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TransAmerica Retirement Services

Posted:    

401K

Complaint Rating:  92 % with 25 votes
92% 25
4.6
Contact information:
TransAmerica Retirement Services
1150 South Olive Street
Los Angeles, California
United States
Phone: 1-800-401-8726
TA-Retirement.com
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 (11) Complaint country United States Complaint category Savings & Investments
More TransAmerica Retirement Services Complaints & Reviews
TransAmerica Retirement Services - 401k rollover request/distribution request

Comments

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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.

Jeff
jvswerbo@yahoo.com
 27th of Mar, 2010 by    -1 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    +1 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    +1 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    +1 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    +2 Votes
I say we get people together for class action suit!
 2nd of Dec, 2015 by    +3 Votes
Oh GREAT! Just got word today (12/2/2015) that our company has selected Transamerica Retirement Solutions for our 401K/Roth, effective late January 2016...Our Company says, they are looking out for their employees, and their well being, and feel this is going to be a plus.

After reading here and several other sites, I don't have a warm/fuzzy feeling with TRS, as having been with Fidelity, T-Rowe Price and Vanguard for many, many, many years, I have had only 2-years of negative growth during the real estate burst.

From what I'm seeing and hearing here, I'm wondering if I can just keep my funds where they currently are, or do they have to be moved over.
 21st of Jan, 2016 by    0 Votes
I recently sent in a payment to pay off my 401k "withdrawal" early, they applied it to the wrong account. Now I've waited 3 weeks for them to fix the problem and send back my over payment. Still no word, all they ever tell me is a manager is working on this now and it should be fixed in 3-4 business days...I've been told that 4 times now. I've talked to my employer and tried to get them involved and Trans america tells them the same thing. I need my over payment and I need to take another "withdrawal" out. But I have lost so much money in the time I've waited on them to fix THEIR mistake that the market has killed my account and the amount of my "withdrawal" has been severely diminished, and they are still taking my original "withdrawal" payments out of my check.
 29th of Jan, 2016 by    0 Votes
I was a transamerica account holder, I got a new job and wanted my 401k all in one place so I switched companies, I started my new job in November, that week I contacted transamerica, got the appropriate forms to do a rollover and sail mailed them to transamerica. A couple weeks go by and I call to see if my Check had been sent out, it hadn't, so I had to send the paperwork via fax. I sent it that same day about mid November. Two weeks later I again followed up because the money had not been received by my new company. The check had STILL not been sent. This time I had the transamerica employees fill out the roll over form, I signed it online and the check was to be sent after the form was processed. Long story short the check was not sent until December 28th, just a few days shy of two full months after my initial request to send the check. The December 28th check never made it to its destination despite my verification of the address three times. So on January 21st I had the check cancelled, that took 9 days bringing us to today, I called and asked if the new check had been sent, the employee told me it had not, that the form to cancel the first check was still being processed.
I was told that if I don't see the money by FEBRUARY 16th to call and see what's going on... February? It takes three months to send a darn check in the mail!?
regardless I'm still waiting. If you want to have access to your retirement I highly do not recommend this company. They are difficult to reach, lacking in intercompany communication, and a simple rollover should NOT be this complicated.
 29th of Feb, 2016 by    0 Votes
I work for a company that uses Transamerica for managing the 401k. It is absolutely horrid! Every fund but one lost money last year and that fund has been removed from the offerings. All their offerings are custom (possibly collusion going on here) solutions and none of them are available in the open market, as you would be able to invest in at almost any brokerage in your 401k or IRA. Also, there is no cash account, so if there is some kind of collusion, they are forcing everyone to take a loss as if it was an accounting fee.

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