VALIC review: will not give me my retirement money 58

I am in the process of being displaced. I have been seeking help from this company for two months now. Customer service is the worst. They fail to follow through with requests or possess no knowledge about customers' accounts and how to disburse payments efficiently. Because of their negligence, I may be forced to move.

Hello, I have had similar problems rolling over my retirement assets from 2 different plans from TD Ameritrade and Alerus Retirement. Both required a medallion signature which is impossible to get along with permission from my previous employers and spousal consent. I have a case with the Department of Labor right now because it is impossible to move these retirement assets! I have been working on moving them for 5 years. I contacted my federal representatives to have them pass legislation to make moving retirement plans easier. Please contact your federal representatives and ask them to pass legislation on this! You should be able to port your retirement plans like you can port your cell phone number!

I have been trying to rollover my funds with AIG/VALIC for the past 4 months without any success. 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. My financial advisor and I have faxed, sent the forms by mail SEVERAL TIMES, and the people at AIG say they never received any forms. My financial advisor and I have had 3 way conversation with this company many times and still no rollover. 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 am FED UP with this company. This is my money!

Glad to see I'm not the only one. 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. I get the paperwork with the spousal consent, get that notarized, and send it in. 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. Now they won't accept that and I need to complete the new forms because the forms came in at a separate time. Are you kidding me? The amount of stalling tactics and incompetence probably borders on a class action law suit for this BS. They blame the IRS. They're probably right since nothing makes sense with this company.

My wife started the process of rolling over a number of retirement accounts with various companies to Fidelity in May, 2019. All of the other companies had the funds to Fidelity within 3 weeks. The account with VALIC is less than 100k, but they are acting like they'll go out of business if they lose the account. Multiple phone calls and emails asking how they can keep the account, but no help in transferring the funds. Repeating the three question verification process each time your call is transferred is beyond annoying. The previous call three weeks ago supposedly had everything settled and would produce the check. Wrong. Today they said the signatures were now over 90 days and couldn't be used! Transferred to a licensed rep that had been instructed to get the check sent. Supposed to have it next week, but we're not holding our breath. It may be painful, but get your money out of VALIC!

I thought I was alone in dealing with this incredibly unprofessional company. 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. 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! This is not just a bad customer service rep or two, but it's systemic corruption. Once I finally was able to get the account in my name, they are putting me through fresh hell to actually access my money. The company policy apparently is to stall, delay documentation, and do everything in their power to keep customers away from their money. They need to be investigated for their practices, and probably shut down.

Can anybody share what happened in the end? Did any of you got your money rolled over or you lost them? Thank you, Tatiana Popescu

Wow! It is so interesting to see some of these comments! I have been dealing with much the same. I have been trying to get my rollover money for months. 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. 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." Yea, let me keep my money with your amazing customer service! I can't imagine what interviewing for this company must be like... "Are you willing to be an unethical a**hole? Perfect! You're hired!"

This is the worst investment company ever (maybe next to Charles Schwab). I would suggest switching ANY 403(b) accounts (or any other possible accounts) switching to TIAA-Cref. I have been trying for two months to get close out my accounts with VALIC. 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). Then VALIC reps claim there's a tax lien on my accounts. So, I call the state tax authority which says there is NO lien on my accounts, the tax authority even faxes a letter to that effect to VALIC. I call VALIC and supposedly they have no documentation. 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. 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. It's my personal opinion that VALIC creates false scenarios to keep your money in their grasp. While all this was going on, I received constant calls from VALIC sales representatives trying to convince me to keep my money with them, claiming I'm receiving a great return - oh, by the way, they stopped sending me regular statements, so I had no way of knowing my balances or returns. VALIC is just a bunch of crooks.

I did everything they stated. A week later, NO CHECK! 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. It's my signature and I need the money to pay my Real Estate Taxes. Now it will be late and I will have to pay a late fee and NO Thanks to them. It's not fun money, apparently they think so! It's my money and I need it. Can't find a full time job, going on 9 years. On Medicaid and Food Stamps. They want my credit card to Next Day deliver my check, what don't you understand! They are the worst company to invest your money with. Crappy customer service! I had to learn it the hard way.

We are dealing with the same BS from VALIC. The reason we are getting out of Valic is because of poor customer service and dismal results from their investment funds. This company sucks.

