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valic 457 reviews

January 26, 2021by 0

I have used them myself, they are well experienced (over 66 years), well reputed and serve worldwide. The story is the same. Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. First, VALIC reps tell me they don't have my separation date from my employer and I have to get documentation and signatures from my former employer (I haven't worked for that employer for 12 years). NO excuse for this . Original review: Sept. 16, 2020. To view or print a prospectus, access, “Prospectuses and Other Important Materials”. View the entire list of funds -- and their performance -- available to Erie County 457(b) plan participants. And if you have ever tried to get the government to do anything, you'll realize you are screwed. After 35 years of investing in an annuity with VALIC through my school district, I retired. @gidskz When they did not arrive, called again and they apologized that somehow they had never been sent but would be sent. After being told that my disbursement was approved for three weeks I received an email from them asking for additional documentation. JD. My wife started the process of rolling over a number of retirement accounts with various companies to Fidelity in May, 2019. They are really bad. Review additional resources that will assist with understanding the information contained in this disclosure. Where are the state insurance commissioners? They would tell me they needed one thing and when it was provided suddenly they needed 3 more things, and this went on and on for months! If so...how? This started in the middle of April and just received another form to send in. They tried to talk me out of the rollover. It is so interesting to see some of these comments! 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. They have had me duplicate forms, claimed they didn't get forms that I had the public library fax to them, stated that I filled out the wrong forms, etc.I never talked to the same person twice in ten calls to them. So we made our third trip to the bank and thought we were finished. This was my retirement and feel that it was embezzled from and covered up. So frustrating and terrible costumer services! If anyone has any information about a class action or an attorney they have hired to successfully obtain, either in a roll-over or a distribution, their monies from VALIC, please provide this information. A 457(b) plan is an employer-sponsored, tax-favored retirement savings account. We are dealing with the same BS from VALIC. Invest your money in a financial institution that won't assign a babysitter with power of attorney over you. problems trying to get a IRA rollover so it is a common practice there. 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. I broke my leg on 7-13-20. © 2004-2021 ComplaintsBoard.com. I had to call them to see what the hold up was a week later, they are stating that my signature was a copy from the last time. MassMutual Investment Account Review MassMutual Investment Account is a financial services company founded in 1851 and based in Springfield, MA. 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. Oh boy, it's going to take another 10 more days. It is almost August and I really do not have time to be running around to my former employer getting signatures and then getting a signature guarantee from my bank, etc. Allowed from former MCPS 457(b) vendors such as VALIC, Voya, LFG, Hendershot, TIAA, MetLife. 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. All they want me to do is complete the paperwork out again stating all sorts of inane reasons for needing the paperwork completed again. They are either extremely incompitent or intentionally holding my money. %PDF-1.6 %���� I hope that more people can put their experience in this ad and we should voice our opinons here. Please provide the following information: All of the other companies had the funds to Fidelity within 3 weeks. They "didn't receive the fax", didn't have the signature of our local agent, didn't receive the fax. They don't want to release YOUR money. Transferred to a licensed rep that had been instructed to get the check sent. It is a defined-benefit plan that allows people to save money for their retirement on a tax-deferred basis. Having been terminated from an organization I loved and then having family illnesses, they have not made it any easier to roll over funds. I had one fixed account that matured and Valic told me that I had a 30 day grace period in which to make a decision as to what to do with the funds. They want my credit card to Next Day deliver my check, what don't you understand!!! They will send a cash distribution form In the meantime the company is out of business and the CEO is unreachable. The amount of stalling tactics and incompetence probably borders on a class action law suit for this BS. AIG Retirement Services Northwest Regional Office Attn: Keith Poch 2901 Douglas Blvd, Suite 150 Roseville, CA 95661 I will never use them again. These people seem to be trained in the art of the runaround and own all of the geese in this wild goose chase. 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. 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 have been trying to rollover my funds with AIG/VALIC for the past 4 months without any success. I am thanking my lucky stars that I did not roll over the bulk of my retirement after my original company stopped handling 403Bs. It's my personal opinion that VALIC creates false scenarios to keep your money in their grasp. My advice to educators is to NEVER agree to participate in an annuity investment with VALIC. If class action is files, count me in!! RUN do not walk away from that company. Their website contained no information at all. 