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VAteacher

Aig Valic "profile Retirement Program" A Scam

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This new marketing scheme by AIG Valic is nothing more than an expensive annuity product. I was told by my school district that AIG Valic was offering this "new low cost product" to us. A product in which one can invest directly in no load mutual funds.

 

I met with the Valic "investment advisor" and specifically told him several times that I am not interested in an annuity product. He even went so far as to agree with me that annuities are really not appropriate for most people, and he understood why I was so opposed to annuities! He told me the only expenses would be an account maintenence fee of $20 a year and the mutual fund expense ratios. I asked him why does this form say 403(b) and not 403(b)(7)? He said he didn't know, and would get back to me. Granted, I should have stopped eveything at that point.

 

I filled out the paperwork and failed to notice some tricky wording which does, in fact indicate that it is an annuity product. Perhaps I should have paid an attorney to read it. Luckily I caught it in time to stop paycheck deductions. Lesson learned: stay the hell away from AIG Valic!!

 

I love it: "I'll get back to you."

 

The outright deception should surprise no one. Good for you to catch it before it cost you anything.

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I'm not sure if my comment is valid or not, but forms are never required to say 403b(7) to indicate a mutual fund investment. Some companies use that demarkation to make it more clear that it is not for an annuity product, but most investment firms I've seen will use 403b universally.

 

Could you shed some light on what the "tricky wording" is? Maybe the sales agent was trying to pull a fast one on you and gave you the annuity application instead of the no load application?

 

 

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