Mutual of America Financial Group

My workplace retirement account is managed by Mutual of America.

As many are aware, MOA changed their systems November 2022. It's a terrible terrible system that is a huge step back from what they used to have. Apparently it was forced due to a lawsuit alleging ERISA violations. Whatever IT team they used, half probably quit midway through the job and the rest are incompetent.

When you call for support, like asking why it says your personal rate of return is negative 50%, they don't know and seem equally frustrated by their stupid new system. It's not fixed, months later. They seem to have effectively closed their regional offices where we used to get some support, so the personal touch is gone as well.

From the employer's point of view, it's even worse. There were absolutely no instructions provided on navigating their new system to submit employee contributions. None of it is intuitive and nothing looks like it used to. Just one day, in late November 2022, everything broke. No one I called was of any use. The list goes on.

I am seriously thinking it's a big mistake to stay with Mutual of America. I would like to move over to bigger, more capable provider. The transition will be a pain but ultimately worth it I think.

NO CUSTOMER SERVICE - ON HOLD MULTIPLE TIMES FOR UP TO AN HOUR - WHEN THEY PICK UP THEY SAY "CAN'T HEAR YOU AND HANG UP! A REAL SCAM!

I’ve been trying to get my money withdrawn/rolled over since October and only today after about an hour on hold and two transfers they let me know that there is an issue with my form. Mind you, I had sent two emails requesting an update and they make you jump through hoops. This is my money from an employer I am no longer at.

I’m in dire need to keep my apartment! I filed for withdrawal I haven’t heard anything I need to know when I’ll receive the withdrawal

Finally talked to someone about the money I’ve been trying to withdraw and I have been waiting for a month for it and now they are telling me it’s going to take an additional month for them to process everything. This is the worst company ever please save yourself from them and don’t do business with them. It’s just unbelievable

Every time I call this company, I have to wait for over an hour for someone to pick up the phone and when I get transferred I have to wait another hour, the employees are rude and I’ve been waiting on money from my withdrawals and it’s been taking over a month now to be transferred to my bank account. This is just horrible

Stay away from them, they have no customer service…no one answers the phone.It just rings forever.
Does anyone WORK there?

Mutual of America is a worthless company. They don't answer the phone and when they do answer after holding for hours and hours to transfer you to someone else and then be on hold for several hours until you just hang up. I'm sick of listening to the same elevator music. I've been trying for weeks now to get my withdrawal for I no longer get is with the company I worked for. I sent my forms via email and haven't received a call or anything just an email saying they received the forms and if they have a y questions they will get back to me otherwise if haven't heard from them in 7 - 10 business days that process will go through. My retirement money is really at this point a necessity for I'm on the verge of being put out my house and can't afford my bills. I am beyond frustrated. This company is not worth a rating but I gave it 1 star only because it wouldn't let me submit a review unless I gave a rating.

I processed the paperwork for a withdrawal over a month ago and have not received the money. I called 3 "customer service" numbers, waited 20-40 minutes on each one, and no one answered. Also sent an email that was not answered. Terrible, on-going experience.

If you have a 401k invested in this company MUTUAL of AMERICA, good luck getting your money transferred or withdrew. It's been over a month since I left my previous job trying to obtain my money. I have been getting nothing but the run around. I've been on hold for 2-3 hours sometimes. DO NOT INVEST YOUR MONEY IN THIS COMPANY. This was a lesson for me to do my homework before I invest in any investment company proceeding. If I were to have stayed at my previous job until retirement, I most likey would have been screwed.

This company should be investigated for holding on to funds that have letigamtely been requested. As in all the other reviews there is a complete absence of customer service. There appears to be little or no oversight on how this company interacts with its customers. Please think twice before giving your funds to this company..

I need to add my voice to the chorus of complaints I have read below - my dealings with Mutual of America for the past 5 months have produced nothing but frustration - I have experienced NO customer service from this company, other than excuses and empty promises... My mother died on 3/30/22. She owned a Mutual of America IRA. The beneficiary of that IRA is her living trust, of which I am the trustee. On 5/5 I reported her death & filed a claim for a lump sum payout, and was told it would take 2-3 weeks to review, and I would be contacted. On 5/24, I called to check claim status, and was told "the person who handles this is out of the office" and I should receive a letter in another 1-2 weeks. On 6/7, I again called for status check and was told the paperwork should be delivered to me by 6/17. On 6/23, I called again for status check and was told "the claims group was JUST FINISHING UP on the paperwork and it SHOULD go out by TOMORROW MORNING." I was also told they would e-mail the forms to me as well. I never received an e-mail, but on 7/5, I did finally receive forms, which I filled out and mailed back on 7/8. On 7/28, I called again for status and was told by agent that "more forms were needed but she did not know what they were and would have manager call me when he returned from lunch" - which he did, to inform me that some documents were still required. I immediately e-mailed the required forms to their claims department. I then received a response that my claim was "accepted as complete and delivered to payment team for processing". On 8/9, another status check, I was told payment was "in process & would be sent AT THE END OF THE MONTH!?!" Another status check today, 9/1, and I was told "the payment was put ON HOLD (!?! I was never informed!)" but to "be patient" - (the agent) can "SEE PROGRESS BEING MADE!?!?" I find Mutual of America's "customer service" to be unprofessional, unhelpful, and worthless. They provide a "callback" service that sometimes returns a call (after several hours) and sometimes does NOT. When finally reached, they are never helpful - they just make vague excuses and push the timeline further into the future. I have complained to the BBB, which has apparently not helped - I am still getting the same runaround.

