The Variable Annuity Life Insurance Company [VALIC] / rollover to an external source
My former employer used Valic for its 401K/403B programs. After leaving the company and as I start to close in on retirement, Valic contacted me. They wanted to reach out to me to remove myself from the former employers account (and the low management fee) to move me into an annuity at a much higher management fee - 150 basis points. Industry standards are typically less than 100. Moving thru the process was easy. Valic provided all the paperwork digitally. When I noticed the excessive management fee, I decided it is more prudent to move out of Valic to a more affordable management fee and avoid annuities. Valic suddenly converted all digital exchanges into snail-mail... to slow down the process and get a couple more months of management fees from my account. Their answer as to "why" they could no longer digitally transmit information was simply that this is their rule.
So, this is a terrible company - they are not customer friendly. They tried to shift me into an annuity. They did not provide adequate education of other options. They tried to drive me into an egregious management fee which would cost me hundreds of thousands of dollars. And, they have created every possible barrier to transfer now that I am anxious to leave Valic. Horrific way to treat people. Simply terrible.
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