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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

  • 37 total complaints in the last 3 years.
  • 9 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: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,

    **** ******

  • 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.

Transamerica Retirement Solutions is NOT a BBB Accredited Business.

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