ComplaintsforTIAA

• Initial Complaint

  08/09/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I took out a loan from my retirement and the payments were $111.37. On 7/5/2024 the installment was withdrawn from my bank account leaving the balance of the loan of $40.01. I tried to request to make this last payment of $40.01 but the system would only allow me to make another $111.37 which is way over the amount owed. I did a wire transfer of $41 on 7/24/2024. Tiaa received the payment but instead of posting as a payment it was posted as interest still leaving $40.01. I called explaining the issue and wanting it to be resolved before 8/1/2024 because the system was still saying that was the next payment to be made. The rep stated my account was not going to be withdrawn the amount. I called back 2 days later nothing was fixed I was giving the run around. On 8/1/2024 TIAA-CREF attempted to withdraw that amount. My bank sent me an email stating it wasnt enough money to cover it. I called tiaa again explaining my frustration and still my account was not fixed. Ive made 6 calls its been to weeks and nothing. The system is scheduled once again to make a withdrawal from my account for $111.37 on 9/1/2024. *** asked to speak with a director and nothing this needs to be settled.

  Customer response

  08/10/2024

  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 and the matter has been resolved.
  
  Sincerely,
  
  *********************
  
  
  
   
  
  

• Initial Complaint

  05/06/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have a LifeTime Annuity contract from TIAA from a previous employer that I worked for. I am trying to initiate lifetime annuity payments from the contract. Following instructions from a TIAA consultant, on 19 Dec 2023, I completed a form F10794 for a "Transfer Payout Annuity". This included a notarized "Spouse's consent of survivor benefits". I mailed that to them at the address provided, but nothing ever happened. I called and they said they never received it and I had to start again. The consultant I spoke with sent me a form F11058 that he said I needed to complete. I completed that and had the Spouse's consent notarized. I uploaded that form. This time I uploaded it through their web site. A few days later I got a message that the form was "Not in good order", but with no details as to why. I called again and the TIAA consultant said that was the wrong form. He applogized that the previous consultant sent me the wrong form. I completed a new for F10794 following the instructions from the TIAA consultant. This time, I paid $25 and had it notarized online using the service they recommend on the form. That company said they would upload the form to TIAA. Six days later it was not on their website, so I called again, and the TIAA consultant said I had to start again. During that call I uploaded the notarized form and it did appear on the list of forms, but the consultant said she could not see it, but it might appear in a few hours. I have recorded the last two phone calls (16 and 21 minutes). I am concerned they deliberately make it very hard to get annuity payments because a proportion of people give up and let them keep the money. Any help the BBB can provide would be greatly appreciated.

  Customer response

  05/09/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********.

  Shortly after filing this complain, the company started the annuity payments that I had been trying hard to get them to do.

   I find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *****************
  
  
  
   
  

  
  

• Initial Complaint

  03/26/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have been trying to roll over funds from my 2 TIAA retirement accounts for one month. I faxed the rollover paperwork to TIAA as requested on 2/25/24 and 2/26/24. I have "successful transmission" receipts for the faxes. I received 2 messages on 2/26 (see "TIAA Documents 1 and 2," below) stating there was "missing or conflicting information" related to my request, and asking me to call. I spoke to a ********************* on 2/28, and re-faxed information for one account at his request. I received another "missing or conflicting information" message (see "TIAA document 3," below) on 2/28.I called TIAA on 3/1/24. I was informed my transfer paperwork was in good order, and that the rollover would be completed after TIAA contacted my retirement plan administrator at ************************** (CSU) for approval. It was suggested this would take several business days.I saw no progress over the next 2 weeks. I called TIAA on 3/15 and was told the info I received on 3/1/24 (re: TIAA contacting CSU) was incorrect and that I needed to contact my retirement plan administrator (Valic) myself and obtain certificates verifying I was eligible to roll over my funds. I did obtain such certificates and uploaded them to TIAA the same day (see "Valik Certificates" and web page photo, below).I next received two "missing or conflicting information" notices on 3/20 (see "TIAA Documents 4 and 5, below). I called TIAA on 3/20 and was told everything appeared in order, that "the team" would review my rollover request, and that I could expect the requests to be completed within ***** hours. I subsequently received notice that a rollover was initiated for one of the two accounts see "TIAA Documents 6 & 7", below). I have not received the monies from that account as of yet, though it is possible it is in transit. There appears to be no other action taken on the second account.I would like ******************** to complete the rollovers as requested ASAP and keep me informed as to the same. Thank you.

