They are the worst company to invest your money with. @vlamarca I cannot trust the business relationships with AIG. I had one fixed account that matured and Valic told me that I had a 30 day grace period in which to make a decision as to what to do with the funds. Here is her message, copied and pasted: They are either extremely incompitent or intentionally holding my money. If you need more information and would like their help visit https://www.detectiveswilsons.com/ or email [email protected]. I met my former employer yesterday and they told me that they don't deal with AIG company anymore because they sucks to suppor the customers's need. Assess if the fund structure complements the staff's needs and financial goals. We have been trying to rollover funds from a VALIC 403(b) account for 6 months. I called Valic and supervisor Ricki verified they received the certification signature page but no answers as to why they are not providing it me. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. But it's just one of the ways they will do everything in their power to keep you away from surrendering your annuity and getting your money. They have had me duplicate forms, claimed they didn't get forms that I had the public library fax to them, stated that I filled out the wrong forms, etc.I never talked to the same person twice in ten calls to them. I actually cannot believe what they are doing is legal. Repeating the three question verification process each time your call is transferred is beyond annoying. It would take them weeks before they moved on to more requests. I have been trying to get my rollover money for months. VALIC reps then say if ALL my account information (all 3 of my account #s and information) isn't on the letter from the state tax authority, VALIC will shred it. By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions. DO NOT DO BUSINESS WITH "vALIC" !!! If this happens to thousands of clients, the amounts would be quite substantial. All they want me to do is complete the paperwork out again stating all sorts of inane reasons for needing the paperwork completed again. Meantime, they killed the all the time and dragged the process and then send me the form ( the right form) after two months. Review if the provider(s) offer financially competitive rates and product offerings. They will not send you an IRA rollover form. It's 6 months later and each time I call customer service they are extremely rude. Was your complaint ever addressed by VALIC? It is frustrating to see how these scammers are preying on innocent people and exploiting their needs. View the entire list of funds -- and their performance -- available to Erie County 457(b) plan participants. You should be able to port your retirement plans like you can port your cell phone number! If so...how? A 457(b) plan is an employer-sponsored, tax-favored retirement savings account. You're hired!". A spokesman for Valic declined to comment on the new disclosure. The company policy apparently is to stall, delay documentation, and do everything in their power to keep customers away from their money. Do not allow this company to manage your money!! The Wall Street Journal reported October 2 that the New York Department of Financial Services sent letters to a dozen major insurers requesting information about their 403(b) annuities sales practices. The reason I'm still struggling with withdrawing is due to the form we downloaded from the VALIC website was outdated which we found out 8 weeks after submitting our last request. If class action is files, count me in!! My financial advisor and I have had 3 way conversation with this company many times and still no rollover. Did any of you got your money rolled over or you lost them? @MTrevino Make your advisor or the company you are doing business with do the work - they are gaining your business and should earn it. A Roth account allows you to set aside after-tax money and when you retire you can make tax-free withdrawals of principal, earnings, and interest. I finally confronted them that I thought this was a scam. And, as with them, they would mosty be predfcated on a lack of uderstanding of what theey are doing. No matter who you talk to, there is ALWAYS a different answer, they pass the buck between offices, tell you a different address to send forms to, give you different phone numbers, say "you can only fax forms, " "you can mail the form, " and other false information. I mean.. Upon review found that the numbers received by the new fund were less than they should have been. They don't answer their phones and they are rude when they do. