Horrible company to deal with. I have been trying for months to get my money rolled over into another account. I am having the same problems transferring my retirement account. I can't imagine what interviewing for this company must be like... "Are you willing to be an unethical a**hole? I thought I was alone in dealing with this incredibly unprofessional company. They are really bad. The latest news...they said they'll reissue my check and try to mail it again. 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. Those who are challenged are not working with the right people. The reason we are getting out of Valic is because of poor customer service and dismal results from their investment funds. Then, I moved to another company that offers 401K, which does not allow to take 403 plan. There are way better companies out there such as Nationwide, who I never had a problem with. 457: 403(b) Definition: It is a bi-variant plan offered to people in government jobs or non-profit organizations with 457(b) being more liberal as compare to 457(f). I have been trying to rollover 403b funds since February 2014. I would never recommend this company to anyone. When I asked to speak with someone that receives the documents, I was told three times they did not speak to anyone. 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. In the meantime the company is out of business and the CEO is unreachable. This is the worst investment company ever (maybe next to Charles Schwab). Fellow employees have had same I call VALIC and supposedly they have no documentation. And, as with them, they would mosty be predfcated on a lack of uderstanding of what theey are doing. I have been trying very hard to get them to rollover my check from years of work to a rollover account. I have been fighting with VALIC for SIX MONTHS to get my money. I would suggest switching ANY 403(b) accounts (or any other possible accounts) switching to TIAA-Cref. DO NOT USE THIS COMPANY!!! I contacted my federal representatives to have them pass legislation to make moving retirement plans easier. 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. A week later, NO CHECK! Now it will be late and I will have to pay a late fee and NO Thanks to them. VALIC has so far refused to provide written proof of these instructions by mail or email. MassMutual Investment Account Review MassMutual Investment Account is a financial services company founded in 1851 and based in Springfield, MA. Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser, 2919 Allen Pkwy, L03-20, Houston, TX 77019-2158. My complaint is that I'm trying to borrow from my retirement and but they want release the loan. She has been getting the runaround since March 2014. 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. VALIC instructed my over the phone to contact the state department of labor, whom is confused by this instruction. They don't want to release YOUR money. I heard nothing for weeks and followed up. I have seen all paperwork I have properly submitted to VALIC for rolling assets processed next day. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. > Categorization of funds are classified by category or asset clas s — allowing you to compare one fund to a similar I told Ms. Grant that, given the large number of on-line complaints, it appears that VALIC 's policy is to delay and obfuscate any request to rollover funds to another provider. I am on hold now to speak to a "supervisor", It has been 20 minutes and still holding. Thank you, Tatiana, Wow! JD. It's not fun money, apparently they think so!!! 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 … They are the worst company to invest your money with. Assess if the fund structure complements the staff's needs and financial goals. Where are the state insurance commissioners? I did everything they stated. I am FED UP with this company. We didn't choose Valic because: When we called they weren't able to provide any information for the OCPS plans but said they'd call us back if they found anything. I am so glad I found this site! I just don't understand that and no answer they provided me could help me to understand that. We are going to begin again - maybe we'll receive the money before we pass on to the hereafter! To view or print a prospectus, access, “Prospectuses and Other Important Materials”. They dragged to release my funds and would not facilitate the process that I need. Ms. Grant was helpful, however, she has nothing to do with actually completing the request for rollover. What a useless company. ). 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? 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. She started contributing in 2000 so she has been with them for over 14 years. I am at my wits' end with VALIC. 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. "The check is in … Got an email confirmation all was good, that was on Aug 3rd 2016. VALIC reps then say if ALL my account information (all 3 of my account #s and information) isn't on the letter from the state tax authority, VALIC will shred it. The previous call three weeks ago supposedly had everything settled and would produce the check. Five reasons you need to review your 457(b) retirement savings plan: 1. No matter who you talk to, there is ALWAYS a different answer, they pass the buck between offices, tell you a different address to send forms to, give you different phone numbers, say "you can only fax forms, " "you can mail the form, " and other false information. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. Then VALIC reps claim there's a tax lien on my accounts. 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. Contacted the VALIC rep who appologized for dropping the ball and said we need to give them "detailed" breakdowns of our "assets". I would love to be part of it. They have not been cooperative with me. After 35 years of investing in an annuity with VALIC through my school district, I retired. For more information of the benefits of a 457(b) Roth account, review the Valic flyer listed below. 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. The plan is intended to help you put aside money for your retirement. I hope that more people can put their experience in this ad and we should voice our opinons here. 457(b) Roth. 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. Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Our reply was, IF your company cannot make a simple rollover transaction without this information then we will just leave the funds with Principle. Oh well...her attitude...who cares about all this money? 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. New institution received the funds on Aug 22nd. Can't find a full time job, going on 9 years. You wait on hold for 2 hours and when someone finally does answer they are not helpful and tell you something different every time. A 457(b) plan is an employer-sponsored, tax-favored retirement savings account. Multiple phone calls and emails asking how they can keep the account, but no help in transferring the funds. Nothing has been done. This company sucks. 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 All of the other companies had the funds to Fidelity within 3 weeks. Accessing your money before retirement. VALIC - this company has done nothing to help, Valic Variable Annuities - misrepresentation, The Variable Annuity Life Insurance Company [VALIC] - Overnight service, The Variable Annuity Life Insurance Company [VALIC] - Rollover. They responded that I could put it in my complaint letter. Reviews from VALIC Financial Advisors employees about VALIC Financial Advisors culture, salaries, benefits, work-life balance, management, job security, and more. © 2004-2021 ComplaintsBoard.com. When they did not arrive, called again and they apologized that somehow they had never been sent but would be sent. 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! 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. It's been 6 months and we still haven't gotten her funds rolled over. So, her final decision was NOT to mail it to my new rollover account...just let it sit in her office and gather dust. I can also report similar problems with VALIC. I have been dealing with much the same. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA. 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. DO NOT DO BUSINESS WITH "vALIC" !!! A 457(b) plan has more stringent withdrawal restrictions than the 403(b) plan while you are employed, but is not subject to a 10% federal early withdrawal penalty except on amounts rolled over from other non-457(b) eligible retirement plans. The type of account that you are transferring into is a Variable Annuity – which increases your death benefit, like an insurance policy After asking WHY they needed this information for a simple rollover we gave her a number figure just to satisfy them. If anyone has answers, please let me know! TIAA has worked with educators on retirement planning for more than 100 years. Instead, they created months of delay. When I first asked about 4 months ago, they did not even bother to contact me or tell me the instruction how to proceed. Supposed to have it next week, but we're not holding our breath. My advice to educators is to NEVER agree to participate in an annuity investment with VALIC. It took 5 phone calls to get Valic to change my address. For years I paid into a 403B but now that I am retired I wanted to place the money into an IRA. The amount of stalling tactics and incompetence probably borders on a class action law suit for this BS. It's my personal opinion that VALIC creates false scenarios to keep your money in their grasp. I am going to report them to the agencies that another poster recommended. They will send a cash distribution form I feel like I have lost my money--and over the years, this is retirement money. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. 1. Faxed the forms in on the 13th of August and sent hard copies as well. 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. To provide written proof of these comments if anything like this occurred with broker-dealer. Notary signatures declined to comment on the new forms because the forms as requested getting signatures the... 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