  Business response

  04/09/2024

  ***** ** **** ******************************* *** ****** ******** ****** ******* ************ ******** ************************************ **** ***** ********* ** ***** *** *** ********* ** ********
  ******************** SR ********************** ******************,
  I am writing in response to the complaint filed by ***************************** with the Better Business Bureau (BBB) Serving Metropolitan ********, which was received by TIAA on March 26. In his complaint *** ****** mentioned that his requests to roll over funds from his ************************** retirement plans had not been processed.
  *** ****** has two retirement plans through **************************, an Alternative Retirement plan and a Tax Deferred Annuity plan. While we had processed his ************************** Tax Deferred Annuity plan and mailed a check to the alternate carrier on March 22, additional information was needed to process his ************************** Tax Deferred Annuity plan.
  I contacted *** ****** by phone on April 3 to clarify the necessary information to process his rollover requests and all of his remaining funds have been sent to the 2 alternate carriers he requested.
  If you have additional concerns regarding this matter, please feel free to contact me directly at ******************************** or ************.
  Sincerely,
  *****************
  Sr. Customer Resolution Manager
  Cc: *****************************

  Customer response

  04/16/2024

  Better Business Bureau:
  
  TIAA suggests in its response that they had to contact me for additional information to resolve my complaint. I did not provide any additional information to them after filing my complaint--they merely had to utilize information they already had in their possession. However, as they have now completed the actions I asked them to complete I will consider the response made by the business in reference to complaint ID ******** to be satisfactory. The matter has been resolved.
  
  Sincerely,
  
  *****************************
  
  
  
   
  
  

• Initial Complaint

  12/05/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I transferred within the same company from one position and location to the next to which it was reported under my original retirement contract undenounced to me that I had been "terminated", which I found out within filing to for a hardship request under a contract to which I have enough funds to receive. The level of disregard and incompetence of those whom are in place to do a single job is beyond me and I don't understand how they get away with not doing their jobs. I 've asked for status up dates, process explanations, and details that I have not been able to be provided by any one. Instead I've been hung up on, put off, told to wait two business days that now have made it to the third week with no resolution. According to representatives there's no supervisors to speak to or no one that can escalate or expedite a clearly time sensitive situation. I have even been told by one rep that TIAA doesn't cover moving fees for evictions when asked about my immediate need.

  Business response

  12/15/2023

  Re:  Better Business Bureau Complaint ID ********
          TIAA SR ************************* *******************************:
  
  We are responding to ***** ******** complaint filed with the Better Business Bureau and received at TIAA on December 6.
  
  ****************** wrote that she has experienced difficulties when contacting us to facilitate a hardship distribution from her employer-sponsored retirement plan(s).
  
  While we are pleased to confirm that we have processed *** ******** hardship distribution, as detailed on her confirmation statement(s), we can appreciate her concerns. The level of service she has described receiving is not the level of service we strive to provide to our clients.
  
  Further, each employer-sponsored retirement plan enlists a specific process or has certain requirements by which withdrawal requests must be followed. A distribution request is deemed to be In-Good-Order (IGO) once all the required information is received, and the distribution can only be processed once the request is IGO.
  
  According to our records, we received the requisite documentation on December 5 and processed this distribution on December 6.
  
