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I have tried twice to receive money from my Valic retirement account . It was known that although I was receiving a general distribution of funds from my account--I was of the right age to do that, that the reason I was receiving money was to take care of a medical emergency. The company knew I would be without funds (completely) for the two weeks prior to Christmas, and said the distribution would be processed in two business days. Now, over a week later, I called the company and was told there was an error on my form, and I had to re-submit my form and go through the process all over again. I found this out by accident when I called to ask why the funds were not in my checking account. I re-submitted the form to the plan administrator who said it would be re-faxed to the company by 4:00. I called VALIC to give them a heads up, and was told that if they got the form at 4:00 or after they couldn't look at it or process it until the next day---Friday. They said they could not guarantee the funds for a "few" days. I asked why they did not call me and tell me there was a mistake on the form--there is a daytime phone number on the form. They said they couldn't call, and I hadn't put an e-mail address on the form. This run around is ridiculous. The representative coached me on how to fill out the form, and the e-mail address is in fine print (almost illegible) on the signature page. I filed my request for funds on December 10, 2015, and had reps at GLP (plan administrator) and Valic look it over and they told me they received it and it was fine. It is now Dec. 17, and all I've gotten were excuses and the run around. I am taking care of my sister who is hemiplaegic, and because of medical expenses and caregiver costs I will have no money to speak of before Christmas Eve.
I am so glad that I was able to read this before I attempted to roll over my funds.-which I was able to do as I went in prepared and voiced my concerns regarding leaving my money with this company. I had firmly decided, and feel validated in my decision after reading this blog. My story----Since retiring, I felt my advisor only wanted to offer me annuity products, and when I was skeptical or asked for more detailed information, , well they were not happy!. I got the feeling that unless I went into an annuity they were not interested in me or in providing me with any investment guidance. I was warned by the Valic advisor, that rolling out of Valic, I would pay higher fees for similar funds elsewhere. That may be, I have to wait and see. Due to reading this blog, I was more sure of my decision to move it out of Valic. My gut told me to, and I think my gut was right. Thank you. Any advice regarding good investments is welcome.. perhaps even guidance re where to get an annuity that is not rich in fees.? For now I am sitting tight, , it is my savings from working so hard for 30 plus years in a public system...I don't want to gamble with it. Any recommendations re brokerages that are good wit retirement planning? Trowe Price, Fidelity, Scwab.. and any annuities... or should I stay away? I am not yet getting social security, and hope to wait unitl age 66. Thank you.
Addendum I am so sorry for your difficulties reviewer 85898! and I hope you finally got your money. Bless you for caring for your sister.
I strongly discourage anyone from using AIG / Valic for financial investment. As many other complaints, my wife and I both have retirement accounts with Valic. For 3 years at the time for our annual transfer from Valic to a different investment bank (we are both ending our account with Valic), they have not only lost the checks, the first year they reversed the amounts on the checks - her amount of transfer on my check and my amount of the transfer on her check. This was a difference of thousands of dollars. It took over a month for them to correct the error. This year, they again lost both checks. After over 3 hours on the phone with them and having them cancel both checks, a month later they still have not sent the money to the other investment account...causing to us to lose the benefit of investing that money. Please think 3 times before you invest.
How did you finally resolve this I am dealing with them in a similar situation. I am considering contacting an attorney.
Thanks