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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

  • 39 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:10/08/2024

    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.
    Transamerica reported a distribution in error in 2021. At that time in 2021 they stated they were fixing thier error. They did not fix it however and now the *** is looking for taxes as a result. We contacted Transamerica 3 weeks ago, they stated that they were fixing it and would take 5 business days. WE have since called everyday and it is not fixed and we are not able to speak with anyone. Supervisor Ovid and representative ***** were both supposed to call on more than one occasion and have not called at all at any point. In the meantime, they have not fixed the mistake either and the *** is accumulating interest on thier error everyday and holding us responsible.

    Business Response

    Date: 10/09/2024

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

  • Initial Complaint

    Date:08/15/2024

    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 have requested a 401k rollover three times on a recorded line. Theyve failed to complete rollover and cannot give explanation as to why.

    Business Response

    Date: 08/15/2024

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

  • Initial Complaint

    Date:06/19/2024

    Type:Customer Service 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.
    From 2020-2022 I worked for a company called **************** **** While there they offered a 401K plan administered by Transamerica account number ************. I retired in 2022 and kept the funds with Transamerica. In March 2024 the balance was $6,580.47. I received a letter from Transamerica dated March 19, **************************************************************** the plan that they would distribute the funds. It said that if I did nothing within 60 days and my balance was between $1,000.00 and $7,000.00 that the funds would be rolled over to a Millennium Trust **** If my balance was below $1,000.00 I would receive a lump sum payment with applicable taxes withheld. I decided that I was happy with the funds going to another qualified account since my balance was in the $1,000.00 to $7000.00 range. I did not want a lump sum. My next communication with the company was the receipt of a check dated May 21, 2024-a termination claim. The check is for $5,219.37 with $1,304.84 in federal tax withheld and a TRS withdrawal fee of $75.00. This of course was counter to the terms of the letter I received. I am a retiree trying to live on a small income since my wife who was previously on my employer's health insurance is now getting insurance through the *************** Act giving us federal assistance for the monthly premiums. Per my accountant this additional income that we now must report will cost us hundreds of dollars in penalties for our premium tax credit in addition to the $75.00 fee. I have called Transamerica on several occasions and spoken to multiple people assuming they would correct their error, but to no avail. They said my original plan documents allowed them to do this. When I asked why they sent the letter promising the *** they said that it was just a "form" letter as if this excused them from doing what they promised (the letter did identify my name, account number and ******). I am getting no sympathy or offer for help from TRS.

    Business Response

    Date: 06/20/2024

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

    Customer Answer

    Date: 06/26/2024

     
    Complaint: 21873240

    I am rejecting this response because: In the response the company stated that the action they took was allowable under the original 401K plan documents which I received 10 years ago.  However they gave me new guidelines in their recent letter dated March 19, 2024.  In this letter Transamerica stated that if my plan balance was between $1000 and $7000 (it was $6599.21) my plan would be converted to an **** Instead I received a distribution with a fee and taxes withheld which will cost me hundreds in a penalty for my premium tax credit under the *************** Act. Is it not reasonable to expect the company to stand by the terms of their communication?  If my original plan documents allowed a distribution under these circumstances then Transamerica erred in issuing the March 19 letter which has already been uploaded to you.  I am merely asking the company to do what they told me they would do-let me return the check, recall the taxes withheld and fee, and issue the ****  This seems entirely reasonable.

    Sincerely,

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

    Business Response

    Date: 06/27/2024

    Transamerica has already responded directly to this participant and considers this matter closed.

  • Initial Complaint

    Date:05/30/2024

    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 have been trying since November of 2023 to get a rollover from my retirement system to TransAmerica. I have called monthly saying I need a wet signature from ***************** for the transfer to be approved. Hours of phone calls and multiple attempts and it's still not happening. Wouldn't you think they want the money in TransAmerica? I cannot fathom why it has been so difficult to get a wet signature and fax sent over. This shouldn't take MONTHS and me calling every few weeks!! Still to this day I cannot get my money transferred over.

    Business Response

    Date: 05/30/2024

    Transamerica Retirement Solutions will review the customer's concerns and respond directly to them.

    Customer Answer

    Date: 05/31/2024

     
    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:05/24/2024

    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 have a 401(k) with them through a new job. After receiving a flurry of mail containing sensitive info, I opted to go paperless through their website. However, the mail keeps coming, despite three subsequent requests to customer service to make it stop. The first time, they told me to change the setting myself (which I had already done to no avail, which was the point), and the other two times, they ignored me altogether.

    Business Response

    Date: 05/24/2024

    Transamerica Retirement Solutions will be responding directly to this participant to advise of delivery options for documents. 

    Customer Answer

    Date: 05/24/2024

     
    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:04/08/2024

    Type:Order 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 have a loan with 401 Fidelity, then the company i worked with was bought buy another company.So, it went from Fidelity to Trans america but transamerica will not allow me to pay partial but in full , i cant do the full payment. And then, i received documents that i have to pay tax because it was considered a withdrawal, and no longer a loan. Why cant i be allowed to do another loan? Is that fair? I just want to know what the laws says. it is impossible for me to pay in full, plus interest.please advise.