  For account service needs, ****************** may contact us at ************. Consultants are available weekdays from 8 a.m. to 10 p.m. (ET).Additional TIAA information is located on our website at *********
  
  Sincerely,
  
  ************************;
  Senior Customer Resolution Manager
  Operations and Customer Services
  ********************
  ************************************************************************************ ********** ** ***** ****** ************  **** ************ ************ ********* ********** * ************* ********* ********** ***** *** ***** *********** *********** ******** ******** ** ****** * ******** ********* * ******** ** ********* ********** * ************* ********* **** * ********** ********** *******

• Initial Complaint

  12/04/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have been attempting to roll my financial investments out of TIAA to another entity for more than a month with lack of communication, miscommunication and negligent delays on their end. I and my financial agent have called no less than 10 times and sent emails and yet they fail to Release the funds. I have also tried filing a customer service ********************** but still there is no response. They are unprofessional and illegally holding on to my funds which is negating my investment potential.

  Business response

  12/14/2023

  ***  ****** ******** ****** ********* ** ********         **** ** ************************* ********************************
  We are responding to **************************** complaint filed with the Better Business Bureau and received at TIAA on December 4.
  
  ******************** wrote that she has experienced difficulties while attempting to roll over her employer-sponsored retirement plan funds to an alternate carrier, and that these funds have not been transferred.
  
  First, we are pleased to confirm that we have successfully processed *** ********* requested rollover distributions,as detailed on her confirmation statements.
  
  Additionally, each employer-sponsored retirement plan enlists a specific process or has certain requirements by which withdrawal requests must be followed. A distribution request is deemed to be In-Good-Order (IGO) once all the required information is received, and the distribution can only be processed once the request is IGO.
  
  According to our records, we received the requisite authorization from *** ********* former employer on December 4 and processed these distributions within our normal turnaround time.
  
  For account service needs, ******************** may contact us at ************. Consultants are available weekdays from 8 a.m. to 10 p.m. (ET).Additional TIAA information is located on our website at ********.
  
  Sincerely,
  
  ************************;
  Senior Customer Resolution Manager
  Operations and Customer Services
  ********************
  
  ************************************************************************************
  ********** ** ***** ****** ************  **** ************ ************ ********* ********** * ************* ********* **** ****** ***** *** ***** *********** *********** ******** ******** ** ****** ********* ********* * ******** ** ********* ********** * ************* ********* **** * ********** ********** *******

• Initial Complaint

  11/21/2023

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I initiated a rollover request with TIAA being that I no longer work for the company for which mandatory retirement was required of me, at the beginning of October. I was then told my submission was incomplete after curiously checking on its statusI was told I did not label the document I uploaded TO MY ACCOUNT PORTAL with the required reference number, which was never provided to me in any correspondence or instruction. I had ******* put in a ticket to sync both the request and this termination of employment letter, was never updated on this issue, have called twice and talked to a specialist for the employer retirement I was using, and still have no clarity or closure. I was told it would expedited and I would be alerted within days, and I have yet to receive any clarification on the rollover status. Here we are Thanksgiving week now. This company has been only terrible to work with and I only want to cease contact with them and be able to invest my rightly earned retirement money, far away from their offices.

  Customer response

  11/30/2023

  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 and the matter has been resolved.
  
  Sincerely,
  
  *******************
  
  
  
   
  
  

