Valic Annuity / refuse to transfer funds

Houston, United States Review updated:

My father has an annuity through an employer. Dad died in January of 2015. Ive been trying to get Valic to transfer Dads money into a trust he established in 2005. The trustee is Mom. After SIX attempts to submit correct paperwork, the company says, yet again, that my paperwork is incorrect. Back in March, I completed the required paperwork IN-PERSON WITH THE LOCAL VALIC REPRESENTATIVE. That paperwork was rejected. During May, I completed the paperwork WITH A VALIC REP OVER THE PHONE. This paperwork was again rejected-even after the rep contacted all internal interested parties to verify their requirements. This is beyond absurd. Never, ever do business with this company. This is the single worst customer experience of my long life. Mom is still suffering from Dads passing and is now totally distraught over this issue.

May 28, 2015
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  • Re
      9th of Sep, 2015

    I was listed as the beneficiary of a valic retirement account for my deceased former wife. The money is to go to our children. After 4 months of phone calls, faxes and certified mailings of my divorce decree, I finally was told that I could not receive the money because I did not have a legal listing of property settlement from the divorce. The divorce was uncontested and their was no equitable property division. They have now said the funds can be released to her estate, which our son is the executor. I had to find out this information on my own. Luckily the estate still exists. If his mother's home had sold before I found out this, there would be no estate account left and according to their representative they would have kept the money. I found this reprehensible and totally unprofessional.

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