I have been attempting to obtain a lump sum distribution of my pension plan for over 45 days and I now find out that it will not be funded for another 30 to 60 days. It all began in early April when I submitted the distribution paperwork along with a document asking for promptness to keep my house from forclousure and my phone number if there was outstanding issues. Two weeks later I received another set of forms in the mail and a form letter saying that the original forms were outdated. I submitted the new distribution forms with a letter asking for a call to let me know when the distribution can be made. After calling Vanguard in late April, I received a voice mail indicating that June 1 is a probable dispursion date.in mid May, I received a call asking for more documentation. It was faxed within 10 minutes and attached was a plea for date of distribution. Two days later another phone call asked for the same documentation, because the fax cut off some of the data. Another fax was sent and a request for a distribution date. No response was made by Vanguard, so I fell back on the last date mentioned to me... June 1.
In dealing with my creditors, I keep them informed of my plan and the progress and timetable needed to meet my obligations. Even though my hopes for a May 1 date for funding was erased, I went forward with the June 1 date for settlement, all the while asking for information from Vanguard and receiving nothing. When no contact was initiated by Vanguard by May 29, I reached them and discovered that June 1 was impossible and July was probable. Vanguard finally explained the process and blamed the delay on federal regulations. Why would it take 45 days for Vanguard to explain the process and why would they not tell me when I could receive my money?
Now I had to go back to my creditors and explain why the June 1 date could not be met, after having lost credibility. They asked for a real distribution date and I responded that Vanguard has not shared that information. After pressing Vanguard for something in writing, they provided a document indicating that a tentative date for settlement was July 1. The "tentative" document sent my creditors into a rage.
This matter is not settled yet, but please do not count on Vanguard to watch your interests.in the long run, they appear to want to share information on incoming money and avoid information when you attempt to withdraw money to save your household.
Please head my warning, when you are in need, reach out to a local institution and do not count on help from Vanguard. If your funds are in Vanguard and you need help, you will be delayed and not quite lied to, but they will not disclose any information that will help you liquidate your account and you will suffer. If they would have been factual with me initially, I would not be in this difficult position.
In short, get your hard earned money out of Vanguard because you are a number, not a person "in need"...
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