• Initial Complaint

  08/29/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On August 3, I sent via priority mail the paperwork for my mother's pension and death benefit. I received the death benefit on 8/18/23 but not the pension payment. I spoke to an angent on 8/18 @ 8:01 am. They reviewed the case and said the payment was processed and should be in early next week. I followed up by calling on 8/23 @ 8:41 am. The agent looked and said it was processed and should be in by the end of the week. I called on 8/25, because the agent (*****) told me he had put in a request with the defined benefits department to look into it. He told me that the department had said they never received the paperwork. I was able to tell him based on memory, the paperwork's language that I had filled out and reassured him that I had done it. He submitted another review to look into the case. Once he called me back @3:17pm, he told me that they stated they didn't receive the paperwork. I sent the paperwork priority mail with a sig required so I know that is not the case. It has been 24 days since my paperwork was received. This has been an extremely difficult process having to have to call multiple times, only to be told by agents they don't have access to the paperwork or info in question. I have followed up many times, with many different answers and multiple redirections. ************, **************************, *************************, only to name a handful of people I have dealt with, with no resolution. The final response I got from ***** on 8/25 was that he would re-sent the paperwork and submit a request to the imaging department to follow the trail of this paperwork. It sounds like the "Defined Benefits Dep't" controls all of the power, which is useless to a client because agents have to keep submitting requests and there is no direct contact. My mother had 20+ years with *******. It has been a grueling experience from start to finish, fighting for what she earned and had dedicated a big part of her life to.

  Business response

  09/07/2023

  ***  ****** ******** ****** ***** ********* ***********         **** ** ************************* ********************************
  
  We are responding to ****** ***** August 29 complaint filed with the BBB regarding the difficulties she experienced with a single sum survivor benefit payment request.
  
  First, we offer our condolences to *** ***** on the passing of her loved one.
  
  Further, while we are pleased to confirm that this survivor benefit payment was processed, we can appreciate ******** concerns. The level of service she has described receiving is not the level of service we strive to provide to our clients. We will review our processes internally, as needed.
  
  For account service needs,*** ***** may contact us at ************. Consultants are available weekdays from 8 a.m. to 10 p.m. (ET). Additional TIAA information is located on our website at *********
  
  Sincerely,
  
  ************************;
  Senior Customer Resolution Manager
  Operations and Customer Services
  ********************
  
  **********************************************************************************************************************
  ****** ************  **** ************ ************ ********* ********** * ************* ********* ********** ***** *** ***** *********** *********** ******** ******** ** ****** * ******** ********* * ******** ** ********* ********** * ************* ********* **** * ********** ********** *******

• Initial Complaint

  07/14/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  TIAA filed a tax report 990-T in my name with what I believe to be incorrect information which concluded that I owed the *** $2,788. In trying to clarify what was the veracity of their reporting I was required to wait over and hour before they answered the telephone number that they had given me and then they disconnected the call before I was able to speak two words. A second call, requiring over two hours of waiting until they answered, resulted in a promise that they would have a supervisor contact me. The question that I was able to ask could not be answered by the person to whom I spoke and ultimately he also disconnected my call. I merely want to know what was the basis for their decision to hold me responsible me for what I consider an inappropriate tax obligation.

  Business response

  08/02/2023

  **** ** ****** ** **** ******************************* *** ****** ******** ****** ******* ************ ******** ******************************************************************************* ****** ********* *** ********        ************ *************************        **** ** ************************** *****************
  
  I am writing in response to the complaint filed by ************************* with the Better Business Bureau (BBB) of Metropolitan ********, which was received by TIAA originally on July 14 and then resubmitted on July 28. In his complaint *************** asks for an explanation regarding an *** form 990-T which he received related to investments he held within a *********************directed brokerage window at TIAA.
  
  The *********************directed brokerage window that **************** held at TIAA had investments in limited partnerships during the 2022 tax year. Income earned within an *** from a limited partnership is classified by the *** as Unrelated Business Taxable Income (****) and is reportable as taxable income for accounts earning $1,000 or more in **** during the tax year. An *** account is subject to taxation on its share of the partnerships income regardless of its tax-deferred status.
  
  Because ***************** account was invested in a limited partnership and earned $1,000 or more of **** in 2022, his account will be taxed on its share of the partnerships income. Pursuant to the *** form 990-T instructions, TIAA is required to report this income to the *** by filing a tax return and providing payment for his share of the partnerships ****. To determine the tax liability, TIAA relies on information provided by the limited partnership regarding its income and net operating losses (NOLs).
  
