Complaints about customer service seem all-to-normal in today's
impersonal corporate climate.
But when they involve major personal economic issues such a teacher's
retirement funds, they should probably be brought to the attention of
those who could be affected.
We've
gotten reports that dealings with the largest teacher
retirement institution, TIAA/CREF, have resulted in some
major problems -- problems that, even when they are
discovered, can't be easily resolved.
Advice received from company spokespersons by telephone is
reported to often be contradictory and inaccurate, and
officials in charge either can't be reached, or will not
return calls. Reportedly, letters are either ignored or not responded
to.
When there are problems with the lengthy forms required to make
changes, clients are not notified. Investors may assume the
requested changes have been made and not discover otherwise until months, maybe even years, after the fact.
Although many educational institutions are locked into TIAA-CREF
and teachers may have little choice in the matter, these teachers would be
well advised to not assume that requested changes will be made.
They should not only double-check, but get
confirmation in writing.
Recently, this link was brought to our attention where comments about TIAA -CREF service can be posted.
Several writers have said it's helpful to register their complaints with the SEC at http://www.sec.gov/complaint.shtml. They get a case number and pass this along to TIAA-CREF.
* Since the institution said they had no record of the change, nothing could be done to honor
the diseased man's wishes. Clearly, the man didn't want the funds to go to an ex-wife, but, at the same time, he shouldn't have just assumed the change had been made.