I have been trying for months to get my money rolled over into another account. I feel like my money has been taken hostage as Valic is one of the most difficult groups of people to work with. For years I paid into a 403B but now that I am retired I wanted to place the money into an IRA. Well, this should have been a simple process, but due to the incompetency of Valic's staff, I have yet to receive my roll over funds into my IRA. All they want me to do is complete the paperwork out again stating all sorts of inane reasons for needing the paperwork completed again. I actually cannot believe what they are doing is legal. I have investments in many companies and Valic is truly one of kind for how horribly they run their business. This is why I don't want my money with them, yet I did not realize it would be this difficult to retrieve my money and roll it over in another account. I feel like I have lost my money--and over the years, this is retirement money.

One of the worst company. This company did not roll over my retirement fund. Instead, they created months of delay. In frustration, I withdrawn the money, but they would not give me money back. Instead, they agreed to pay me annuity, which I agreed. Simply, because I did not want to deal with this useless company. Now, I am calling them for annuity every other month, since they do not pay it in time. If I do not call, who knows they might not pay for that month. What a useless company.

Incredibly bad service, as well as poor growth. I had an employer forced account with Valic, when I retired I wanted to roll this account over to another retirement account because of the horrible rate of return...however they with held 20% federal tax and local income tax as well, even though I requested that they not do this, when I called their answer was basically "tough luck".

Terrible company and customer service!

My complaint is that I'm trying to borrow from my retirement and but they want release the loan. 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. 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 question is what are they prospecting him from when in the event something happens to me he want receive any benefits? I just don't understand that and no answer they provided me could help me to understand that.

My wife recently changed jobs and wanted to rollover her funds from her old 401k into her new VALIC account. After completing the mound of paperwork that VALIC requires and the simple paperwork that her old investment company Principle required, the funds were transferred to VALIC. Now the VALIC rep contacts us and says she needs more information from us before the funds can be deposted. They need to how much we have in "assets"? After asking WHY they needed this information for a simple rollover we gave her a number figure just to satisfy them. Got an email confirmation all was good, that was on Aug 3rd 2016. On Sept 23rd we get a call from Principal that her check was returned and they needed to know how to proceed? Contacted the VALIC rep who appologized for dropping the ball and said we need to give them "detailed" breakdowns of our "assets". Here is her message, copied and pasted:

Please provide the following information:

1. The Client Account Form did not detail your liquid assets as being qualified (retirement) or non-qualified (non-retirement) nor what type of investments your liquid assets are (Cash, checking, savings, variable annuities, fixed annuities, marketable securities). 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?
2. An additional question is the value and type of your life insurance you both have? The type of account that you are transferring into is a Variable Annuity – which increases your death benefit, like an insurance policy

Our reply was, IF your company cannot make a simple rollover transaction without this information then we will just leave the funds with Principle. Your request is rediculous and we will not divulge any personal information.

Our advice... stay far away from this company! I only hope that we can get her funds out of them without having to involve a lawyer!

It took 5 phone calls to get Valic to change my address. 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. It took 3 faxes of the transfer paperwork before they admitted they received the paperwork. The "certification signature" page was not returned to me so I am unable to transfer my funds. 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. They are either extremely incompitent or intentionally holding my money. Very poor service!

My advice to educators is to NEVER agree to participate in an annuity investment with VALIC. After 35 years of investing in an annuity with VALIC through my school district, I retired. I have been fighting with VALIC for SIX MONTHS to get my money. 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. You will NEVER be able to get your own money without a signature from someone in your school district, or at the company they have contracted with to administer the VALIC annuity, (or both entities). Why your (former) school district and some other firm they have contracted with have to give permission for VALIC to give you your money is difficult to understand. 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. VALIC? Oh hell no! RUN do not walk away from that company. Invest your money in a financial institution that won't assign a babysitter with power of attorney over you.

I can also report similar problems with VALIC. I have been working over nine weeks to have only a portion of my VALIC funds moved to another plan with a different company. I have already completed two sets of forms wherein I have gone to the bank twice to obtain a Medallion Signature Guaranty. 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. So we made our third trip to the bank and thought we were finished. I then received a letter from VALIC that my 403(b) plan administrator would also need to approve my transfer or rollover which made no sense since I retired from my employer two years ago.