  The 990-T tax form that **************** received was generated by PricewaterhouseCoopers, and TIAA has confirmed with them that the amounts represented are correct. The **** that is being reported on the 990-T tax form is from his investment in a limited partnership under *****************************
  
  TIAA provided **************** with the attached letter on July 10, 2023 detailing the 990-T tax document. Since his account at ******************** is currently closed, **************** will need to work with the institution where the account was transferred to in order to satisfy the *** requirement.
  
  TIAA does not offer tax advice and we suggest that **************** speak to a tax professional regarding questions pertaining to this tax document. If you have additional questions regarding this matter, please feel free to contact me directly at ******************************** or ************.
  
  Sincerely,
  
  
  *****************
  Sr.Customer Resolution Manager
  ********* *** **** ****** ************************* *******

  Customer response

  08/03/2023

  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 and the matter has been resolved.
  
  Sincerely,
  
  *************************
  
  
  
   
  
  

• Initial Complaint

  05/04/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  i requested a loan from TIAA for an emergency. I have contacted them several times. The keep stating employment verification is necessary. I spoke to my HR they state that is not the case. I stated this to TIAA the refuse to budge. My HR department offered to call. Still request remains unprocessed. My emergency is not going away. I requested all my money be give to me since I have no faith in their ability. I was told by my HR department I would have to deal with TIAA. If I can't get a loan for my own money how can I trust them to release of rollover funds to another account. I feel like I'm being jerked around and my well being means nothing just bureaucratic ***.

  Business response

  05/11/2023

  ***  ****** ******** ****** ***** ********* ** ********         **** ** **************************** ****** *****
  
  *************** to ******************************* complaint filed with the BBB and received at TIAA on May 5.

  ******************** wrote she requested a Retirement Plan Loan (RPL) from TIAA but did not receive the funds. ******************** further wrote she received conflicting information from TIAA and her employer.

   While I am pleased to confirm that *** ********* *** was issued,as detailed in the loan issuance package, and that the funds have cleared her bank, we can appreciate her concerns. The level of service she has described receiving is not the level of service we strive to provide to our clients.

  Further, each employer-sponsored retirement plan has certain requirements by which transaction requests must be adhered to. Under the rules of *** ********* retirement plan, TIAA, as record keeper, had to verify her marital status with the plan sponsor before this loan could be issued. Under the terms of her retirement plan, employer approval of the loan is not required, but verification of marital status is. We regret any confusion this matter has caused, and hope that we have provided clarity on this matter.

  Finally, we encourage ******************** to speak with a licensed TIAA Financial Consultant to discuss her planning and account distribution needs. She may contact our Service Scheduling Team at ************ to schedule a counseling session, as needed.
  
  For account service needs, ********************** may contact ** at ************. Consultants are available weekdays from 8 a.m. to 10 p.m. (ET).Additional TIAA information is located on our website at *********

  Sincerely,

  ************************;
  Senior Customer Resolution Manager
  Operations and Customer Services
  ********************
  
  ***********************************************************************************************************************
  ****** ************  **** ************ ************
  ********* ********** * ************* ********* **** ****** ***** *** **************** *********** ******** ******** ** ****** * ******** ********* * ******** ** ********* ********** * ************* ********* **** * ********** ********** *******

