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Transamerica Retirement Services / 401k

1 1150 South Olive StreetLos Angeles, CA, United States Review updated:
Contact information:
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!!!

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  • Wh
      30th of Sep, 2009
    +3 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.


  • De
      27th of Mar, 2010
    -1 Votes

    what if you send your 401k provider a fake eviction notice? do they check that stuff out?

  • Ad
      6th of May, 2013
    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.

  • Di
      24th of Sep, 2013
    +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.

  • Ro
      7th of Jan, 2014
    +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!

  • 40
      20th of Jun, 2014
    +2 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!

  • Wf
      9th of Aug, 2015
    +3 Votes

    I say we get people together for class action suit!

  • D1
      2nd of Dec, 2015
    +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.

  • De
      25th of Apr, 2018
    0 Votes

    @D1-Titanic You can keep your funds where they are but you cannot contribute unless you switch to a IRA. Also you won't be able to take out a loan with it.

  • Da
      21st of Jan, 2016
    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.

  • Ca
      29th of Jan, 2016
    +1 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.

  • Tr
      29th of Feb, 2016
    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.

  • Mj
      28th of Jul, 2016
    0 Votes

    They are indeed horrible! They remind me of companies we hear about on American Greed. I had to call a few times to get withdrawal forms...Having filled out the forms, I called to see if they were received...I was told there was a problem with the letter from my bank for direct deposit and so on and so on...I feel that the employees are trained to be a wedge between you and your money...Maybe if enough people complain...

  • No
      11th of Jan, 2017
    +2 Votes

    This company TRS, is by far the most incompetent and shady financial institution I've ever done business with. I would encourage anyone with money invested through work or pension, or anyone who owns any type of securities, to cash out and look else where! After my father died they continued to make pension payments to his account even after informing them of my father's passing. They then, without letting us know about any of this, withdrew $50, 000 from my dad's checking account, after they discovered their accounting error, throwing our books into disarray, and truly putting our finances at great risk. I would have been happy to pay back any unearned payments or money the estate was not entitled to. However, the way they stole back the funds from my Dad's account in the middle of the night, and without notice, is truly disgusting.

    It took them 24 hours to reverse a transaction and take money FROM a bank account but them MONTHS to make a deposit into one.

    Aside from their first royal #### up, I inherited several retirement accounts at the time of my father's passing. They have proceeded to hold these funds hostage, even after full well knowing I was listed as a beneficiary, and also having court documents proving my ownership of my father's estate. This is truly criminal. It has taken over three months for them to make a simple sale of an IRA, and deposit the $5, 000 to my checking account. Hoops, hoops, and more hoops, forms, and then just moving on to just strait lying to cover up their lack of customer service, and not depositing the money to my account when they said they would. They were VERY efficient when it came to stealing back funds -24 hours at the most! They have every piece of documentation they could possibly need to make the deposit, but are too incompetent to complete a simple transaction, even after them screwing up my dad's retirement accounts and pension. I too got an official letterhead from my bank, providing direct deposit information along with a voided check. I TOO faxed this this to them three times!! And even after all that, they couldn't even complete the direct deposit, and now say they have sent a check in the mail - making me wait again for the check to arrive, then deposited, and then more days for it to clear and for the funds to available. I truly despise this company

    I will be reporting them to the SEC, BBB, and am contemplating legal action. Run away and invest in an REAL company like Schwab, or Fidelity - they are professionals and not liars.

  • An
      27th of Jan, 2017
    +1 Votes

    These crooks need to be made to answer for their lack of ethics and POOR SERVICE!!! I have being trying to make a withdraw for two months now and getting the run around big time. I too asked to speak to a manger but the rep can back (after the second 10 minute hold) to tell me "the supervisor says". If I get past this process, I will look to rollover my funds elsewhere. Oh by the way, I am 59 1/2. See the pattern

  • V5
      2nd of Feb, 2017
    +1 Votes

    This company sucks. The worst. I just spent 25 minutes on hold waiting for so called all there company representatives who are busy assisting other customers. This at 7:00PM EST time. RIght. What a waste. AVOID THIS COMPANY. IT DOES NOT CARE ABOUT CUSTOMERS...

  • Se
      1st of Jul, 2017
    +1 Votes

    Terrible company. Will find a reason to void your disbursement check and then if you make them run out of excuses they will void your UPS tracking number because it was not mailed even after you paid for over night shipping. Avoid these clowns at all cost and notify all levels of government who can help close the doors for good.

  • Ni
      11th of Jul, 2017
    +1 Votes

    Been on hold for 25mins, Then when they finally answered they said that I needed paperwork and asked for my email address. He repeated the email address and I nevered received paperwork. So now I have to call again. ugh :(
    My 401k was transfer to this company I feel like im going in circles, because when i talk to CS they claim there is no information and sent me back to former employer.
    Cannot find good customer service to help us.
    They have given us the run around for 3mos.

  • Ro
      9th of Aug, 2017
    +1 Votes

    I have been trying to do a hardship request for about 2 weeks now. I have sent the same forms in so many times, this is truly disgusting me! TRS is such a horrible company. I need a Cpap machine to help my husband breathe. He stops breathing about 84 times each night. Explained this process to them, I still get the run around. I hate this company with a passion. My company who I work for need to open their eyes. BBB gives them a F? This is not a concissadenc. I will truly not put anymore money in anything with their name on it ever! I been on holding for about 1 30 minutes. On top of this company does not know what they are doing, talk to you anyway they want even though on a recorded line.

  • Ta
      6th of Sep, 2017
    +1 Votes

    Yes, this is what I thought. I have a small 403B with Transamerica from a job many moons ago. Just getting around to rolling it over to Fidelity. Sent in the forms and received an email from "Deb" (no last name) saying I needed to update my marital status by calling a different Transamerica branch. My status has always been the same so why this was necessary is beyond me. But the other branch got that done in a couple days and sent me confirmation in the mail. Back to the main Transamerica again, a woman answers the line like it's her home phone or something, no identification offered, she couldn't tell that I needed the status updated, she couldn't tell me when the check would be sent, only that it would be within 10 days of receiving all the documents they needed which she thinks has happened but she couldn't pin a date on that either. By the way, the two people I've talked to at main Transamerica have no idea who Deb is even though that's the # she said to call her back at. Their service is the worst. I can't believe they're a financial company. All my dealings with Charles Schwab and professional. Transamerica is like going to the drive up window at Burger King. No, come to think of it, I've had much better service at Burger King. I'll be amazed if my rollover happens without any further hitches.

  • Ci
      10th of Oct, 2017
    +1 Votes

    I have been with transamerica for a year through my current employer and I absolutely do not like their way of being a wedge between you and your money especially after submitting the required documentation for hardship. I NEVER had a problem with fidelity. Transamerica has been the cause of a recent eviction due to their lack of care when it comes to hardship request. I am really considering a lawsuit for the process.

  • Pi
      16th of Apr, 2018
    0 Votes

    @cilla90 We are going through this right now! Sent all the paper work in the hospital bill was denied after they said it was exceptable !!

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