Regina W Ssl

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Verified Reviewer
| map-marker Los Angeles, California

So many reasons. Worst retirement company I have ever dealt with.

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Newport Group - So many reasons. Worst retirement company I have ever dealt with.
Newport Group - So many reasons. Worst retirement company I have ever dealt... - Image 2
Newport Group - So many reasons. Worst retirement company I have ever dealt... - Image 3
Newport Group - So many reasons. Worst retirement company I have ever dealt... - Image 4

I have been dealing with Newport since 2/18/24. I quit my job on 2/17/24, contacted them the next day to cash out my 401k and stocks.

I knew the stocks would take awhile, but this is absolutely ridiculous. My job didnt terminate me until mid March so they couldnt cash out my 401k until then. It took a lot of phone calls and emails to get that done. Its supposed to be something you just log in and a few clicks to request the distribution.I had to mention in an email I was going to get an attorney if they did not cash my 401k out, and I finally got my 401k cashed out.

Several of my calls I got hung up on. I was never rude to these people, never raised my voice or anything. Every single time they said they were transferring me to a supervisor due to them not knowing anything about their job or about cashing out stocks they hung up instead. I had asked when their window to cash out stocks was and I was told on several calls August.

Which is the end of the fiscal year for the company I worked for so it made sense. I called to ask about the hardship because I have issues in my home and needed repairs and I was told I had $0 in my stocks! She said they sold my stock account to another company and she did not have authorisation to give me the other companies information. I was bawling my eyes out at this point.

I hung up and called back a few days later and they told me they had no idea what she was talking about, my money was there but I wasnt eligible to cash out stocks until Im 62. Im 39. They said I absolutely cannot cash out until Im 62. I asked for a supervisor and they placed me on hold, the same voice came on with a different name and said I was not eligible for 5 years after termination at my job.

So I called back a few days later, again they said the window is I. August, call back later to get the exact date. I called today to ask what the date is, now Im being told that the date was back in march, I missed the window and to call back next year to find out the window for next year in March. I explained to her I cant work right now due to being really sick and I need money to pay medical bills and get a car since I now have no car.

They dont do hardships. She said there is nothing they can do, call back in March. I asked politely to speak to a supervisor, she told me she can put in a ticket to have them call me back. I told her I would wait on hold for a supervisor, she said they cannot transfer calls, she has to email a ticket to escalate it and that the supervisor will call back in a 24-48 hour window.

I told her to put in a ticket and she said okay, and she went silent for almost 5 minutes, I could hear her typing really fast, I even asked a couple times if she was still there and she ignored me. Then she asked a question but so quietly I couldnt understand her and got mad and come off as rude when I said Im sorry I didnt hear you. I answered her question then she got all bubbly and was asking what else can I do for you and how was my service today.

I just said have a great day and hung up. Now Im here filing a complaint and I filed one on BBB, where their rating is equally as terrible as it is on this website.

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Loss:
$15
Cons:
  • Lie about everything or do not know anything

Preferred solution: Full refund

User's recommendation: Do not work for any company that uses Newport! They are probably just as bad!!

Xzaviah C

Sad, bad company the WORST

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I am still waiting for someone to care and fix a issue. None of the reps know the policies, you'll get a different answer each call.

No real action just a fake apology for the lies you were told and constant waiting, confusion and uncertainty. After they caused hardship even further no action to assist, no urgency, you'll still wait. It's been a month and still no check delivered, no real action and lies.

My wish is for employers not to use them they are so bad it feels criminal. I am literally sick, crying and my anxiety is high after doing business with Newport Retirement, shame on them.

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Pros:
  • No pros
Cons:
  • Make a transaction feel like a scam

Preferred solution: Deliver product or service ordered

User's recommendation: 0 run away if you can

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