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Business Profile

Retirement Planning Services

Transamerica Retirement Solutions

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Retirement Planning Services.

Complaints

Customer Complaints Summary

  • 40 total complaints in the last 3 years.
  • 12 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:07/15/2025

    Type:Service or Repair Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Truly been dissatisfied with how Transamerica has repeatedly mishandled my hardship withdrawal request from my retirement account.Over the past several weeks, I have submitted the required documentation multiple times, each time in direct response to specific instructions provided by Transamerica representatives. Despite this, I have encountered ongoing delays, conflicting information, and repeated claims of missing paperwork that I have already submitted.Each time Ive complied with requests for additional documents, there has been no clear follow-up or resolution.

    Business Response

    Date: 07/15/2025

    Transamerica Retirement Solutions will review and respond directly to our participant. 

    Customer Answer

    Date: 07/16/2025

     
    Better Business Bureau:

    I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

    Sincerely,

    *********** *****

  • Initial Complaint

    Date:06/23/2025

    Type:Service or Repair Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    *********** has had my 401k for several years and refuse to give me my money.

    Business Response

    Date: 06/23/2025

    We would like the opportunity to assist this customer however need more information to identify their account. Please provide city/state and other identifying information to match to an account. 

  • Initial Complaint

    Date:05/15/2025

    Type:Service or Repair Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I originally reached out the Transamerica because I had a retirement we got with them through my employer. I ran into a situation in which my lease was not being renewed and I would have to find any place to live by May 31, 2025. They sent me official documentation and I provided that to Transamerica and they declined it. They did not give an actual reason why they just denied it. ***** to my employer who had their broker reopened. It submitted my documents three times and again it was declined wasting my time and just a big headache. In between switching jobs that was also setting me back financially trying to find a place to live. I had to wait until my termination date with my old job to ask for a withdrawal and just take the stupid penalty at that point to secure a new place to live. I submitted this request on May 1st. It is now May 14th and Transamerica has still yet to approve process and send my funds. The first time that I called them, they said that they needed documentation proving that I was separated from my previous employer. This was provided to them then they claimed when I called them earlier this week that they received the documentation that day and it should be processed and approved soon.On purpose, I called them the day after that and chatted with them yesterday and they said both times that they just got the documentation on file which will be alive since they already said they got it before. They also said that they will be expediting the approval process since I waited so long. My funds are still not in my account. I am very stressed out and annoyed and any employer that ever uses Transamerica I will decline rolling over my funds with them because this is ridiculous. Their hardship program is a joke and it should not take this much work just to get fun so that I can secure a place to live for my three kids. This couldve been avoided if Transamerica was reasonable about accepting the documentation from my landlord.

    Business Response

    Date: 05/15/2025

    Transamerica Retirement Solutions will review the concerns and respond directly to the participant. 

  • Initial Complaint

    Date:05/15/2025

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Formal Complaint Regarding 401(k) Rollover Discrepancy In April 2025, I initiated a direct rollover of my 401(k) account from ********************** to ******* *************** the time, my account balance was $188,070.97, but Transamerica issued a check for only $172,764.00 a discrepancy of $15,306.97 with no explanation or prior disclosure of this reduction.Before authorizing the rollover, I spoke directly with a Transamerica representative and asked whether the full balance would transfer. I was told, What you see in your account is what will be rolled over. No fees, deductions, or rules were mentioned or sent to me via email or in writing at any point during the process.When I later contacted Transamerica to understand the shortfall, I was told that all the rules are in the system and that by proceeding, I had automatically accepted them. However, I was never shown or provided access to these terms. I relied on the verbal assurance given to me by their representative, and based my financial decision on that understanding.This lack of transparency and misleading guidance has caused a significant loss to my retirement savings, and I believe it constitutes a failure to disclose material terms, possibly violating retirement protection laws and fiduciary duties.I respectfully request:- A full written breakdown and explanation of the missing $15,306.97;- Disclosure of any fees or conditions that were applied;- A refund or correction if those funds were withheld improperly or without proper disclosure;- Oversight by your agency to ensure that retirement providers like Transamerica follow fair, clear, and lawful rollover practices.Kivanc Tan Former Participant Transamerica 401(k) Plan Transamerica 401(k) Account #: ************ Rollover Date: April 2025 Receiving Institution: ******* ******

    Business Response

    Date: 05/15/2025

    Transamerica Retirement Solutions has already responded directly to the concerns of this participant. 

    Customer Answer

    Date: 05/17/2025

     
    Complaint: 23321769

    I am rejecting this response because:
    I originally had a 401(k) account with MassMutual through my former employer. Later, our plan was transferred to Transamerica without clear disclosure or guidance on how their fee structure would impact my retirement savings.
    After I became unemployed, Transamerica continued deducting various administrative, pro-rata, contract asset, and distribution fees from my account, totaling thousands of dollars. These ongoing withdrawals were never properly communicated to me. I was not informed through email, mail, or phone about the nature, timing, or reasons for these deductions. Transamerica does not even provide a customer-facing email address on their website, making proper communication nearly impossible. When I called customer service, I received no helpful explanation or resolution.
    This lack of transparency and accountability caused me to initiate a rollover to ******* ****** to protect what remained of my savings. However, Transamerica withheld $15,306.97 during the rollover, without any clear itemization or justification, despite verbal confirmation that my balance would not change during the transfer process.
    This entire situation has caused me significant financial loss, stress, and a complete erosion of trust. I am requesting BBBs continued assistance in this matter and am attaching my full transaction history, which shows regular unexplained withdrawals and confirms the final payout of only $172,764.00.
    I respectfully ask for an independent review and a full accounting of the deducted funds, including a refund of any unjustified or excessive charges.