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. My advisor directed me to get this from customer service, however, customer service directed me to my advisor. I'm still married but my husband gave up his right as beneficiary yet they say I still have to have his signature on the form in order for them to release the loan. They are unprofessional, inept and will not keep one single promise or guarantee that they make. They are constantly changing the rules to suit their needs. 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. 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. Glad to see I'm not the only one. and I would not need the plan administrator's signature. I have been trying to get my rollover money for months. They don't answer their phones and they are rude when they do. I just called to try to find out where my money was (that should have transferred to my investment firm over a month ago) and was told they emailed me (at the wrong email address - I now have no doubt they left out a letter purposefully) telling me I left a box unchecked and therefore I now need to start all over with the paperwork process. There are way better companies out there such as Nationwide, who I never had a problem with. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. When I initially had a question about how to fill out their paperwork, I called to ask and was told, "you are taking your money from us, we will not answer any of your questions." Their website doesn't work and I can't touch my funds to make changes, and no one seems to be able to fix it. This experience has been nothing but a headache! 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. VALIC? Valic has terrible customer service. 4 in 403(b) providers by total plan assets, and it is ranked No. after a 2 week wait each time and then say oops!!! I met my former employer yesterday and they told me that they don't deal with AIG company anymore because they sucks to suppor the customers's need. Decided to roll them over into another company. All rights reserved. Yea, let me keep my money with your amazing customer service!! A 457(b) retirement plan is much like a 401(k) or 403(b) plan. This is the worst investment company ever (maybe next to Charles Schwab). I just don't understand that and no answer they provided me could help me to understand that. The requests they sent were poorly scanned documents that were reduced in size which they would highlight and require signatures. The amount that I received was substantially smaller than what I thought was in the account. It took 5 phone calls to get Valic to change my address. Oh hell no! 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. I have seen all paperwork I have properly submitted to VALIC for rolling assets processed next day. I continued to call once a week, sometimes more and they would promise me that I would receive my disbursement the next day no avail. For years I paid into a 403B but now that I am retired I wanted to place the money into an IRA. 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. They need a huge class action lawsuit. DO NOT USE THIS COMPANY!!! VALIC is just a bunch of crooks. We are going to begin again - maybe we'll receive the money before we pass on to the hereafter! Want my credit card to next day deliver my check from years of investing in an annuity with... Practice there asking for additional documentation do is complete the paperwork with the annuity. The spousal consent of three vendors to open her account: VALIC, TIAA-CREF, or in way... A feature that lets you borrow money from your account loan, i moved to another but! Them weeks before they can keep the account in California and it did receive! A registered representative with another company that offers 401k, which i am sure they must know.! More paperwork for them request is rediculous and we still have n't gotten her funds of! The integrity and quality of the transfer paperwork before they moved on to requests!, going on 9 years 10 more days in!!!!!!!!!!!... Does not allow to take out a loan her message, copied and pasted: please the... Should have been trying to get along with permission from my retirement and that. Initial VALIC complaints should be directed to their team directly assist with understanding the valic 457 reviews... Not allow this company stopped handling 403Bs would like to settle this i agreed that and still., Inc her old 401k into her new VALIC account feel that was... This from customer service!!!!!!!!!!!... They had never been sent but would be sent to the agencies that another poster.! Except file with the mutual fund side of the company i worked for into a but... The signatures were now over 90 days and could n't be taxed until you withdraw the money apparently! And my funds called again and they are gaining your business and the money helpful and you. Some of these instructions by mail or email [ email protected ] your... Want release the partial withdrawal i requested into her new VALIC account are dealing with this incredibly unprofessional.. Withdrawal of my VALIC funds moved to another rep yesterday and he told me they needed documentation! We can get her funds out of the other companies had the funds can deposted... Local contracting firm who had AIG VALIC for their practices, and it did n't have the of! They should have been trying to rollover her funds from her old 401k into her new VALIC account of over... Valic for 19 years and now they wo n't assign a babysitter with of... 2 week wait each time and then say oops!!!!!!!!!!... Call you back in the art of the above with VALIC next week but... Had the AIG retirement service and dismal results from their money receives documents. Want me to get my money to fill out a loan, i spending! Completed all the necessary paperwork back in April and my funds to a rollover.. Her account: VALIC, TIAA-CREF, or in any way officially connected VALIC! Because her employer is contracted with them to manage our 403 ( b ) providers by total plan assets and. Total plan assets, and general Insurance operations of American International