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Oh, Yes.. I have beeb dealing with AIG retirement service and they are really really bad. I mean.. Here is my story to share with you. I worked for the company that offered 403K and I had the aig retirement account for about 6 years. Then, I moved to another company that offers 401K, which does not allow to take 403 plan. So, I wanted to change the company to roll-over the 403 plan to traditional IRA with the American Funds, which I had the educational funds for my son. I have been working on over four months to get the just right form to sign to release the fund to roll-over. 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. When I first asked about 4 months ago, they did not even bother to contact me or tell me the instruction how to proceed. Meantime, they killed the all the time and dragged the process and then send me the form ( the right form) after two months. After I sent out the sponse's notorized signature on the form, they took another two weeks to resend me back by stating that I have to get the former employers' releasing signature. 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 ###? They are really bad. 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. On the top of that, my former broker did not communicate to update with American Funds, who trustsed AIG to open the educaitonal funds about my updated address for the past TWO YEARS. I cannot trust the business relationships with AIG. They dragged to release my funds and would not facilitate the process that I need. I hope that more people can put their experience in this ad and we should voice our opinons here. They are really bad.
The complaint has been investigated and resolved to the customer’s satisfaction.
This is the worst investment company ever (maybe next to Charles Schwab). I would suggest switching ANY 403(b) accounts (or any other possible accounts) switching to TIAA-Cref. I have been trying for two months to get close out my accounts with VALIC. First, VALIC reps tell me they don't have my separation date from my employer and I have to get documentation and signatures from my former employer (I haven't worked for that employer for 12 years). Then VALIC reps claim there's a tax lien on my accounts. So, I call the state tax authority which says there is NO lien on my accounts, the tax authority even faxes a letter to that effect to VALIC. I call VALIC and supposedly they have no documentation. 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. Then, VALIC refuses to give me a contact name and number for the legal department, so I can at least have my attorney contact VALIC to help me get my own retirement monies. It's my personal opinion that VALIC creates false scenarios to keep your money in their grasp. While all this was going on, I received constant calls from VALIC sales representatives trying to convince me to keep my money with them, claiming I'm receiving a great return - oh, by the way, they stopped sending me regular statements, so I had no way of knowing my balances or returns. VALIC is just a bunch of crooks.
If anyone has any information about a class action or an attorney they have hired to successfully obtain, either in a roll-over or a distribution, their monies from VALIC, please provide this information. I am at my wits' end with VALIC.
It is frustrating to see how these scammers are preying on innocent people and exploiting their needs. I can recommend a private investigation agency 'Wilsons Detectives'. They consider taking a class action against people or businesses that are complained about. They aim to help clients and people who have been affected by frauds/scams and help them recover their money. I have used them myself, they are well experienced (over 66 years), well reputed and serve worldwide. If you need more information and would like their help visit https://www.detectiveswilsons.com/ or email help@detectiveswilsons.com.
I am having the same problems transferring my retirement account. You wait on hold for 2 hours and when someone finally does answer they are not helpful and tell you something different every time. The transfer/rollover form is not available on the website and even though they say they will send me one but it's been 3 weeks and no form. They tried to talk me out of the rollover. They need a huge class action lawsuit. I would love to be part of it. I am going to report them to the agencies that another poster recommended. The BBB has 4 pages work already.
Wow! It is so interesting to see some of these comments! I have been dealing with much the same. I have been trying to get my rollover money for months. I just called to try to find out where my money was (that should have transferred to my investment firm over a month ago) and was told they emailed me (at the wrong email address - I now have no doubt they left out a letter purposefully) telling me I left a box unchecked and therefore I now need to start all over with the paperwork process. 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." Yea, let me keep my money with your amazing customer service! I can't imagine what interviewing for this company must be like... "Are you willing to be an unethical a**hole? Perfect! You're hired!"
I have had the same experience! Having been terminated from an organization I loved and then having family illnesses, they have not made it any easier to roll over funds. So frustrating and terrible costumer services!
Did you get your money after all? What is the outcome of you trying to rollover from Valic? Thank you, Tatiana
Can anybody share what happened in the end? Did any of you got your money rolled over or you lost them? Thank you, Tatiana Popescu
I thought I was alone in dealing with this incredibly unprofessional company. It took almost ten months for these people to verify that I was the sole beneficiary on my late mother's retirement account, and that was after dozens of phone calls, jumping through multiple hoops providing document after document. 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! This is not just a bad customer service rep or two, but it's systemic corruption. Once I finally was able to get the account in my name, they are putting me through fresh hell to actually access my money. The company policy apparently is to stall, delay documentation, and do everything in their power to keep customers away from their money. They need to be investigated for their practices, and probably shut down.
My wife started the process of rolling over a number of retirement accounts with various companies to Fidelity in May, 2019. All of the other companies had the funds to Fidelity within 3 weeks. The account with VALIC is less than 100k, but they are acting like they'll go out of business if they lose the account. Multiple phone calls and emails asking how they can keep the account, but no help in transferring the funds. Repeating the three question verification process each time your call is transferred is beyond annoying. The previous call three weeks ago supposedly had everything settled and would produce the check. Wrong. Today they said the signatures were now over 90 days and couldn't be used! Transferred to a licensed rep that had been instructed to get the check sent. Supposed to have it next week, but we're not holding our breath. It may be painful, but get your money out of VALIC!
Glad to see I'm not the only one. 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. I get the paperwork with the spousal consent, get that notarized, and send it in. Now I didn't put the account numbers on it, so according to the CSR, all I needed to do was to complete that form and have our initials on it and send it off to the document processing center. Now they won't accept that and I need to complete the new forms because the forms came in at a separate time. Are you kidding me? The amount of stalling tactics and incompetence probably borders on a class action law suit for this BS. They blame the IRS. They're probably right since nothing makes sense with this company.
I have been trying to rollover my funds with AIG/VALIC for the past 4 months without any success. 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. My financial advisor and I have faxed, sent the forms by mail SEVERAL TIMES, and the people at AIG say they never received any forms. My financial advisor and I have had 3 way conversation with this company many times and still no rollover. I am contacting the Florida Insurance Commission, filing a complaint, and contacting the school district in which I worked 30+ years and complain about this company. I am FED UP with this company. This is my money!
Hello, I have had similar problems rolling over my retirement assets from 2 different plans from TD Ameritrade and Alerus Retirement. Both required a medallion signature which is impossible to get along with permission from my previous employers and spousal consent. I have a case with the Department of Labor right now because it is impossible to move these retirement assets! I have been working on moving them for 5 years. I contacted my federal representatives to have them pass legislation to make moving retirement plans easier. Please contact your federal representatives and ask them to pass legislation on this! You should be able to port your retirement plans like you can port your cell phone number!
I am in the process of being displaced. I have been seeking help from this company for two months now. Customer service is the worst. They fail to follow through with requests or possess no knowledge about customers' accounts and how to disburse payments efficiently. Because of their negligence, I may be forced to move.