Next, VALIC determined that my request was a rollover and not a transfer (what is the difference?) and I would not need the plan administrator's signature. The representative said she would mark the rollover box and the money would be sent to the new plan provider. That was yesterday, February 2nd; today they called and said I would have to redo the entire form because changes are not acceptable without my original signature again.

I would never recommend this company to anyone. I was forced to invest with VALIC while working because my employer contracted with them to manage our 403(b) plan.

This experience has been nothing but a headache! I've filled out multiple forms they have sent me, upon my request, to transfer my funds to a different company. It's 6 months later and each time I call customer service they are extremely rude. Nothing has been done. I would not recommend this organization to ANYONE!

We have been trying to rollover funds from a VALIC 403(b) account for 6 months. They "didn't receive the fax", didn't have the signature of our local agent, didn't receive the fax. When I asked to speak with someone that receives the documents, I was told three times they did not speak to anyone. Obviously this is a call center, whose goal is to stonewall investors. I am on hold now to speak to a "supervisor", It has been 20 minutes and still holding.

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. Also, I asked if they ever send out a confirming e-mail, phone call to let the customer know if the fax was received. She said a letter is sent out - I can tell you the only correspondence received was a blank application to start the process all over again. Ms. Grant was helpful, however, she has nothing to do with actually completing the request for rollover.

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. We are going to begin again - maybe we'll receive the money before we pass on to the hereafter!

AIG VALIC is horrendous. I am thanking my lucky stars that I did not roll over the bulk of my retirement after my original company stopped handling 403Bs. I put in for a hardship and they needed more documentation which I provided. I heard nothing for weeks and followed up. It turned out that my contract wasn't official because I was missing a signature. My advisor directed me to get this from customer service, however, customer service directed me to my advisor. I lost days just turning in the wrong thing as my advisor told me they needed an updated expiration date for your license. 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. After being told that my disbursement was approved for three weeks I received an email from them asking for additional documentation. 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? Valic is holding my money hostage. They are unprofessional, inept and will not keep one single promise or guarantee that they make. Do not allow this company to manage your money!

I have never been so disgusted with any company as 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. In short: they have stalled in every way possible to not release the partial withdrawal I requested. DO NOT DO BUSINESS WITH "vALIC" !

lIVID

I agree that Valic is bad news. I had Valic during my employment with the State of Florida. I have been trying very hard to get them to rollover my check from years of work to a rollover account. They have stalled so many times. They have not been cooperative with me. 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. The Valic office keeps coming up with excuses for not sending the check: the first attempt to send it was mailed to the wrong address; the check was sent back to Valic because they didn't write my account number on, etc...) 10 more days went by and no word from Valic. I called, and someone in their office said that my check has just been sitting in her office because she didn't know what to do with it. So, her final decision was NOT to mail it to my new rollover account...just let it sit in her office and gather dust. Oh well...her attitude...who cares about all this money? They are a headache to deal with. The latest news...they said they'll reissue my check and try to mail it again. Oh boy, it's going to take another 10 more days.

JP...my wife is having almost identical problems to yours. They are constantly changing the rules to suit their needs. She has been getting the runaround since March 2014. Was your complaint ever addressed by VALIC? If so...how?

They will not send you an IRA rollover form. BY mail or fax . We have requested 3 times. They will send a cash distribution form
after a 2 week wait each time and then say oops! NO excuse for this . They don't want to release YOUR money.
Next complaint is to Texas ins commission which I am sure they must know well. Fellow employees have had same
problems trying to get a IRA rollover so it is a common practice there. DO NOT USE THIS COMPANY!

I am currently waiting for my retirement as I have recently changed jobs and decided to cash out my 401k as it was not a huge sum of money. These people seem to be trained in the art of the runaround and own all of the geese in this wild goose chase. I have been dealing with them for two months because they only sent me my former employers contributions and not mine...now I have to re-submit the paperwork and take it back to the plan administrator and have her sign it again, but first I have to be sent the paperwork because Valic refuses to fax it to her but its ok for her to fax the signed form to them. I have been waiting for 2 weeks for the second set of papers to be sent. Every time I call they say something like " Oh I see you have contacted us numerous times" ya think they would try even harder knowing that I have been ran around and misinformed, It is MY money after all and they seem to not want to give it to me. JD

I have had similar problems. Valic has terrible customer service. Unfortunately, my wife is forced to continue using them because her employer is contracted with. But I'll be pulling my funds out ASAP. 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. Be warned. They will deny access to your funds and there is nothing you can do except file with the SEC. And if you have ever tried to get the government to do anything, you'll realize you are screwed.