• Initial Complaint

  11/30/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  My sister passed away in autumn of 2021. Among her possessions were 3 checks from TIAA that she had not yet cashed totaling a just over $2500. I called TIAA *********** Services and was told the checks were to be sent back to them to be re-issued. There was a delay of several months getting an estate account set up because the estate had to be handled through probate. In June of 2022, I called TIAA again to get the details of returning the checks. I was told to include the court document naming the estate's administrator and a letter of instruction with administrator's contact information. They would then send a form to the administrator requesting the **** of the estate account. The info. & checks were sent back to TIAA by certified mail in mid-June and *********** Services has verified that they have all of it. In July, I was told that the process had to be handled by my late sister's former employer, ************************************. I got an email from TIAA stating that "Based on the agreement with *************************, only the University is allowed to contact the estate for this contract. ... they are to be the contact point for the estate." along with the ************ of the contact person - no phone calls possible. The lawyer finally emailed the ** contact person on 11/2/22 who responded that she was not the contact person but would follow-up. There has been no follow-up & two more calls (11/7 & 11/17) with *********** Services have been futile. I was told both times that they were emailing the TIAA liason who works with the "annuity group" for this account for the correct contact person and would call me with that. I have not, as yet been contacted. TIAA has had over 5 months to get this going and the process has been totally inefficient. The estate account cannot be closed until all of the accounting is taken care of. Incidentally, the checks were marked with the TIAA logo only, nothing indicating ******.

  Business response

  12/12/2022

  ***  ****** ******** ****** ***** ********* *** ********        **** ** ************************* **********************
  
  *************** to *************************** November 30 complaint filed with the BBB.
  
  ***************** wrote that 3 returned checks need to be reissued by TIAA, so that the administrator may close out her late sisters estate. ****************** further wrote that working with our ********** Services team has been difficult.
  
  I can appreciate *** ******** concerns. The level of service she has described receiving is not the level of service we strive to provide to our clients.
  
  Further,I am pleased to confirm that TIAA Defined Benefit Plan Specialist, ******************************, is working with ****************** to resolve this matter and will keep her fully apprised, as needed.
  
  For account service needs, ****************** may contact us at ************. Consultants are available weekdays from 8 a.m. to 10 p.m. (ET). Additional TIAA information can be found on our website at TIAA.org.
  
  Sincerely,
  
  ************************;
  Senior Customer Resolution Manager
  Operations and Customer Services
  ********************
  
  **** ****************************************************** ********** ** ***** ****** ************  **** ************ ************ ********* ********** * ************* ********* ********** ***** *** ***** *********** *********** ******** ******** ** ****** * ******** ********* * ******** ** ********* ********** * ************* ********* **** * ********** ********** *******

  Customer response

  12/13/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]

  I appreciate that **************** is now working to resolve the situation, however, his involvement was initiated by myself on 12/2/22, not as a result of the complaint that the business received on 11/30/22. I was fortunate to have my call transferred to him when I persisted in calling *********** Services on 12/2. **************** is currently working to see if the funds can be located in the abandoned property and escheatment department.This is distressing because the uncashed checks and required documentation have been in TIAAs possession for almost 6 months now. Had the process worked as it should have from the time the checks were returned to the company, there would not have been such a delay as to cause the funds to be transferred to escheatment. I will gladly and with much relief resolve this complaint once the checks have been reissued to the estate and sent to the administrator.

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *************************
  
  
  
  
   
  

  Business response

  01/11/2023

  ***  ****** ******** ****** ***** ********* ***********         **** ** ************************* **********************:
  
  *************** to *************************** complaint follow-up filed with the BBB.
  
  First, I can appreciate *********** concerns. The level of service she has described receiving is not the level of service we strive to provide to our clients.
  
  Further, I am pleased to confirm that we have processed payments via overnight mail delivery to the Estate of ***************************** for the checks that were previously outstanding.
  
  For account service needs,****************** may contact us at ************. Consultants are available weekdays from 8 a.m. to 10 p.m. (ET). Additional TIAA information can be found on our website at TIAA.org.
  
  Sincerely,
  
  ************************;
  Senior Customer Resolution Manager
  Operations and Customer Services
  ********************
  
  **** ****************************************************** ********** ** ***** ****** ************  **** ************ ************
  ********* ********** * ************* ********* ********** ***** *** ***** *********** *********** ******** ******** ** ****** * ******** ********* * ******** ** ********* ********** * ************* ********* **** * ********** ********** *******

  Customer response

  01/12/2023

  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 and the matter has been resolved. 
  
  Sincerely,
  
  *************************
  

  
  
  
   
  

  
  

*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. ↩