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TransAmerica Retirement Services



Complaint Rating:  90 % with 20 votes
90% 20
Contact information:
TransAmerica Retirement Services
1150 South Olive Street
Los Angeles, California
United States
Phone: 1-800-401-8726
We tried to close out our 401k and they won't let us. They said the government has changed it's rules.Our company has never matched any of our funds and we are 100%vested.We our willing to pay all pentalites and taxes that would apply.We keep get the run-around and our account has continued to plument in the mean time.Our company didn't realize the requlations either and our quite surprised by the reaction on TransAmerica. I have listened to many call in programs and have heard of people taking out from their 401K all the time, but the minute I've tried to TransAmerica has shut the door. Everyone needs to wake-up to your rules with your 401k holder. I have been told that it's not the law but Transamerica not wanting to release our money. I don't know which it is but 401k contributors beware. I have called my state attonery general and so on everyone is shocked and don't know where I can turn too. Help!!!
Complaint comments Comments (7) Complaint country United States Complaint category Savings & Investments
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 30th of Sep, 2009 by    0 Votes
Are you still employed? Are you over 59 1/2 years old? Are you retired or disabled?
Bottom line, if you are still employed you cannot take the money out in most cases. NOT ALL PLANS HAVE THE SAME RULES!! Don't listen to call in programs because you most likely don't work for the same employer. A contract between the client (your employer) and the provider (transamerica) outlines everything allowed and disallowed. Being willing to pay taxes and penalties doesn't help if you don't qualify for a withdrawal. Ask for the following...
1) Loan
2) Hardship Withdrawal
Many plans only allow hardships for the following
Buying a primary residence
Avoiding foreclosure or eviction THAT IS DOCUMENTED
Medical expenses not cover by insurance
College Tuition, room and board
Damage to your home due to natural disaster that qualifies as a casualty expense
Funeral expenses

That being said, your plan does not have to offer either option. Let me know if you still need help or have questions. Also, please provide your current employment status.

 27th of Mar, 2010 by    0 Votes
what if you send your 401k provider a fake eviction notice? do they check that stuff out?
 6th of May, 2013 by    0 Votes
Transamerica is terrible. They told me 3 times incorrect info about my account and then wouldnt right their wrong after they had done it. They are n absolutely terrible company, they seem clueless to their clients needs.
 24th of Sep, 2013 by    0 Votes
I agree as well. This company aka Bencor is absolutely horrible. Their customer service has you on hold for 45 minutes to an hour. When they finally come on the line and ask you 6 or 7 levels of security questions, they put you on hold AGAIN while they retrieve your information. Their systems seemed not be aligned or the phone reps aren't well trained. They don't seem to be able to answer simple questions. I have faxed them THE SAME paperwork 3 x and they've still screwed up royally on sending me my distribution. It has been an absolutely ridiculous process. If I ever take another job where they are the security holders I will request to OPT OUT. There are plenty of other companies who handle retirement services SO MUCH BETTER. Cannot say enough about how horrible they have been.
 7th of Jan, 2014 by    0 Votes
OH, how I wish I had NEVER signed up with these CROOKS! I'm over 65 and no longer employed by the company that was taking my contributions. I've been trying, for over a year, to get my money back from them. 100% invested, and EVERY PENNY was out of MY POCKET! HOOPS, HOOPS and more HOOPS! My money keeps dwindling and all I get are MORE HOOPS!
 20th of Jun, 2014 by    0 Votes
I can't get my 403B contributions to buy a house. I am 64 yrs old. My company filed bankruptcy. They owner who went bankrupt won't sign the plan administrator section because the company no longer exists. Transamerica won't release my money without a signature. There has to be a policy to deal with this but I'm told no. I can't get a supervisor on the phone either. don't know who to report them to or what to do next!
 9th of Aug, 2015 by    0 Votes
I say we get people together for class action suit!

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