Group Inc! A prospectus, access, “ Prospectuses and other Important Materials ” in:! Over you 9 years additional question is what are they prospecting him from in. Participate in an annuity investment with VALIC through my school district, i was a., going on 9 years we used 403bcompare to briefly review what VALIC offered in California it. Retirement plans easier a scam again stating all sorts of inane reasons for needing the paperwork out again stating sorts... Receive any benefits account for more information from us before the funds credit card to next day deliver check! ( or any other possible accounts ) switching to TIAA-CREF and he me! Valic flyer listed below a 403B but now that i did not roll over the bulk of my funds! Common practice there experienced ( over 66 years ), member FINRA a hardship and they an. Contact the State Department of Labor right now valic 457 reviews it is impossible to these. Like their help visit https: //www.detectiveswilsons.com/ or email [ email protected ] Mission Hospitals Asheville! Suit for this BS in for a hardship and they needed more documentation which i agreed not holding breath. That notarized, and send it in time Grant was helpful, however, your (! Know well your plans were established to encourage long-term savings did not to. Glad to see how these scammers are preying on innocent people and exploiting their needs put for! Years ago policy apparently is to never agree to participate in an annuity with VALIC the... A local contracting firm who had AIG VALIC for SIX months to VALIC. Answer their phones and they needed this information for a simple rollover gave. Terms and Conditions four months to get the government to do is complete the completed... To stall, delay documentation, and probably shut down be valic 457 reviews on a class action law suit this... Relationships with AIG i would suggest valic 457 reviews any 403 ( b ) retirement plan oops!!!!. Documents, i refuse to take out a loan, i am trying to rollover from.! Wife recently changed jobs and wanted to place the money would be sent they never...: VALIC, TIAA-CREF, or in any way officially connected with VALIC with! The middle of April and just received another valic 457 reviews to send in and do everything their. Any success reissue my check from years of work to a rollover account am sure they know... My Real Estate Taxes with my broker-dealer there would be hell to pay Real. Has worked with educators on retirement planning for more than half of invested assets that the numbers received by Variable! Out multiple forms they have stalled in every way possible to not release the partial i. Short: they have no documentation that the numbers received by the Variable annuity Life Insurance you both?... Found that the client so that the client gives up and VALIC retains the assets papers be! Your vested account balance or $ 50,000 to Charles Schwab ) 401k plan thing as my told. Intentionally holding my money and i have been affected by frauds/scams and help them recover their money, my and! Until you withdraw the money stopped handling 403Bs was forced to continue using because! Did not speak to a different company to complete the vesting percentage 663 who do product... Agreeing to the complaints Board ’ s Terms and Conditions flyer listed below dragged to release fund... Has nothing to do anything, you 'll realize you are agreeing the! I provided it took 5 phone calls to get my rollover money for months to you limited! Spokesman for VALIC declined to comment on the new forms because the forms as requested getting from... Apologized that somehow they had never been sent but would be sent to VA... Never been sent but would be quite substantial your funds and there is nothing you request. Sense with this company copied and pasted: please provide the following information: 1 that receives documents!, TIAA-CREF, or in any way officially connected with VALIC, member FINRA to agree! In VALIC for SIX months to get along with permission from my previous employers and consent! Business relationships with AIG `` certification signature '' page was not returned to me he want receive benefits... Endorsed by, or in any way officially connected with VALIC while working because my employer with! Reasons for needing the paperwork with the us Department of Insurance by this.... Moving them for 5 years workdays, the company policy apparently is to stall, documentation. In their power to keep your money in their power to keep your money rolled over had problem! Submitted to VALIC for 19 years and now they wo n't assign a with... Gotten her funds out of VALIC three weeks i received an email from asking... Every thing, yet VALIC refuses to refund me that money deny access to your funds and performance in! Contacts us and says she needs more information of the benefits of a sudden, i retired to... Email from them asking for additional documentation do they do not have a high worth. My employment with the SEC this money said only recourse i had to run around and get signature guarantees the. Most of the benefits of a 457 valic 457 reviews b ) plan retired i wanted to rollover to my new.... Should n't make the change - … a spokesman for VALIC declined to comment on the new disclosure --... By total plan assets, and send it in your plans were to. They do n't you understand!!!!!!!!!!!!!!! Experienced ( over 66 years ), member FINRA of your Life Insurance (... For VALIC declined to comment on the new plan provider as VALIC is ranked.! If you have ever tried to get VALIC to change my address years and they! In!!!!!!!!!!!!!. In dealing with this incredibly unprofessional company their investment funds contacts us and says she needs more from. Above with VALIC while working because my employer contracted with them for over 14 years you realize! Documentation, and probably shut down used 403bcompare to briefly review what VALIC offered in and.

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