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ComplaintsforMassMutual Ascend Life Insurance Company
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Complaint Details
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Initial Complaint
07/13/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
I am responsible for my dad's finances now that he is no longer able to handle them. When I realized that he had not taken a RMD for 2021 (the purchase of the Great American annuity was Mar 23, 2021) I called Great American to try to take the RMD even though it was 2022. We discussed what the amount should be in order to not take too little (and hence be subject to a RMD penalty from the IRS) or too much (and hence be subject to an early withdrawal penalty from Great American). I discussed with the agent at length what the amount should be (there is a recording of the call) but it turns out that the amount she told me is incorrect and I was charged a penalty. When I submitted my request, using the paperwork the agent sent to me, I again reiterated what I was trying to do in the cover letter, stating explicitly that I was attempting to avoid penalties. When I saw that a penalty was assessed I called again (that call should also be recorded) but that agent was insistent that he could not give any information, and that in fact company policy was to not provide this information, or act on my cover letter. I think that if a company has a policy to not act on customer request letters that this should be made explicit before penalties customers are trying to avoid are assessed. I wrote a formal complaint to Great American and they declined reimbursement, saying "There were no questions from you about any potential charges for taking a partial withdrawal to meet the 2021 RMD." But in fact the entire point of the conversation with the first agent (and my cover letter) was to figure out how much a should take out in order to avoid a penalty. An earlier letter from the bank through which the annuity was purchased had indicated a lower number, which might have avoided the penalty, but the agent said that the number was incorrect and that a higher amount corresponded to my dad's current age. She even checked with supervisors to confirm.Business response
07/21/2022
July 21, 2022
Dear Marketplace Resource Department,
This is a follow up to your July 13, 2022 correspondence regarding complaint ID# ********. We appreciate your patience as we continue to consider this case. We are finishing our review of your concerns and request an extension to July 29, 2022.
Sincerely,
Teresa M*****
Compliance Analyst
**************************
Business response
07/29/2022
This communication is a follow up to our prior communication regarding the Great American
Life Company contract referenced in your email.
Our company previously reviewed this information with the complainant. After reviewing the
details in her latest communication with you, we considered this case again. Due the
information provided by our staff during one of her phone calls to the office, we agree to
refund the early withdrawal charges for the withdrawal in question. We will send the refund in
a separate communication directly to the contract owner.
We apologize for the confusion the complainant experienced. For any further questions about
this matter, the complainant may contact our Compliance Department representative at ###-###-####
extension *****. You may also reach us by fax at ###-###-####.Customer response
08/05/2022
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********. They have offered a refund and I accept that offer. They say a check is pending. Thank you for your help.
Regards,
******* ********
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Customer Complaints Summary
21 total complaints in the last 3 years.
9 complaints closed in the last 12 months.