- Report: #1045877
Complaint Review: Sterling Trust - Waco Texas
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Author Confirmed
Why?
Sterling Trust
1101 Wooded Acres Waco, 76710 Texas, United States of America
Phone:
800-955-3434
Web:
www.SterlingTrustCompany
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Sterling Trust a division of Equity Trust Co. Never Filed Fiduciary Final Report to the IRS on our Company 401(k) Waco, Texas
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Our small company decided to have a 401(k) for our employees in 2008. We looked on Vanguard's website for their suggested recommendations on fiduciary administrators (fyi - they no longer do this). We picked Sterling Trust because they were in our home state of Texas.
After 1 year, when they were unable to correctly determine the matching contributions to our employees, we closed the plan. (We eventually sent them a correct spreadsheet so employees were paid correctly and then checks were issued to them to close out the entire 401k plan.)
In 2011, I began receiving notices from the IRS that our company had not filed the correct "401(k) clsoing documents." Sterling would NOT answer my emails, nor phone calls. Finally after 3 months, I got a reply on their internal, secure mail. It would not enable me to copy the correspondence no send a copy to myself for documentation. I refused to communicate this way - with no back-up.
I went out onto the US Dept of Labor website and filed what information I had, and got a receipt of filing within the time frame. I also filed responses to the IRS documenting everything I did - and what Sterling failed to do. The IRS is after me to pay $1600+ in fines...but I keep telling them, and showing them the docs that I did file.
Sterling won't return a call and no one will ever let you speak with a manager. It's nothing but a stonewall. I would sue them, but our tiny company is barely able to make it right now. HELP!
After 1 year, when they were unable to correctly determine the matching contributions to our employees, we closed the plan. (We eventually sent them a correct spreadsheet so employees were paid correctly and then checks were issued to them to close out the entire 401k plan.)
In 2011, I began receiving notices from the IRS that our company had not filed the correct "401(k) clsoing documents." Sterling would NOT answer my emails, nor phone calls. Finally after 3 months, I got a reply on their internal, secure mail. It would not enable me to copy the correspondence no send a copy to myself for documentation. I refused to communicate this way - with no back-up.
I went out onto the US Dept of Labor website and filed what information I had, and got a receipt of filing within the time frame. I also filed responses to the IRS documenting everything I did - and what Sterling failed to do. The IRS is after me to pay $1600+ in fines...but I keep telling them, and showing them the docs that I did file.
Sterling won't return a call and no one will ever let you speak with a manager. It's nothing but a stonewall. I would sue them, but our tiny company is barely able to make it right now. HELP!
