Mutual of America Financial Group
reviews and complaints

Ive been trying to help my elderly mother receive a lump sum payment from her Mutual Of America (***) *** I first went to the *** website to find a withdrawal document. There is none to be found. Then I called to speak with a customer service rep. *** my first attempt, I was on hold for 45 minutes before I gave up. *** my second attempt, I was on hold for an hour and 15 minutes before a Plan Sponsor Specialist finally picked up.The representative emailed me the withdrawal form and told me that once *** receives it, the funds will be transferred to my mothers bank account within 2-3 days. My mother and I filled out and signed the form, then sent it to *** by certified mail. They signed for it on Tuesday, 7/26 according to US *** records. Given the information I received from the *** representative, I expected the funds to be transferred by Friday, 7/29. They were not.Having patience, I gave the process another week. My mother still hadnt received the funds by 8/5 so I contacted the *** representative by email. I received a response stating I think they are running behind because we are so short staffed. I inferred that by they, the representative meant the people who are supposed to process the withdrawal and transfer the funds. It was also stated in the response that an email was sent to them. Also, that I will be kept posted, that I can reach out for an update and that I will be advised asap.The funds had still not been transferred by 8/8 so I reached out as suggested. The response this time was that the representative had followed up with them and that it was hoped the withdrawal would be processed that day.The withdrawal had still not been processed by 8/10, so I followed up with another email that day. It is now 8/12, the funds have still not been transferred, there is no pending transaction for the account and I have yet to receive a response from my email on 8/10.

I submitted a request for withdrawal of my 403b account the end of October, 2022 from Mutual of America. I gave the allotted 5-7 for processing as posted on their website. I called and spoke to a gentleman I believe his name was *** who informed me that it might take 2 weeks to get the return and he confirmed that they did receive the request. I gave another week and called back after no monies were received. This time I spoke to a lady who said it was received but had never been sent to processing that she would send it through and put urgent on it and I should receive in a few days. Another week goes by no monies. I called again today and was on hold for 2 hours this morning, person picked up and hung up the phone. I called back and spoke to a *** at another extension and told him I had been on hold for 2 hours and was hung up on and I was needing to check the status of my return. He said he couldn't help me but would transfer me to someone that could and I wouldn't have to hold for 2 hours again. 2 hours later I began a conversation with a lady who advised me that my request has been in processing since November w 2022. I asked her if there was someone who can process and direct deposit my funds in to my bank account. She replied they were leaving early today and there was not anyone there that could it and it might ta4 weeks this time to get my monies. I informed her that was unacceptable and I am in dire need of my monies. She said she was going to get my paperwork off of the printer and I was again hung up on I called a 3rd time and someone picked up and hung up the phone. I attempted to call back and recording said they were closed to call back. Each time I call the wait time is very long, I receive different answers on my withdrawal of monies from my 403b account. I feel like I am getting the run around and this is very poor customer service on their part. I am asking for a quick response and retrieval of my withdrawal of my monies.

I contacted mutual of America on 02-04*** about a 403b withdrawal. I spoke to employee financial service advisor -***. *** suggested I roll over my balance from the ***b to an *** then cash out. *** emailed me the appropriate paperwork-I mailed this paperwork to their *** office promptly. After 5 days I contacted the *** office via phone- I was told the paperwork I mailed never arrived. An employee of mutual of America told me to mail another copy of the appropriate paperwork to their ***, *** withdrawal center location. -Due to a raise in my mortgage payment I informed every single employee at mutual of America that I spoke to that I needed this withdrawal process to be done ASAP. I then refilled out the paperwork and express mailed it ($26.00 cost,) to the *** office. An employee assured me the paperwork had never shown up in their *** office ( my third inquiry). The Express Mail enveope showed it was picked up in . By mutual of America-on 02-17***. On 02 - 20*** mutual of America mailed a copy of my original processed paperwork from The *** office. This is the paperwork they told me NEVER showed up. This paperwork was stamped ***. My 403b cash out has still not been processed and no one from the company will contact me to tell me why. I have called this company at least 20 times in the last 3 weeks. I have now lost hundreds of dollars and endless hours -due to it not being processed! On 02-28*** after calling the customer service line and waiting over an hour an employee contacted me and assured me that I would be contacted by someone from mutual of America to tell me why my payout has continued to be stalled. This is the 4th or 5th time an employee assured me a higher up from the company would call-and NEVER did. Still no one at M.O.A can tell me why my cash out has taken almost a MONTH to process. My congressman will be notified regarding their mismanagement also.