IBM Retirement Benefits-Fidelity NetBenefits

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Jan 11, 2018
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#1
My retirement benefits for the above employer sponsored program(IBM) has been withheld by Fidelity. It all began when I tried to access my NetBenefit account from India in 2017 and I realized the account access was blocked. Amazing that while I was in the US I had access to the account. Their action indicates that I am trust worthy in the US but not trust worthy outside of the US! The IBM employees service center says that the problem is with the third party POA that I had engaged. They found him unqualified. I am disabled,, hearing impairment and on dialysis. So I engaged my nephew as my representative. He had helped me with my Social Security payout. Never the less they should respect the client's claim and make the disbursements. They however have insisted on rectifying the POA situation which involves getting a court order saying that I am 'really' owner of the NetBenefit assets. This is ridiculous as the Plan document says it all. Besides Fidelity has clearly said that my plan calls for payout in annuities. I am entitled for the benefits from Oct 2017. Anyways, the people at Fidelity have closed the case and thus the benefits remain with them or IBM!

I cant understand why they are insisting on a POA when I can get everything done online but of course they blocked the account. Why would they block the account. Why are their phone numbers all outdated, either direct or via collect. They refuse to correspond with me via email. This is really frustrating. In any case I have letters in to IBM employees service center and to Mrs. Ginni Rometty, CEO of IBM.
 

jsn55

Verified Member
Dec 26, 2014
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#2
I'm sorry, but I'm not following your story. These situations require explicit details so we can determine the best approach. Would you please make a concise list, in chronological order, of what happened and is happening. Hopefully we can guide you to a solution.
 
Jan 11, 2018
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#3
1. When I was in the US I had account access. I moved to India in 2007.
2. In 2017 I found that the account access was blocked. IBM employee
services center said that my third party POS was not valid as per rules.
3. My take, if the third party is invalid, honor my claim for retirement benefits
as I am sound of mind and can take decisions.
4. I emailed Fidelity, Abby/Laura Kaelin for 2 reasons. One to give me a lump sum payout
and to restore account access.
e5. Laura said that I am not eligible to lump sum but to various annuities. She said she cannot restore account access until I rectify the POA situation.. I said not restoring account access is ridiculous. she has closed the case
 

JVillegirl541

Verified Member
Nov 21, 2014
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#6
I believe this is an issue of proving the Identity of someone (a retiree) who is disabled and protecting that persons retirement assets. Due to this person not residing in the US. I believe the IT system has blocked access due to potential fraud.

The writer needs to do exactly what the Plan Administer is requiring to access his funds.
 

JVillegirl541

Verified Member
Nov 21, 2014
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#8
Fidelity holds the retirement funds but IBM has a Plan Administrator who is calling the shots. The OP funds are being protected from potential fraud and the only way he will regain access to his accounts is to do EXACTLY what Fidelity and the Plan Administrator is requiring. If he is unable to for some reason do as they ask the OP will need likely need a US Based Attorney to become involved.
 
Jan 11, 2018
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#9
Fidelity holds the retirement funds but IBM has a Plan Administrator who is calling the shots. The OP funds are being protected from potential fraud and the only way he will regain access to his accounts is to do EXACTLY what Fidelity and the Plan Administrator is requiring. If he is unable to for some reason do as they ask the OP will need likely need a US Based Attorney to become involved.
Fidelity is the Plan administrator and IBM is the Sponsor
 
Likes: VoR61
Jan 11, 2018
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#11
Bottom line they are blocking your account due to security protocols out of concern for fraud. You will need to follow their instructions to the letter to regain access to your account.
I found help at DOL(Department of Labor). They will step in and help. Just make sure you have documentation.

DOL.GOV

Another entity that may be useful in claiming your pension is PBGC, Pension Benefit Guaranty Corp.

PBGC.GOV