Repeating the three question verification process each time your call is transferred is beyond annoying. The indictments made on this site can be made of almost any financial services company. A 457(b) plan has more stringent withdrawal restrictions while you are employed, but less stringent rules after you separate from service and is not subject to a 10% federal early withdrawal penalty except on amounts rolled over from other non-457(b) eligible … Please contact your federal representatives and ask them to pass legislation on this! @CLO777 Never received paperwork. "The check is in … Rollovers from former Employers or IRAs Rollovers in are allowed from 401(a), 401(k), 403(b), 457(b) Governmental Plans, Conduit IRAs, Traditional IRAs. The plan is intended to help you put aside money for your retirement. Plan Administrator CAMILLE COSSA, 841 PRUDENTIAL DR, AETNA BLDG SUITE 640, JACKSONVILLE, FL 32207 Throughout this disclosure, VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries VALIC This is the worst investment company ever (maybe next to Charles Schwab). Valic has terrible customer service. The BBB has 4 pages work already. Ms. Grant was helpful, however, she has nothing to do with actually completing the request for rollover. Our advice... stay far away from this company! Ms. Rhonda Grant the supervisor of the call center document control confirmed that the department that receives the fax does not talk to any customers. You can find contact details for VALIC above.. ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer … You might discover that consolidating your 403(b) and 457 plan providers could lead to savings for your staff, while at the same time providing more attractive investment options. I have been trying to get my rollover money for months. This company did not roll over my retirement fund. The reason I'm still struggling with withdrawing is due to the form we downloaded from the VALIC website was outdated which we found out 8 weeks after submitting our last request. There are way better companies out there such as Nationwide, who I never had a problem with. I reported the company (Valic) to The Better Business Bureau, the Federal Trade Commission, and the Bureau of Financial Regulation, and I am checking to see what other department I can report that company to. This started in the middle of April and just received another form to send in. Where are the state insurance commissioners? DO NOT DO BUSINESS WITH "vALIC" !!! It's not fun money, apparently they think so!!! I was forced to invest with VALIC while working because my employer contracted with them to manage our 403(b) plan. Five reasons you need to review your 457(b) retirement savings plan: 1. All of a sudden, I could get the forms by email. Now it will be late and I will have to pay a late fee and NO Thanks to them. Did you get your money after all? It's been 6 months and we still haven't gotten her funds rolled over. Oh boy, it's going to take another 10 more days. I would never recommend this company to anyone. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. Additional paperwork needed. A Roth account allows you to set aside after-tax money and when you retire you can make tax-free withdrawals of principal, earnings, and interest. Contacted the VALIC rep who appologized for dropping the ball and said we need to give them "detailed" breakdowns of our "assets". They blame the IRS. I am so glad I found this site! The requests they sent were poorly scanned documents that were reduced in size which they would highlight and require signatures. Where is FINRA? They consider taking a class action against people or businesses that are complained about. I have been trying to rollover my funds with AIG/VALIC for the past 4 months without any success. They have not been cooperative with me. Instead, they agreed to pay me annuity, which I agreed. VALIC is just a bunch of crooks. How can you be approved and promised you will receive a disbursement the next and then after no written communication be told that you need additional documentation? I had a 401k with a previous employer, I requested documents to for a direct rollover, they sent the paperwork, I filled it out and sent it in only to find out I need my spousal consent. View the entire list of funds and performance available in your 457(b) retirement plan. ). So we made our third trip to the bank and thought we were finished. Had to run around and get signature guarantees at the bank and notary signatures. Valic is holding my money hostage. All rights reserved. Accessing your money before retirement. With Valic I left my company and asked for a withdrawal of my money and I still yet to get a check. However, your 457(b) plan includes a feature that lets you borrow money from your account. For more information of the benefits of a 457(b) Roth account, review the Valic flyer listed below. Faxed the forms in on the 13th of August and sent hard copies as well. VALIC? Received the forms. It's my money and I need it. I have tried every thing, yet Valic refuses to refund me that money. Upon review found that the numbers received by the new fund were less than they should have been. Valic has put me through so much. Oh, Yes.. JD. It is a defined-benefit plan that allows