    Sincerely,

    Kivanc Tan

    Business Response

    Date: 05/19/2025

    We have already responded to the participant regarding their concerns and provided supporting information. We consider this matter closed. 

  • Initial Complaint

    Date:05/12/2025

    Type:Product Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    ******* ******* passed Jan 26, 2025, policy has been paid up for many years. I contacted Transamerica by phone the first date 3/21/2025 I received a letter asking for statements to be sent via fax and Floyds Mortuary faxed (3/24/2025 09:38, Results ok) the following for me to Transamerica, copy of life insurance policy, Paid up Statement for policy, Death Certification ******* ******* (***** second marriage name), Death Certification ***** Gene ******* (her first ******** Death Certification ****** ****** ***** her second ******** completed survivor's statement (**** ******* Me Son), Paid Customer Statement ******* Mortuary with ************** payment for services noted and funds not used sent to me Son **** *******.

    Business Response

    Date: 05/12/2025

    We are in receipt of the correspondence that you received from **** *******. Due to privacy laws and regulations, we apologize that we cannot provide a comprehensive response to the BBB.

    We take consumer concerns seriously and this matter has our full attention. Our investigation is underway, and we will respond to the complainant in writing as soon as we have concluded our review.

  • Initial Complaint

    Date:04/23/2025

    Type:Product Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    TransAmerica cancelled my life insurance policy and I want it reinstated. Been with them since 1993 when they were **********************, ************************** companies. This is so wrong

    Business Response

    Date: 04/23/2025

    We are in receipt of the correspondence that you received from ***** *********. Due to privacy laws and regulations, we apologize that we cannot provide a comprehensive response to the BBB.

    We take consumer concerns seriously and this matter has our full attention. Our investigation is underway, and we will respond to the complainant in writing as soon as we have concluded our review.

    Customer Answer

    Date: 04/23/2025

     
    Complaint: 23241048

    I am rejecting this response because:

     

    I am waiting on the business to provide a conclusive response to my complaint. I acknowledge the business will provide more information, but I can't accept their response as satisfied because it's incomplete 

    Sincerely,

    ***** *********

    Business Response

    Date: 04/28/2025

    Similar concerns have been received by the ***********************. We will respond in full to their request for information. 

  • Initial Complaint

    Date:03/24/2025

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    $10,000. Tried to rollover 410k funds from a previous account to consolidate after switching jobs, they have given me the run around for 2+ months. I call every week to try to figure it out, every service representative tells me what I want to hear and then I'm back to square one the next time I call. They have been able to track my funds and it is in transamerica's account but still have not allocated it to my account despite providing the correct documentation INCLUDING my marriage certificate because of my name change.

    Business Response

    Date: 03/25/2025

    Transamerica Retirement Solutions will review and respond to the participant directly. 

    Customer Answer

    Date: 03/30/2025

     
    Complaint: 23103049

    I am rejecting this response because: my funds are still not in my account. I called Wednesday and was told to expect it in by Friday 3/28. 

    Sincerely,

    ****** *******

    Business Response

    Date: 03/31/2025

    If there are additional questions or to check status of a transaction the participant would need to contact us at ************ 7am-7pm central time so a representative can assist. 

  • Initial Complaint

    Date:02/10/2025

    Type:Product Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    After trying for close to a year to get my money to rollover out of Transamerica, I just realized they messed up my rollover in 2019 and 10k of my money is floating in outer space. Worst company I've ever dealt with.

    Business Response

    Date: 02/10/2025

    Transamerica will review and respond to the participant directly. 

    Customer Answer

    Date: 02/13/2025

     
    Better Business Bureau:

    I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

    Sincerely,

    ***** *******

  • Initial Complaint

    Date:01/27/2025

    Type:Product Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Please see *************************************************************************************************** I started the process of adding Contingency Beneficiaries to my Post Retirement Election before Jan 9th. I have sent 5 SECURE messages, sent required forms, and talked to 3 representatives (the last one, *****, **** up on me) to process this request and to add the contingents so that I CAN SEE AND VERIFY on the client webpage above. NOTHING has happened.

    Business Response

    Date: 01/27/2025

    Transamerica Retirement Solutions will review this information and respond directly to the participant.

    Customer Answer

    Date: 01/28/2025

     
    Complaint: 22853333

    I am rejecting this response because:

    NOBODY from this company got back to me as indicated on their response. 


    Sincerely,

    ****** *******

    Business Response

    Date: 02/10/2025

    Transamerica has responded directly to the participant. 

  • Initial Complaint

    Date:01/10/2025

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I have been trying to rollover my 401K from Transamerica to my Fidelity account with my new company. I've called several times and was told the check was lost another one reissued and after 6 weeks I have not had the check received. This is a retirement account that should be earning money and 6 weeks is unacceptable.

    Business Response

    Date: 01/10/2025

    Transamerica Retirement Solutions will review and respond directly to the participant. 

    Customer Answer

    Date: 01/10/2025

     
    Complaint: 22791853

    I am rejecting this response because: I have asked for an update throughout this and have received no communication. 

    Sincerely,

    **** ******

    Business Response

    Date: 01/21/2025

    As previously indicated communication would be done directly with the participant. They can call ************ 7am=7pm central time for additional questions/information. 

    Customer Answer

    Date: 01/21/2025

     
    Complaint: 22791853

    I am rejecting this response because: the business has contacted me and had all of the information to resolve the issue and have failed to do so. They are holding my money and making money from holding my money. I was told a check would be processed Friday or Monday and Id be contacted once it was sent out. That had not happened. Can you tell me the best way to see how many other cases similar to this are filed with the BBB? 


    Sincerely,

    **** ******

Transamerica Retirement Solutions is NOT a BBB Accredited Business.

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