I’m sending this email to everyone in my address book who has any connection to Monroe County- past and current employees, any department, etc., but please forward to anyone you know who may have a deferred compensation account through ICMA-RC, who administers Monroe County’s Deferred Compensation Plan.
I recently went through a very scary and very lengthy experience with ICMA-RC that I don’t wish on anyone. Over the course of a month, it involved countless emails, phone calls, and postal mail. I offer some suggestions for anyone who has an account with this company.
In trying to access my account, at first just to obtain balance information, I was first unable to log into my account online, and then was denied access by phone. The company was unable to identify me, and apparently had incorrect information about me and my account. My best guess at this point is that they had confused me with a retiree from a city in Michigan! I was unable to answer security questions correctly, because they obviously didn’t pertain to me. It took two days just to get through to them.
When I finally was able to contact a representative, I had one simple request: please send me any and all information and forms necessary to close my account, which I rolled over (tax protected) into an IRA. I had lost all faith and confidence in this company’s ability to safely and efficiently maintain my deferred compensation assets.
The entire process took several weeks, but I have successfully “liberated” my assets from ICMA-RC. I feel better now, but would like my county comrades to take steps to be secure with this company.
Because they couldn’t identify me, didn’t know old I am, didn’t know where I live, and didn’t even know where I worked/retired from, I offer these suggestions:
1. Get out. The best advice I can offer after my nightmare experience is to find some place else that will safely, efficiently, and responsibly handle your account. Your 457 funds can simply be rolled over to an IRA, in most cases without tax consequences (consult your tax person for details).
2. If you choose to stay with ICMA-RC, please verify ALL of your information, both online and by phone! Confirm all of your data, including your security questions.
— Michael Washington