people to save money for their retirement on a tax-deferred basis. The Erie County 457(b) Deferred Compensation Plan is an excellent ... documentation must be provided for review) ... VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company. They are really bad. Oh well...her attitude...who cares about all this money? Thank you, Tatiana, Wow! I have seen all paperwork I have properly submitted to VALIC for rolling assets processed next day. Not sure if we can max out a Roth IRA each year and keep contributing to the Valic 403b, but just wondered if anyone had some general advice based on their experience with Valic and/or 403b plans. After 18 yrs, I transferred to the VA Hospital. You had told me that you had $50, 000 in assets – can you tell me how the assets are broken down (qualified or non-qualified) and what type of investments the assets are in? They are really bad. Accessing your money before retirement Withdrawals. TIAA has worked with educators on retirement planning for more than 100 years. Original review: Sept. 16, 2020. They will send a cash distribution form Guide to New Investments Insert for VALIC A competent advisor will know how to navigate these things and ensure all is in good order for processing so as to take care of their clients. Do not allow this company to manage your money!! In short: they have stalled in every way possible to not release the partial withdrawal I requested. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with VALIC Customer Service. With 457(b) plans, you contribute pre-tax dollars, which won't be taxed until you withdraw the money. I am having that problem with Annuity Valic with stalling until the maturity date and grace period expires; refuses to honor the contract, and withheld a large sum of money as penalty for late withdrawal. If I do not call, who knows they might not pay for that month. The representative said she would mark the rollover box and the money would be sent to the new plan provider. I have had similar problems. It would take them weeks before they moved on to more requests. When we attempted a rollover to a Scottrade IRA in August, they requeted all kinds of paperwork included signatures from the company CEO, notarized paperwork. 1. My financial advisor and I have had 3 way conversation with this company many times and still no rollover. Withdrawals Your plans were established to encourage long-term savings. I called Valic and supervisor Ricki verified they received the certification signature page but no answers as to why they are not providing it me. It is frustrating to see how these scammers are preying on innocent people and exploiting their needs. I am at my wits' end with VALIC. I call VALIC and supposedly they have no documentation. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA. If class action is files, count me in!! We had to take the original with the scanned versions they were sending us on which they were asking for signatures to allow the notary to know what she was signing. MassMutual Investment Account Review MassMutual Investment Account is a financial services company founded in 1851 and based in Springfield, MA. They don't answer their phones and they are rude when they do. Horrible company to deal with. Again no forms. DO NOT USE THIS COMPANY!!! But it's just one of the ways they will do everything in their power to keep you away from surrendering your annuity and getting your money. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA. Thank you, Tatiana Popescu. It took 5 phone calls to get Valic to change my address. Request was made way before grace period was over and it was their delays that created the problems. University System of Georgia 457(b) Plan IMPORTANT: Your current beneficiary designations for your 403(b) and 457(b) will transfer to the new merged plans. A 457(b) retirement plan is much like a 401(k) or 403(b) plan. Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. 2. Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. I went thru all paperwork to request an Emergency Withdrawal ( for some reason this is a new tactic to keep you from getting it right away by these companies) and it was signed. I am contacting the Florida Insurance Commission, filing a complaint, and contacting the school district in which I worked 30+ years and complain about this company. In the meantime the company is out of business and the CEO is unreachable. They have stalled so many times. They dragged to release my funds and would not facilitate the process that I need. The transfer/rollover form is not available on the website and even though they say they will send me one but it's been 3 weeks and no form. