Newport
Reviews and Complaints

On 1/24/2022, my request to rollover my 401k was processed and a check was mailed. However, both my new bank and I did not receive the check for a month. We made multiple calls to inquire about the status, but no updates were provided. Frustrated, on 2/22/2022, I decided to request a stop and reorder of the check, which I had to pay for. It has now been three weeks since then, and my new plan still has not received the rollover check. I have made over 15 calls regarding this issue, but the only solution offered to me is to repeatedly stop and reissue checks at my own expense. Unfortunately, tracking and wire transfer options are not available to me, which makes me suspicious that this might be a scheme where they claim to issue a withdrawal check, but continue to charge me fees even after my new bank has not received it.

I have been attempting to withdraw my $8,642.18 from my Newport Group investment since 11-15-2001. Initially, I was given varying time frames of 7-10 days, 2-3 weeks, and 1-5 days. However, it has now been in the "review" stage for 12 days. I have contacted them three times, and during my most recent call, I was informed that my former employer has not been responding to their requests. They assured me that they will submit another request, and this time it should only take 1-5 days. When I asked what would happen if there is still no response, they stated that they would continue to submit requests until they receive a response. I am concerned that this process could continue indefinitely. The $8,642.18 in question is from my 401K with Keystone Cedars, located in Cedar Rapids, Iowa, under Keystone Senior Management. After reading numerous complaints on this site, I am starting to feel extremely frustrated. It seems like I am fighting a losing battle in my attempt to access my funds. I have retired due to health reasons and would greatly appreciate any assistance in resolving this matter.

I have been attempting to transfer my 401k and *withdrawfunds into a personal *accountwith another brokerage account. The initial transfers took an excessive amount of time to arrive, and to make matters worse, two of them were issued incorrectly. This required me to schedule another call in order to have them re-issued. Unfortunately, this call lasted over 90 minutes. Despite this, an entire month passed without any progress. I did not receive any checks, confirmation, or any form of communication from Newport. Frustrated, I scheduled another call, which also lasted close to an hour. During this call, the representative informed me that although they had a record of the previous call, no new checks had been issued and they were unsure why. The representative then informed me that there would be a $30 fee to re-issue each check. I declined this offer, and in response, the representative stated that they would initiate an investigation. However, they did not provide me with an email confirmation, reference number, or case number despite my request. It has now been four months since this process began, and I feel as though I am no closer to reaching a resolution.

On September 16, I requested a distribution of the full amount from my retirement account. According to Newport representatives, the initial check was processed and sent via USPS. After waiting for 7 to 10 business days, as advised by the representative I spoke to, I realized that I had not received the original check. Concerned about the delay, I contacted a representative to request a stop payment and the issuance of a new check. It had been over a week since the check was mailed, and I had not received it. Unfortunately, despite speaking to 11 representatives and a lead over the course of almost a month, I have not been able to resolve the issue. Each time I reach out, I receive a different response regarding the status of the new check. This situation is worrisome, especially considering that there are existing reviews on ComplaintsBoard.com where it took one person over a year to have a rollover processed and another individual waited 3 months to receive their distribution check.

Newport Group has been uncooperative in transferring the assets from my IRA as I requested. I initiated communication with them on 02/26 to initiate the transfer, and we have been in ongoing communication since then. On 3/4, I sent a letter exercising my right to revoke my IRA account and requesting the full balance to be returned to me, as outlined in the paperwork provided by Newport Group. I even confirmed this with a supervisor named Ms. J. However, Newport Group claims to have never received the letter, despite the attached USPS receipt. Despite multiple conversations with representatives and supervisors, Newport Group has not taken any action to release my funds as promised. As a result, I have incurred additional fees on my Newport Group IRA and missed out on potential investment opportunities.

Furthermore, Newport Group has also failed in other aspects. Firstly, they did not properly inform me of important disclosures and rights that I have as an account holder. Their representatives even denied the existence of these disclosures and rights until I pointed them out on their own account paperwork. Secondly, they provided me with outdated and incorrect paperwork that does not align with current SEC and FINRA standards and disclosure requirements. Lastly, they have consistently failed to respond in a timely manner, with my most recent communication going unanswered.

This is a review of my experience with my 401k account at this company. I have been trying to withdraw my funds, but they have been delaying the process due to what they claim are system issues. However, they have been inconsistent in their communication, initially saying the issues were fixed, then saying they weren't, and then saying they were fixed again. Throughout this process, I have encountered several instances of dishonesty and misinformation from the company. For example, customer service representatives have denied having supervisors, while supervisors have provided inaccurate information about the processing times. I also discovered that my initial submission was never processed, despite multiple tickets being created to address the problem. Additionally, I was told that there was a financial mix-up between my previous company and the company handling my 401k, but was later assured that the issue was resolved. However, even after this assurance, I was asked to submit more requests and was given conflicting information about the status of my account. When I expressed concern about losing money, I was told that my account was fine and there was no need to sell my stocks, but I continued to lose money. Furthermore, I was informed that there were three tickets to address unknown issues, but was also told that the normal processing time was over four weeks. Despite multiple promises to follow up and resolve the problem, no action has been taken by the supervisors, who seem to be unaware of the situation. As a result of these ongoing issues, I have fallen behind on my rent and have had to take out a loan. I have not received any of the funds from my 401k account. On August 14, 2022, I submitted my withdrawal request, but two weeks later, there were no updates to my account beyond it being in the review status. I called the company to inquire about the status and offer assistance, and was assured that everything was fine. However, when I called again a few days later to speak with a supervisor, I was initially told that there was no supervisor available. After expressing my frustration, a supervisor was eventually found. This supervisor identified an error in the process and created a ticket to address it. The entire process was completed, but I have yet to receive a check. There is much more to this story, but summarizing it in three words, it has been frustrating and disappointing.

On 2/9/2022, I submitted my deferral distribution request to Newportgroup with expedited delivery. I was under the impression that once accepted, the check would be sent the next day. However, on 2/16/2022, when I contacted the company, I was informed that their bank needed to approve the distribution before issuing the funds to me. This requirement was not mentioned in the paperwork, and I was told it could take up to another week for the bank to accept it.

Yesterday (2/23/2022), I called twice to inquire about the status of the check. During the first call, I was told that the check had been issued and sent on 2/14/2022, and I should have received it by then. When I asked for more information about the check's whereabouts, I was informed that they couldn't provide tracking numbers but could submit an email ticket to their third-party provider. They assured me that they would call me as soon as they received a response, which could take up to 3 hours. However, I never received a call back, so I decided to call again after 6+ hours.

During the second call, a different representative informed me that they hadn't received a reply yet and still had no tracking number or any information about the check. They assured me that they would submit another ticket to inquire about the issue and that someone would call me once they had the information.

Today (2/24/2022) at 11:15 am, I called again to check if any progress had been made. Unfortunately, I had not received any call back as promised by multiple customer service representatives. The representative I spoke to this time confirmed that the check had indeed been sent and marked as delivered. However, my only option now is to stop the check and request a reissue. They mentioned that the reissued check should arrive next week, even with expedited delivery for which I am paying.

As someone who has now gone three days without food and with rent almost due, I am in a dire situation. I am unable to get another job without a valid ID, which I cannot afford at the moment. This situation is completely unacceptable. Newportgroup is solely responsible for the hunger and unemployment I am experiencing. Their lack of information and unprofessionalism may result in me suffering from malnutrition and homelessness.