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA. Request was made way before grace period was over and it was their delays that created the problems. Rollovers from former Employers or IRAs Rollovers in are allowed from 401(a), 401(k), 403(b), 457(b) Governmental Plans, Conduit IRAs, Traditional IRAs. Faxed the forms in on the 13th of August and sent hard copies as well. They would tell me they needed one thing and when it was provided suddenly they needed 3 more things, and this went on and on for months! In the meantime the company is out of business and the CEO is unreachable. Then, I moved to another company that offers 401K, which does not allow to take 403 plan. I believe it is Valic policy to wear out the client so that the client gives up and Valic retains the assets. Now it will be late and I will have to pay a late fee and NO Thanks to them. 2 by number of K-12 plans. Participation rate. I had a 401k with a previous employer, I requested documents to for a direct rollover, they sent the paperwork, I filled it out and sent it in only to find out I need my spousal consent. It's my money and I need it. Once I finally was able to get the account in my name, they are putting me through fresh hell to actually access my money. I already told them that I don't have any existing loans against 403 plan and I quit that job a year ago.. can you believe this ###? To view or print a prospectus, access, “Prospectuses and Other Important Materials”. The indictments made on this site can be made of almost any financial services company. Context More calls. Surely there are enough people out there that the same thing has happened to that a class action law suit could be considered or at least a meaningful report to the S.E.C. Well, this should have been a simple process, but due to the incompetency of Valic's staff, I have yet to receive my roll over funds into my IRA. Are you kidding me? The year-over-year growth in 403(b) plan assets of these major players is presented below: Horrible company to deal with. The Valic office keeps coming up with excuses for not sending the check: the first attempt to send it was mailed to the wrong address; the check was sent back to Valic because they didn't write my account number on, etc...) 10 more days went by and no word from Valic. Oh well...her attitude...who cares about all this money? The representative said she would mark the rollover box and the money would be sent to the new plan provider. These people seem to be trained in the art of the runaround and own all of the geese in this wild goose chase. The BBB has 4 pages work already. BY mail or fax . When they did not arrive, called again and they apologized that somehow they had never been sent but would be sent. A 457(b) plan has more stringent withdrawal restrictions while you are employed, but less stringent rules after you separate from service and is not subject to a 10% federal early withdrawal penalty except on amounts rolled over from other non-457(b) eligible … The vast majority of clients are not uber-wealthy. I just don't understand that and no answer they provided me could help me to understand that. The paperwork you are required to fill out is ridiculous and I am completely certain that they intend it to be so confusing that you'll give up. You may review and update your beneficiary designations at any time at USG.VALIC.com or by calling VALIC at 800-448-2542. be made. I have had my money in Valic for 19 years and now they are being a royal pain in my butt! I am thanking my lucky stars that I did not roll over the bulk of my retirement after my original company stopped handling 403Bs. They need a huge class action lawsuit. Then VALIC reps claim there's a tax lien on my accounts. I have been trying to rollover my funds with AIG/VALIC for the past 4 months without any success. Transferred to a licensed rep that had been instructed to get the check sent. They aim to help clients and people who have been affected by frauds/scams and help them recover their money. A week later, NO CHECK! They are really bad. I completed the forms as requested getting signatures from the former CEO of the company I worked for. They deserve class action lawsuit. A 457(b) retirement plan is much like a 401(k) or 403(b) plan. They asked me to get the nortorized signature from the spouse on the form and then asked me to obtain the release signature from the former employer and on and on. My wife recently changed jobs and wanted to rollover her funds from her old 401k into her new VALIC account. This is the worst investment company ever (maybe next to Charles Schwab). You might discover that consolidating your 403(b) and 457 plan providers could lead to savings for your staff, while at the same time providing more attractive investment options. After 18 yrs, I transferred to the VA Hospital. Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser, 2919 Allen Pkwy, L03-20, Houston, TX 77019-2158. 165 0 obj
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Our advice... stay far away from this company! How a investment advisor treats his clients directly relates to the integrity and quality of the company. They are a headache to deal with. I have been working on over four months to get the just right form to sign to release the fund to roll-over. The new rollover account office (Scwab) tells me that they have not received the check even though their office has asked for the check multiple times over. Nothing has been done. With Valic I left my company and asked for a withdrawal of my money and I still yet to get a check. This is not just a bad customer service rep or two, but it's systemic corruption. When I initially had a question about how to fill out their paperwork, I called to ask and was told, "you are taking your money from us, we will not answer any of your questions." 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