Rollover of Annuities and IRA

[Del la Paz]

I rolled over a total of about $90,000 from 2 annuities and 1 IRA from a company named VALIC to a well known family of mutual funds. The statment they sent me said the surrender date was 8/9/00 and the 3 checks were issued on 8/18/00. The mutual fund company received 2 checks on 8/22 and the third check on 8/23 (which was for 65,000).

My question is, why was there such a lag between the surrender date and the time the checks were issued? It doesn't seem fair that 90,000 of my money was nowhere for 12 days! This cost me about 1,300 (in price of shares). Do I have any protection as a consumer? Or can the annuity company take their sweet time transfering my money.

Thank you for your advise.

 

[keeshy2]

Hey, 12 days is good! When I did a rollover (not nearly as much money as you, but still quite a chunk) I lost 2 months! The company I rolled over to never deposited the check so it sat on someone's desk from early May to the end of June, when someone found it and didn't know what to do with it! Luckily my SSN# was on the check & they tracked me down with that. The whole time I was being told the money was IN the account and it really wasn't!
You have to consider all the paperwork involved in making the transfer & the wonderful USPS for the time it takes anything to get anywhere. I wouldn't stress over 12 days. Life's too short to stress!

 

[peter]

And you are well with the 60 day limit the IRS gives you to do a rollover...

If it was over 60 days, they assume you took out the money and would be subject to income tax....

boy then you would really have some trouble to straighten out.