Similar problem. I have been trying to rollover 403b funds since February 2014. I completed the forms as requested getting signatures from the former CEO of the company I worked for. They then requested contrary to previous instructions that I have the CEO now complete the vesting percentage. In the meantime the company is out of business and the CEO is unreachable. VALIC instructed my over the phone to contact the state department of labor, whom is confused by this instruction. VALIC has so far refused to provide written proof of these instructions by mail or email. I have currently filed a complaint with the US Department of Labor, Employee Benefits. I will next file a complaint with the State Department of Insurance.

I am having the same problems as most of the above with Valic. 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. Decided to roll them over into another company. Valic said I would receive the necessary forms in 5 to 7 days. When they did not arrive, called again and they apologized that somehow they had never been sent but would be sent. Again no forms. More calls. I finally confronted them that I thought this was a scam. If they delay distribution they continue to make money off the clients money. If this happens to thousands of clients, the amounts would be quite substantial. All of a sudden, I could get the forms by email. Received the forms. Had to run around and get signature guarantees at the bank and notary signatures. Faxed the forms in on the 13th of August and sent hard copies as well. New institution received the funds on Aug 22nd. Upon review found that the numbers received by the new fund were less than they should have been. Called again and was informed that since the rollover was made after the grace period, a 1700 market adjustment had been taken out. Said only recourse I had was to send a letter of complaint to customer no service. Request was made way before grace period was over and it was their delays that created the problems. Surely there are enough people out there that the same thing has happened to that a class action law suit could be considered or at least a meaningful report to the S.E.C. be made. Horrible company to deal with. I asked if I could claim money for all the time I am spending on this matter. They responded that I could put it in my complaint letter.

I worked at Mission Hospitals in Asheville NC and we had Valic. After 18 yrs, I transferred to the VA Hospital. I had to go and demand my AIG account money for rollover and it was the Reps last day. The amount that I received was substantially smaller than what I thought was in the account. Last year, I received a letter from Mission Hospitals to inform me that my AIG account had been "compromised" and letters were being sent to all that were affected. I've made countless calls, emails and even made a visit to Human Resources but only to be turned away or hung up on. This was my retirement and feel that it was embezzled from and covered up. I'm not sure who to contact and would like to settle this. If anyone has answers, please let me know!

I'm a registered representative with another company who is trying to get client's money transferred. Some of the money is with the mutual fund side of the company and some is with the variable annuity side. The story is the same. Lost paperwork. Never received paperwork. Additional paperwork needed. This started in the middle of April and just received another form to send in. I was talking to another Rep yesterday and he told me the same happened to him 12-15 years ago. Delay, delay, delay. If anything like this occurred with my broker-dealer there would be hell to pay.
I don't think this is incompetence. I believe it is Valic policy to wear out the client so that the client gives up and Valic retains the assets.

Where is FINRA? Where are the state insurance commissioners?

AIG Valic...too big to fail?...

I just tried to get money from my retirement fund - The Standard. 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. After waiting for 13 workdays, the company now wants me to take out a loan, I refuse to take out a loan. I don't need another payment! Anyone else want to sue!

I am so glad I found this site! I too have been trying to rollover my Valic account that II had when employed by a different school system to Lincoln Financial which is offered by my current school system since APRIL! The Lincoln Financial representative and myself have completed all the necessary paperwork back in April and my funds have still not been transferred. Yesterday, Valic informed me that I needed to fill out a lot more paperwork for them. 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. I have had my money in Valic for 19 years and now they are being a royal pain in my butt!

Valic has put me through so much.
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. I have tried every thing, yet Valic refuses to refund me that money.
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 is important to file complaints, because when a class action law suit is filed against that company for deceptive practices, you will be included and can get a check from the lawyers handling the lawsuit, and believe sometimes it is a large check.