Company stopped sending annuity distribution

[marcalans]

What is the name of your state (only U.S. law)? California

My 88-yr. old disabled mother has a 10yr. Commonwealth (a Goldman Sachs company) annuity. She has not received her monthly distribution for the last three months. When I called to obtain a reason, I was told that many of the customers' distributions have not been mailed due to a "technical glitch" (a technical glitch that takes three months to resolve?). Additionally, I was told that resolution of the problem depends on the schedule of the software technicians who are outsourced and I, therefore, could not be provided with a specific time frame for when payments would be resumed.

In the meantime, my mother is being denied her income, which she needs to cover her nursing home costs. She is also losing interest. Do I have any legal recourse?What is the name of your state (only U.S. law)?

 

[Dandy Don]

What is the amount of her monthly income? The company appears to be relatively financially stable (they recently acquired another firm for about $120 million) so the computer glitch sounds like a reasonable excuse.

You or your mother should be writing a letter to the company about this so that if they respond you will have documented evidence of what their explanation was, so that if you decide to bring a suit against them later on, you will have documented evidence.

I somehow think they are going to be responsible enough to do the right thing and pay what they owe after the problem is resolved. I'm surprised that they haven't sent out a letter to the annuity beneficiaries about this already.

If the annuity was purchased from a broker or agent, you may want to talk to the broker or agent or contact THEM by mail.


DANDY DON IN OKLAHOMA ([email protected])