Valic Variable Annuities — misrepresentation
1. After requesting VALIC investment advisor assigned to our account to move our variable annuity 403 (b) to a mutual fund, we were assured that it was being done. To ensure we were clear the question was asked several times "this is in a mutual fund?" to which we were told yes. However, it was not; it was nothing more than reshuffling funds within the variable annuity. Upon contacting VALIC by their 800 number, we were then told that VALIC does not have a mutual fund plan available to us. Complaint: Lied to by a FINRA verified VALIC investment advisor.
2. Therefore we decided to move our 403 (b) funds from VALIC to another authorized plan, only to discover that due to our variable annuity insurance contract it will take us 5 years (20% per year limit on fixed account) to remove all of our fund from VALIC into a non-VALIC 403 (b) plan. Complaint: Hidden, or at least very deeply buried rules regarding withdraws from the plan.
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