    Business Response

    Date: 04/08/2024

    Transamerica will review this participant's concerns and respond directly to them.

  • Initial Complaint

    Date:03/04/2024

    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.
    I took a $50,000 loan from my 401K plan with Transamerica a few years ago. I set up automatic payments from my account to come out monthly. Suddenly last year Transamerica started to refund my checks. I called in July to find out why they were refunding them and the representative never said that it was because my loan had defaulted. I thought that I had overpaid and so I stopped making payments after I called spoke to them. They NEVER told me that my loan had defaulted. I then received a 1099R this year which indicated that my loan had defaulted and was told by the representative, *********, over the phone that this was the case. She had no record of any communication from Transamerica telling me this so I escalated the call to a manger (*************************) who told me that he would work to reinstate the loan and call me back in 3 days. This call was in 2/15/24. He says that Transamerica sent me a letter to warn me that the loan was about to default but it was sent to an undeliverable address. I never got any letter or communication about the loan. ****** never called back as promised so I called back on 3/1 and got a representative named ***** who asked me to hold on for ****** who never picked up the phone although I held on for nearly 20 minutes. I called back again today 3/4 and spoke to ********* who escalated me to ******. ****** says that I missed a payment on the loan and that for that reason Transamerica would not reinstate the loan. He was unable to tell me the date of the missed payment but says that it doesnt matter because the customer is ultimately responsible for the loan. He says that Transamerica has no responsibility to communicate with me about the loan at all. His question to me was did you think that you had paid back a $50,000 loan in 3 years? Transamerica owes its clients a better customer service experience that the one that Ive had. Additionally they should communicate about a defaulting loan. I have a credit score of 800 I care.

    Business Response

    Date: 03/04/2024

    We are in receipt of the correspondence that you received. 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 to as soon as we have concluded our review.

    Customer Answer

    Date: 03/05/2024

     
    Complaint: 21382333

    I am rejecting this response because: I dont understand what Transamerica is actually doing to resolve my claim. Their response does not provide a resolution to my problem or any details to refute my concerns. 

    Sincerely,

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

    Business Response

    Date: 03/18/2024

    Transamerica has responded directly to this participant regarding a review and determination of their complaint. We consider this matter closed. 

    Business Response

    Date: 03/18/2024

    Transamerica has responded directly to this participant regarding a review and determination of their complaint. We consider this matter closed. 

  • Initial Complaint

    Date:03/04/2024

    Type:Billing 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.
    In August I attempted to make payment to a loan taken from my retirement account. I was unable to as the company did not provide instruction and coupons to do so. I called and asked what to do, was told to send payment via my bank bill pay. When doing so the payment went back into my retirement account vs toward the loan. I then rolled over the remainder of my retirement to my new job. I checked the box to pay outstanding loan by coupon.Upon rolling over the company instead noted the amount as a withdrawal and taxable income.I called and they did correct this error and owned that it was a mistake in Transamerica and they didnt see the check box. I began making payments per coupon that was now provided. After 4 payments I received a letter the loan will default due to the payments in 2023 not being made, despite me attempting to pay and the companies system not allowing me to.

    Business Response

    Date: 03/04/2024

    We are in receipt of the correspondence that you received. 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 to as soon as we have concluded our review.

  • Initial Complaint

    Date:02/26/2024

    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 reached out to Transamerica to withdraw from my 401k. This retirement plan was tied to my former part time job and the funds obtained through this plan, in my opinion, are not worth transferring. I put in a request to withdraw the funds on Jan. 29, 2024 and Im still waiting to hear back from a sponsor to have the funds deposited into my bank account. Ive reached out to Transamerica and have not heard a response. I want to know the status of my request and how soon the money will be deposited into my account. It shouldnt take this long in 2024 to receive requested funds. Im already being penalized by a small percentage due to the very minimal amount that I want withdrawn, and I have the right to request those funds despite anything.

    Business Response

    Date: 02/26/2024

    We are in receipt of the correspondence that you received. 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 to as soon as we have concluded our review.

    Customer Answer

    Date: 02/26/2024

     
    Complaint: 21340304

    I am rejecting this response because:

    Ive already reached out to the business several times and they havent responded to me. Im not confident Ill get a response this time. Its been nearly a month since I requested a transfer and I havent received any kind of status update or communication from the business in any form. 

    Sincerely,

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

    Business Response

    Date: 02/27/2024

    A response/update regarding the participant's complaint issue was provided to her. We are not able to disclose the details of this account publicly on this site. We can assure that every consumer concern is reviewed and responded to and any follow up questions can be directed to our customer care area at ************. 

  • Initial Complaint

    Date:01/29/2024

    Type:Order 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 was working for Allied Universal and they lost the contract at then end of the contract year. I tried to get my money and they told me that I had to be there for 5 years. They told me that I wasn't there 5 years. I called back weeks later and spoke to someone else and now we established that I was there more than 5 years. So I asked "can I get my money now?" The agent said "Oh its 6 years now" At this point I was upset and confused as to why they are giving the run around. Please help.

    Business Response

    Date: 01/29/2024

    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 to as soon as we have concluded our review.

Transamerica Retirement Solutions is NOT a BBB Accredited Business.

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