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Valic Holding My Money

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I am a teacher and have a 403b with Valic. A year ago I requested to rollover my 403b to another vendor and I keep getting the run around from Valic. Who can I contact to investigate what is going on and what can I do to get them to rollover my account to another vendor.

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Hello,

 

I was in the same boat years ago. First of all I would bypass the agent or advisor if you have made the request in writing and he/she ignored your request. Thats their job, to serve you. Call the toll free Valic number and make an attempt to get the paper work yourself, fill it out, and send it in.

 

Now with the new regulations you might want to go directly to your higher up and ask why the agent won't work with you. Or you may need to contact your TPA that your school works with.

 

One way or another you can get your money out of Valic if that is your wish. I just think you will need to be more aggressive.

 

Many times if you plan to move your money elsewhere the new company will be willing to facilitate the transfer for you. Vanguard did it all for me.

 

One final note. You may have a surrendar charge from Valic. Let us know what path you take and let us know how it turns out.

 

Remember its your right to move the money just make sure where you are moving it

is not a worse choice than where you have it now because 403B options for tranfer have been limited.

 

 

Tony

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thanks for the info Tony but I have done all of what you said and still cant get anything done. I will try again calling the toll free number and give them the old roll my plan over or else.

 

thanks again

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thanks for the info Tony but I have done all of what you said and still cant get anything done. I will try again calling the toll free number and give them the old roll my plan over or else.

 

thanks again

 

 

 

What reasons has valic given as to why your funds havent been rolled over? After 12 months they must have a reason.

 

Usually the new provider requests the transfer of your funds from the current provider.

Are you eligible for a rollover, e.g. have you terminated from your employer or are 59 1/2?

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thanks for the info Tony but I have done all of what you said and still cant get anything done. I will try again calling the toll free number and give them the old roll my plan over or else.

 

thanks again

 

 

 

What reasons has valic given as to why your funds havent been rolled over? After 12 months they must have a reason.

 

Usually the new provider requests the transfer of your funds from the current provider.

Are you eligible for a rollover, e.g. have you terminated from your employer or are 59 1/2?

 

Valic is blaming the new provider and the new provider is blaming Valic. This is just a simple roll over because the school is changing vendors and our options are to roll over to another provider.

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Its not a rollover if you are transferring funds between providers under the same plan. Under the IRS rules all of the 403b providers must agree to share information. It may be that VALIC and the new provider cannot agree on the information that needs to be given to the plan administrator which is why Valic is refusing to make the transfer. You need to talk to the plan administrator to see if this can be resolved.

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I am a teacher and have a 403b with Valic. A year ago I requested to rollover my 403b to another vendor and I keep getting the run around from Valic. Who can I contact to investigate what is going on and what can I do to get them to rollover my account to another vendor.

 

 

I’m not sure if you are aware, but several law firms are stepping into these sorts of situations to investigate any potential wrongdoing of 403b vendors. There is an active case in West Virginia, brought about by the law firm Bell & Bands out of Charleston, WV. You may want to contact them, as I know many other people are working with the firm for help. Good luck!

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I am a teacher and have a 403b with Valic. A year ago I requested to rollover my 403b to another vendor and I keep getting the run around from Valic. Who can I contact to investigate what is going on and what can I do to get them to rollover my account to another vendor.

 

 

I’m not sure if you are aware, but several law firms are stepping into these sorts of situations to investigate any potential wrongdoing of 403b vendors. There is an active case in West Virginia, brought about by the law firm Bell & Bands out of Charleston, WV. You may want to contact them, as I know many other people are working with the firm for help. Good luck!

 

 

Hi fccab,

Thanks for this information.

Steve

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I am a teacher and have a 403b with Valic. A year ago I requested to rollover my 403b to another vendor and I keep getting the run around from Valic. Who can I contact to investigate what is going on and what can I do to get them to rollover my account to another vendor.

 

 

I’m not sure if you are aware, but several law firms are stepping into these sorts of situations to investigate any potential wrongdoing of 403b vendors. There is an active case in West Virginia, brought about by the law firm Bell & Bands out of Charleston, WV. You may want to contact them, as I know many other people are working with the firm for help. Good luck!

 

 

fccab:

 

As chunky stated in a prior post, the dispute arises from the change in providers under the IRS 403b regs. If a fund ceases to be a provider under a 403b plan there is no requirement under the regs that the 403b funds held by the former provider must be transferred to a new provider under the plan. The funds remain subject to the 403b rules including the rule that prohibits a rollover until termination or age 59 1/2. The only exception is if there is an agreement between the 403b plan administrator and the former provider to allow a transfer of funds to the 403b plan from the provider.

 

the WVA lawsuit is premised on the absurd idea that VALIC induced plan participants to invest their 403b contributions in fixed annuities instead of higher performing equity mutual funds. Given the dismal investment performance of equity mutual funds over the last 10 years which asset has performed bettter?

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I am a teacher and have a 403b with Valic. A year ago I requested to rollover my 403b to another vendor and I keep getting the run around from Valic. Who can I contact to investigate what is going on and what can I do to get them to rollover my account to another vendor.

 

 

I’m not sure if you are aware, but several law firms are stepping into these sorts of situations to investigate any potential wrongdoing of 403b vendors. There is an active case in West Virginia, brought about by the law firm Bell & Bands out of Charleston, WV. You may want to contact them, as I know many other people are working with the firm for help. Good luck!

 

 

fccab:

 

As chunky stated in a prior post, the dispute arises from the change in providers under the IRS 403b regs. If a fund ceases to be a provider under a 403b plan there is no requirement under the regs that the 403b funds held by the former provider must be transferred to a new provider under the plan. The funds remain subject to the 403b rules including the rule that prohibits a rollover until termination or age 59 1/2. The only exception is if there is an agreement between the 403b plan administrator and the former provider to allow a transfer of funds to the 403b plan from the provider.

 

the WVA lawsuit is premised on the absurd idea that VALIC induced plan participants to invest their 403b contributions in fixed annuities instead of higher performing equity mutual funds. Given the dismal investment performance of equity mutual funds over the last 10 years which asset has performed bettter?

 

 

chunky:

 

What reasons has valic given as to why your funds havent been rolled over? After 12 months they must have a reason.

 

Usually the new provider requests the transfer of your funds from the current provider.

Are you eligible for a rollover, e.g. have you terminated from your employer or are 59 1/2?

 

 

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