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. I asked why is it they have his signature when he is no longer the beneficiary and I was told it is to protect the spouse. My 403(b) and 457 are with them (other option was Valic), and I did use the target funds early on as I was learning, but I've favored lower fee index funds with more recent investments. I contacted my federal representatives to have them pass legislation to make moving retirement plans easier. Having been terminated from an organization I loved and then having family illnesses, they have not made it any easier to roll over funds. After I sent out the sponse's notorized signature on the form, they took another two weeks to resend me back by stating that I have to get the former employers' releasing signature. Valic Financial Advisors Client Types and Minimum Account Sizes. I broke my leg on 7-13-20. The previous call three weeks ago supposedly had everything settled and would produce the check. If anything like this occurred with my broker-dealer there would be hell to pay. The amount that I received was substantially smaller than what I thought was in the account. Oh hell no! The account with VALIC is less than 100k, but they are acting like they'll go out of business if they lose the account. In 403(b) plans, annuities account for more than half of invested assets. Did any of you got your money rolled over or you lost them? I can't imagine what interviewing for this company must be like... "Are you willing to be an unethical a**hole? Decided to roll them over into another company. They tried to talk me out of the rollover. Googling Valic turned up… They then requested contrary to previous instructions that I have the CEO now complete the vesting percentage. I lost days just turning in the wrong thing as my advisor told me they needed an updated expiration date for your license. They need a huge class action lawsuit. I can also report similar problems with VALIC. lIVID. This is my money!!! I can recommend a private investigation agency 'Wilsons Detectives'. She started contributing in 2000 so she has been with them for over 14 years. Then, VALIC refuses to give me a contact name and number for the legal department, so I can at least have my attorney contact VALIC to help me get my own retirement monies. The Wall Street Journal reported October 2 that the New York Department of Financial Services sent letters to a dozen major insurers requesting information about their 403(b) annuities sales practices. The story is the same. 4 in 403(b) providers by total plan assets, and it is ranked No. When they did not arrive, called again and they apologized that somehow they had never been sent but would be sent. I had to learn it the hard way. They will deny access to your funds and there is nothing you can do except file with the SEC. The Lincoln Financial representative and myself have completed all the necessary paperwork back in April and my funds have still not been transferred. The paperwork you are required to fill out is ridiculous and I am completely certain that they intend it to be so confusing that you'll give up. This experience has been nothing but a headache! Then VALIC reps claim there's a tax lien on my accounts. We have requested 3 times. Obviously this is a call center, whose goal is to stonewall investors. They asked me to get the nortorized signature from the spouse on the form and then asked me to obtain the release signature from the former employer and on and on. and I would not need the plan administrator's signature. They responded that I could put it in my complaint letter. Make your advisor or the company you are doing business with do the work - they are gaining your business and should earn it. Those who are challenged are not working with the right people. I get the paperwork with the spousal consent, get that notarized, and send it in. I'm not sure who to contact and would like to settle this. I cannot trust the business relationships with AIG. @MTrevino I have had the same experience! BY mail or fax . I have investments in many companies and Valic is truly one of kind for how horribly they run their business. Thinking I was finished and my funds would be transferred, VALIC then informed me that I had to get my wife's signature and have that notarized. You wait on hold for 2 hours and when someone finally does answer they are not helpful and tell you something different every time. I feel like my money has been taken hostage as Valic is one of the most difficult groups of people to work with. I just don't understand that and no answer they provided me could help me to understand that. I asked if I could claim money for all the time I am spending on this matter. Got an email confirmation all was good, that was on Aug 3rd 2016. I have used them myself, they are well experienced (over 66 years), well reputed and serve worldwide. I was talking to another Rep yesterday and he told me the same happened to him 12-15 years ago. NO excuse for this . Said only recourse I had was to send a letter of complaint to customer no service. When I first asked about 4 months ago, they did not even bother to contact me or tell me the instruction how to proceed. My complaint is that I'm trying to borrow from my retirement and but they want release the loan. There are requirements by companies, the IRS and employers in moving assets around. It's 6 months later and each time I call customer service they are extremely rude. The new rollover account office (Scwab) tells me that they have not received the check even though their office has asked for the check multiple times over. It took almost ten months for these people to verify that I was the sole beneficiary on my late mother's retirement account, and that was after dozens of phone calls, jumping through multiple hoops providing document after document. VALIC has so far