In short, upon initiation of a rollover from Mutual of America to another financial institution in Dec 2021, we found an issue of no Roth in the account. The account was originally setup with 65% Traditional and 35% Roth. Upon investigation, the claim from Mutual of America was that the employer made the mistake. After many calls and emails from myself along the way and eventually asking them to keep me updated so that I could rollover the account, we find out that the mistake was corrected as of March/April 2022. Meanwhile, as I’m awaiting the update on my account and case#, Mutual of America never let me know that the case# was closed and that the issue was resolved back in March/April 2022. So finally, after multiple times of reaching out in July wondering how it could be taking so long, I find out the issue was resolved. The larger issue is that now rolling the account over is taking forever bc I’m forced to communicate via email ONLY…. My money took a 26% loss during those months and they are not willing to discuss the unfairness or their lack of communication. This is by far the worst experience that I’ve ever had with any company, let alone a company that is supposed to HELP you with your money and retirement! Also, it is almost literally impossible to reach anyone over the phone. Even the managers do not answer their phones!

I’m a retiree & filled out & emailed withdrawal form on August 1, it’s now September 1 and I still have not received my money. Called at least 4 times & get same response. We don’t know why it’s taking so long. We’ll look into it. I needed the money to help pay for my brothers funeral !

The wait time to get in touch with an agent is at least 3 hours. Then we speak for 3 minutes and then I’m told a “supervisor “ will get in touch. Just read the other reviews from 2020 and we’ll not much seems to have changed. This is not a good savings plan. They go off the market and we’ll it’s garbage right now and so are they. I don’t want a message back saying it’ll be looked into because absolutely nothing will be done anyway.

Did not offer a rating of Zero because it is not available. Mutual of America has ZERO customer service, the forms are not online and one must wait forever on the phone to request that they be emailed. I have been trying unsuccessfully to arrange for monthly payments since February. The services of the Houston office at Post Oak Boulevard are so bad that they will not even answer your calls and refuse to let you come in the office to make the arrangements. I can't believe this people have my money and no accountability. So you can give them a call if you want to hear "Please remain on the line and your call will be answered for the next available representative" for over 40+ minutes .

Non-existent service. I started a claim for my deceased mother back in the fall. Several times we sent in what we thought was everything and then they would let us know it was incomplete. Finally by Feb. '20 everything was in. By April we hadn't heard anything. It's now July 20, 2020 and we still haven't heard any update or gotten in touch with anyone there. I did wait for 50 minutes on the phone and when the person picked up they redirected me to a line where it went straight to voicemail. Also sent emails to the address they listed on the voicemail message. Still haven't heard anything.

While attempting to roll my 401k from *** to Mutual of America due to my place of business having sold I was told that if I did the paperwork the process would be within a similar time in the market so there should be no significant market value change. I completed my paperwork and a week later the funds had not been liquidated from ***. I called and left a message for Ryan G and before Ryan called me back the funds were removed at a low point in the market. Now over a week later the funds have not been placed in my Mutual of America account and naturally the market is on the rise. 2 phone calls so far today and all I’m getting are excuses. From my perspective it looks like they are playing the market with my money.

I wish I could leave zero stars. Mutual of America has an antiquated withdrawal process that requires snail-mail. There is no online process, and when you call to an agent the average wait time is easily 40 minutes. The process of withdrawing money can take weeks. The customer service is awful all around. I am actively advocating that the company I work for choose another agency for our investments.

If I could give them negative stars I would. Like another reviewer, I've been trying to withdraw my money for three months. I want to directly roll my tda over. I've gotten eight or ten packets with a sheet of instructions that I've followed to a T and each time they mail the whole wad back with a new pack, telling me I need a letter from the receiving IRA (didn't tell me that) or that I need to file a name change form (they'd been sending all paperwork to the correct name for months), or some new and arbitrary reason for rejection each time. I called my local office and was told to call corporate. I did. I got hung up and am no return calls. I called my local office again who stated they would have someone at corporate call me back that day. A week later I tried again, she assured me she'd again have them call me back that day. That was two days ago. I'm ready to file a complaint with Revdex.com. This is my money, none of my employers, and I've spent probably twenty hours and several dollars trying to roll my tda over after my job was eliminated. Insane is the right word, someone used in a prior review. Illegal in starting to think.