PAi - Plan Administrators Inc Enterprise Dr, De Pere, Wisconsin

PAi - Plan Administrators Inc Reviews

2.9 stars based on 12 reviews

Featured Comments:

• B

  Bryan Vekovius, M.D.

  5.0

  Pai is a quality firm and will provide an excellent platform for your 401k. They are very helpful and want you to get the most for your company. I 100% believe if you have a small company which needs a retirement they would be better than 99% of all choices. They provide the TPA, custodian and record keeping all in one for a very reasonable price. I 100% recommend!!!!

  ---

  Response from the owner

  Thank you so much, Bryan! We always say that a positive review is the ultimate compliment, so we appreciate you taking the time to share your experience with us!

• M

  Max Cook

  1.0

  Excessive and unnecessary beneficiary distribution requirements, slow processing time, processing fees taken out of distributions. Not a good company to work with

  ---

  Response from the owner

  We are sorry that your experience did not meet your expectations. We have noted improvements in the beneficiary claim process based on your experience and feedback, we're making immediate updates to our procedures. Please accept our apology. At PAi we take pride in the trust you put in us to effectively manage your plan. It is standard practice for plan administrators to charge a distribution fee, and the $75 fee referenced is outlined in the Plan Fee Disclosure document and the Distribution Request form. PAi completes detailed cost comparisons on a regular basis in the marketplace, and the $75 fee is within a reasonable range to other providers. If you have any further questions, please contact us directly at 800.236.7400.

• G

  Gene Gant

  1.0

  Was terminated by the company I worked for due to financial problems the company is experiencing (no fault of mine) The owner of the company requested the distribution I requested due to being terminated, and it was denied. He was told to re-do the request paperwork and change the reason to retired which was not true. Their reason according to PAI was "according to the plan agreement upon review, per your Adoption Agreement, the definition of retirement is: “The Latter of Attainment of the age 65 and the anniversary of the 5th year of Plan participation” Based on the Adoption Agreement, <participant> does meet this definition. As a result, we would need the distribution reason of the attached form revised to reflect the correct type of distribution. I don't know where they get off deciding whether I was terminated without cause, or retired. In either case I believe they are trying to drag it out so that they can collect another months service charge. In the meantime they refuse to process the distribution requested of the money I put in the 401K over the last 5 or 6 years. I am not happy

  ---

  Response from the owner

  Per your 401(k) Plan Document, as agreed upon by your employer, distributions are permitted for employees over the age of 65 with five or more years of service in the plan. PAi’s internal procedures and audit controls require that such distributions be identified and processed as retirement distributions. This does not change the status of your distribution or affect whether or not you can take the distribution. We simply need the form to reflect the correct type of distribution, which in this case, according to your Plan Document, is retirement. We apologize for not communicating this change up front when your employer reached out to us prior to your termination date. Once the reason for the distribution is corrected on your Distribution Request Form, we will be able to process your distribution. One of our Customer Care Representatives will be reaching out to you to follow up in regards to the Distribution Request Form and to ensure the process is completed timely.

More reviews (9)