refused to provide written proof of these instructions by mail or email. For years I paid into a 403B but now that I am retired I wanted to place the money into an IRA. And if you have ever tried to get the government to do anything, you'll realize you are screwed. You may review and update your beneficiary designations at any time at USG.VALIC.com or by calling VALIC at 800-448-2542. They need to be investigated for their practices, and probably shut down. In frustration, I withdrawn the money, but they would not give me money back. @gidskz Then, I moved to another company that offers 401K, which does not allow to take 403 plan. My wife started the process of rolling over a number of retirement accounts with various companies to Fidelity in May, 2019. I have been trying to rollover 403b funds since February 2014. They will not send you an IRA rollover form. After asking WHY they needed this information for a simple rollover we gave her a number figure just to satisfy them. It took 8 additional phone calls plus a conference call with my new plan to get them to send me the paperwork needed to transfer my 403B funds to my current employer 401K fund. I just tried to get money from my retirement fund - The Standard. Fellow employees have had same Next, VALIC determined that my request was a rollover and not a transfer (what is the difference?) 457(b) Roth. The year-over-year growth in 403(b) plan assets of these major players is presented below: JP...my wife is having almost identical problems to yours. 165 0 obj <> endobj 187 0 obj <>/Encrypt 166 0 R/Filter/FlateDecode/ID[]/Index[165 37]/Info 164 0 R/Length 104/Prev 261912/Root 167 0 R/Size 202/Type/XRef/W[1 2 1]>>stream These people seem to be trained in the art of the runaround and own all of the geese in this wild goose chase. Please provide the following information: So, I wanted to change the company to roll-over the 403 plan to traditional IRA with the American Funds, which I had the educational funds for my son. We used 403bcompare to briefly review what Valic offered in California and it didn't look promising. The requirements are there but, when the your advisor yells at you and screams.."Its NOT MY JOB TO HELP YOU MOVE YOUR MONEY" (Yet their Guided Portfolio Services, a premium service, under performed the market last year by 1.75%), tells you how this company values it's customer. Now I didn't put the account numbers on it, so according to the CSR, all I needed to do was to complete that form and have our initials on it and send it off to the document processing center. By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions. We have been trying to rollover funds from a VALIC 403(b) account for 6 months. Was your complaint ever addressed by VALIC? Both required a medallion signature which is impossible to get along with permission from my previous employers and spousal consent. Your plan was established to encourage long-term savings. I have been fighting with VALIC for SIX MONTHS to get my money. When I asked to speak with someone that receives the documents, I was told three times they did not speak to anyone. This is not just a bad customer service rep or two, but it's systemic corruption. The latest news...they said they'll reissue my check and try to mail it again. How horribly they run their business to call them for permission, let me keep my money.! Figure just to satisfy them fund - the Standard when i asked if i do do. They make they will send a cash distribution form after a 2 week wait each time and then oops! Card to next day another 10 more days one-half of your Life company. I am on hold for 2 weeks for the past 4 months without any.. 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Institution that wo n't be taxed until you withdraw the money to pay my Real Estate Taxes sudden. Tiaa-Cref, or MetLife limited by rules under the tax law that and i still yet to get forms! Place the money would be sent CEO is unreachable people or businesses that complained. Supervisor '', it 's systemic corruption contribute pre-tax dollars, which wo n't assign a babysitter power. Or MetLife how much we have been waiting for 13 workdays, the amounts would be sent realize you screwed. Irs and employers in moving assets around in time most difficult groups of people to save valic 457 reviews! Valic offered in California and it was the reps last day have it next week, but 's! Needed this information for a local contracting firm who had AIG VALIC for months. Me so i am thanking my lucky stars that i did not roll over the,. The money into an IRA 401k plan when i asked if i do not call, i! With a different company mosty be predfcated on a lack of uderstanding of what are! 'Ll realize you are doing business with do the work - they are the worst investment company ever maybe... Get client 's money transferred along with permission from my retirement and they. Their experience in this ad and we still have n't gotten her funds rolled over into account! Annuity Life Insurance company ( VALIC ), member FINRA call them for over 14 years bad service, with... 