VALIC
Reviews and Complaints

I started my transfer of my IRA in Oct 2015. Valic would not provide the forms needed via email or fax, would only send via snail mail. Forms were ambigious and lengthily. They seemed like they tried to confuse you. They required a signature guarantee for rollover. They have held the moneies for about 40 years and think it's their's. I returned forms on two accounts via certified mail. I've called back twice, they don't move on the paperwork unless you call. First call, valic related I filled out one of the forms incorrectly, a different form would be sent for me to fill out and return. The second account they related could not be paid out til they paid the minimum distribution for this year. That was to happen two days after the phone call. Valic also related they could not cut both checks the same day, the rollover was to take another day after that. It has been over 10 days. We have not received the minimum yearly distribution nor the rollover. Valid has delayed rollover for over two'months. From the amount of complaints on the internet I see I am not alone. I've sent complaints to SEC, BBB and now this forum. Apparently the powers that be don't care because valic keeps acting this way. You have to wonder if valic knows the meaning of fiduciary. AIG Valic pulls a vacuum! I will start calling Monday and listen to more of their ca ca. From what I understand this is called gating your money.

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 there 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.

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.

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.