SIMPLE IRA rollovers

[Benefits 101]

I've been trying to move a Mass Mutual VA SIMPLE IRA account into an IRA held by my BD. We fill out the paperwork and send it off. However, Mass Mutual refuses to move the assets, and they will not give a reason. I am guessing that they want the request on their own paperwork? Can they do this? The client made a request to move the funds, yet they are refusing.

[Belgarath]

Yes, they can require that their own paperwork must be used. Has anyone considered ASKING them why they won't transfer? There may be a flaw in whatever paperwork is being sent, etc...

I flatly don't believe that they will refuse to answer a question from the ANNUITY OWNER/CLIENT as to why they refuse to "move the assets."

[Benefits 101]

Ok, that's a pain. We call them together, they say they'll mail the paperwork, but never do. That's the game they play. Me, "I'd like to request this paperwork in writing"... them "No, we only do it over the phone". Hence, they can always claim they never got the request, and never send the paperwork.

[GMK]

Send them a letter requesting the paperwork, anyway, and copy it to a top level MassMutual person or two.

And send a Fax every week or two with the same request and referencing the letter and the previous Faxes.

We had to do this a while back to get Schedule A information from a 'too big to reply' firm. Eventually they responded.

And if they don't respond, send copies of your correspondence to the feds and ask for their help.

[Belgarath]

If they are truly that unresponsive to a CLIENT request, I'd add something to GMK's suggestion. And this needs to come from the client, not from you as an outside broker, which it appears you are. (I'm not excusing MM's apparent lack of professionalism, by the way) Have your client, in their letter to MM, state their dissatisfaction with the lack of cooperation and obstructive behavior in the exercise of legitimate contractual rights (surrender), and cc the State Department of Banking and Insurance with a recommendation that they investigate and/or audit to determine if penalties and/or class action lawsuits are appropriate.

That usually gets some attention and prompt action.

[Benefits 101]

Thanks guys, its nice to know the "escalation" process for something like this.