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. 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