERMINATION OF SERVICES in response to the previous day's honest sharing here of our experience with the company:Their negligence resulted in thousands of dollars of costs (double taxes, early withdrawal penalties, etc.) to us. They gave us a new rep, but the owner would not accept responsibility or reimburse us for the costs (except to waive a few hundred dollars of their fees).Edited to add: We have experienced several issues with the company. When our accountant notified us of overcontributions to our 401k accounts, we immediately contacted Employee Fiduciary. Instead of quickly returning the funds, they told us to wait for year-end testing and the funds would be returned then. When we asked about the status of the return of funds 13 months later during tax preparation, they told that the testing was not yet complete! The eventual late distribution of funds caused significant penalties (thousands of dollars) to us.Another issue occurred when we noticed that Employee Fiduciary deducted almost $25,000 from our account. When we asked for the reason for this deduction, they said that we had requested it. They forwarded to us a spreadsheet with the names of the employees that the funds were applied to. We told them that we did not recognize any of the names. They eventually acknowledged the mistake and finally returned the funds weeks later. (Trustpilot reviewed and verified this information.) So, you may really need to keep an eye on what this company is doing or it may end up costing you big time!
Claim your business profile now and gain access to all features and respond to customer reviews.
