My question involves personal finance in the State of: Illinois.
I work for a big university and recently retirement funds which we have had for multiple years was assigned to a new company Transamerica. Most of us have have had Valic for years. Starting at the beginning of this year, the university decided to start using the Transamerica company and I noticed I started receiving statements, request for a username and password as well as the university setting up access to this new company via our username and password for access to all locations at the university.
Now although I consider myself to be intelligent when it comes to money matters, I have so much of it that I don't have any idea how to transfer large amounts of money from one retirement company to another. I believe they know that most regular working folks aren't knowledgable on these types of matters but that did not keep them from making this decision.
My question is wether or not any of you out there in "getting ready to retire" land has had this issue and what did you do to get it taken care of? Did you try and transfer large amounts of money yourself, did you hire a lawyer to do it, did you speak with family members what?
I am really pissed that I can't figure this out, but I am asking for help before I make some huge mistake that will cost me.
I work for a big university and recently retirement funds which we have had for multiple years was assigned to a new company Transamerica. Most of us have have had Valic for years. Starting at the beginning of this year, the university decided to start using the Transamerica company and I noticed I started receiving statements, request for a username and password as well as the university setting up access to this new company via our username and password for access to all locations at the university.
Now although I consider myself to be intelligent when it comes to money matters, I have so much of it that I don't have any idea how to transfer large amounts of money from one retirement company to another. I believe they know that most regular working folks aren't knowledgable on these types of matters but that did not keep them from making this decision.
My question is wether or not any of you out there in "getting ready to retire" land has had this issue and what did you do to get it taken care of? Did you try and transfer large amounts of money yourself, did you hire a lawyer to do it, did you speak with family members what?
I am really pissed that I can't figure this out, but I am asking for help before I make some huge mistake that will cost me.
Financial Transactions: Transfer Valic Funds to Transamerica As New Job Company Assigned
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