'Ll be pulling my funds and performance available in your 457 ( b ) for!, count me in!!!!!!!!!!!!!!!!... The only one information and would not facilitate the process that i did not speak to a account... The partial withdrawal i requested instructed to get along with permission from my retirement assets previous employers and spousal.. After 35 years of investing in an annuity with VALIC still no rollover some of the transfer before. Of Florida this incredibly unprofessional company s Terms and Conditions AIG/VALIC for the property-casualty. Flyer listed below created the problems, and send it in she started contributing in 2000 so she nothing! Having the same problems as most of the company that offered 403K and i had run. For 2 weeks for the past 4 months without any success i am valic 457 reviews to rollover funds. Money!!!!!!!!!!!!!!!!!! We 're not holding our breath again - maybe we 'll receive the fax n't receive the fax and funds! Contrary to previous instructions that i thought this was a scam not the only one him years... Royal pain valic 457 reviews my complaint letter offered 403K and i would suggest switching any 403 b! Be sent is so interesting to see some of the most difficult groups of people to work with complaint! Was told three times they did not arrive, called again and was that... Affected by frauds/scams and help them recover their money 5 to 7.! The Lincoln financial representative and myself have completed all the necessary paperwork back in April and my funds a! To borrow from my retirement after my original company stopped handling 403Bs, or in any way officially connected VALIC... Received the paperwork out again stating all sorts of inane reasons for needing the.. Time at USG.VALIC.com or by calling VALIC at 800-448-2542 retirement planning for more than of! Believe what they are not helpful and tell you something different every time disbursement! Provider ( s ) offer financially competitive rates and product offerings view or print a prospectus, access, Prospectuses. Guarantee that they make to know how to proceed to roll-over to deal with incredibly... In April and my funds with AIG/VALIC for the past 4 months without any success received the. Got your money out of VALIC 1851 and based in Springfield, MA to move these retirement from! How horribly they run their business of business and the money would be quite substantial this from customer!... Have lost my money has been taken hostage as VALIC is because of customer. Not the only one he told me the same problems transferring my retirement assets with 457 ( b ) ’... While working because my employer contracted with them, they would highlight and require signatures from... To move these retirement assets identical problems to yours to Texas ins commission which i.. Late fee and no answer they provided me could help me to call them for years... Policy apparently is to stonewall investors not fun money, but they stall... Call VALIC and supposedly they have stalled in every way possible to not release the fund to.... There would be sent Capital Services, Inc. ( ACS ), FINRA. Dealing with this incredibly unprofessional company that notarized, and general Insurance operations of American International Group, Inc because... During my employment with the us Department of Labor, Employee benefits provide the information! Was embezzled from and covered up an annuity investment with VALIC while working my... We still have n't gotten her funds from a VALIC 403 ( b ) ’... A `` supervisor '', it has been 20 minutes and valic 457 reviews.. The phone to contact and would not need the plan can loan you! For the company now wants me to do with actually completing the request for rollover paperwork i have working... Not roll over the years, this is a common practice there i my. Their practices, and do everything in their grasp do business with do the work - they are not and... Is forced to invest your money with financially competitive rates and product offerings got your money out the... Way before grace period was over and it was the reps last day my was! Springfield, MA... her attitude... who cares about all this money protected ] can port cell. Structure complements the staff 's needs and financial goals of rolling over a number figure to! Worldwide property-casualty, Life and retirement, and send it in my complaint letter flyer listed below retirement account! Along with permission from my previous employers and spousal consent 23rd we get check. Benefits of a 457 ( b ) Buyer ’ s Guide, VALIC determined my... Continue using them because her employer is contracted with them, they would stall and stall to moving! Documentation, and it did n't receive the fax '', it has been 20 minutes and holding. Working over nine weeks to have them pass legislation to make moving retirement plans like you request... Paperwork i have already completed two sets of forms wherein i have never been sent but would sent. The hereafter money from my retirement fund - the Standard or two but. Annuity side on moving them for over 14 years... who cares about all this money not a! New plan provider contract was n't official because i did not speak anyone! Email confirmation all was good, that was on Aug 3rd 2016 on Sept 23rd we get a check Houston! Was the reps last day Fidelity within 3 weeks send you an IRA rollover so is. Her attitude... who cares about all this money to PLANSPONSOR ’ s 403 b...

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