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Employer-sponsored 401(k). First of all, the management fees they charge are so high they would have completely cancelled out my employer match, so I went with a fixed-interest fund. When I needed to roll over after leaving the employer, they will NOT roll over into a traditional IRA - you are REQUIRED to open a rollover. Not that THEY will deposit it themselves -- in fact, they charge you $50 to mail you your own money! I asked if I could have the check mailed to a different address (since I am quarantined elsewhere) and they said the only way to do that would be to have the check overnighted for an additional $40! Also, there is absolutely NO online customer service, phone only, and you MUST sit through a +2-minute menu to even be put on hold to speak to someone. All in all, I will be avoiding Mass Mutual like the plague in the foreseeable future.
Customer service agents are not trained properly. I was given inaccurate information, called to check because information online did not reflect information I was provided! The agent was very unprofessional, kept me on hold for 20 minutes to only come back to the line and tell me his supervisor was not available. He was not empathetic at all! Chris (the agent) would not provide me the name of the individual over his Director. I called back and got Genasis, she was just as rude, talking over me, speaking without taking a breath and very much unhelpful. If an agent of mine treated someone this way it would ultimately lead to termination.
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They were very difficult and unpleasant to work with. They took 6 months to set up a 401k with my company. The service was terrible following and it took me 8 months to get rid of them and set up the 401k with a better company who was very easy and a pleasure to work with. I recommend John Hancock over MassMutual any day. They also charged me $500 to separate from them. Unethical company.
I requested a Hardship Request for an unforeseen medical emergency that was not covered and cost over 2500 out of pocket. I sent all pertinent information as requested. They would wait 5 days and then email me to tell me the documents were no longer valid after 5 days. Went back and forth with them for a month, even got a letter from the Dentist himself and they waited... per usual and emailed and said it was not valid, even though on letterhead and dated in the body of the letter but it was not accepted because he didn't put a date at the top of the letter. I was in real financial duress by the next month and the dentist office had stopped returning my calls because they had exhausted all sources of verification that could be sent on my behalf. At that point I was out of 800.00 down for the dentist and behind on my rent.
An eviction notice did ensue so I resubmitted my paperwork for a hardship to avoid eviction. I called and asked what was needed. Was told the eviction notice, dated and from the property manager would suffice. I ended up with a 3 Day notice to vacate. They of course waited 5 days later and then told me it was expired. Had I not done personal and payday loans I would be homeless. I managed to scrape by that month but was still in financial woe and in further debt. I called and asked why the eviction paperwork was not enough as stated on their guidelines and was told I needed a letter stating if I had a due date for the due date I will get an eviction notice in advance, so I sent them the lease.
They came up with every excuse under where the devil sunbathes and still are denying it two months and another eviction notice later. For all of the documentation I have send and am near homeless still. These people refuse to grant me 1,000 to get back on track. Never have I ever experienced anything like this. I have called in tears pleading with them and praying over this but they keep coming up with unwritten "new" guidelines.
The company I used to work for used MassMutual for their retirement plans. After I left the company I decided to cash out my plan, I was partially vested in my employer contributions. Somehow when I took my disbursement my vesting became zero percent for that portion of my account. After getting the run around several times by several different people at MassMutual it had now been about a month and I'm still short about $5000 from my account with no explanation from anyone.
MassMutual is apparently the custodial company of my former employers 401k benefit. I received a letter from MassMutual a year after I had left said company regarding my 401k plan. The letter stated I had a small amount in a 401k that I needed to either cash out or transfer over to a traditional IRA account. I called to make sure I knew what all was needed then obtained the check payable instructions from my financial advisor. I mailed in all the necessary paperwork and assumed MassMutual also did their part in having the funds transferred.
Several months later I received another letter stating they still had my funds and it had never been transferred. I called and spoke with a Supervisor who informed me that the paperwork had Indeed been sitting there and that I was supposed to also go into my former employers office to gain their signature of release. I had never been informed of this additional step or I would have completed it months ago. She also (rudely) informed me that she would now be charging me a $200.00 fee in order to handle my account! Which of course is ridiculous because it negates the entire account itself. MassMutual was unethical in not giving me the correct information and allowing my money to be squandered. There should be laws in place to prevent shady companies such as this from stealing people’s money. Shame on them.
They misspelled my name, put in the wrong address several times, had wrong info given by several customer service reps, website was glitchy and wouldn't let me login or link account. Had to speak with a supervisor to get what should have been minor issues resolved. Very disorganized and poorly run company.
I have paid $40 for an expedited service to remove my funds from this company, as they are ill-managed. I have been waiting now over 5 days, and still do not have my funds. I call, and customer service has no idea. They also tell me I don't have the expedited service. I cancelled my first request after learning it would take over 10 days to process. I was advised to resubmit it with the expedited service so the funds would go direct deposit. I did exactly that, and am 100% certain I selected the expedited service. That was the entire reason for me cancelling and resubmitting the request. I see my account has been charged the fee, but the customer service rep says I didn't apply for that. It does seem like they are trying to weasel an extra $40 out of me without providing the service.
Now, after reading other people's reviews, I see there is a common mistrust of this company, and a feeling they are stealing funds. What a terrible feeling to have about a company one has literally entrusted their life savings to. I can't run away fast enough. I am still waiting for them to return all my money I am attempting to withdraw. I was told it was sent to the bank 2 days ago. My bank says no deposits have been sent. I have dealt with other retirement services in the past and never had this kind of experience or poor service. I am shocked this company is still in business.
I have called MassMutual lots of time regarding my annuity, (which I did not even know that I had) until I started getting a small check each month. Upon calling them, I asked to surrender it or cash it in. They absolutely refused to discuss that and said that I could not do that. Now, after 10 years, I have read up on annuities and know that I am allowed to surrender it or move it to another kind of annuity. The customer service there would not give me any information. I am 72 yrs old trying to survive on ss benefits and could use it! After all, it is my money! Not theirs!!! I did not know about having this annuity in the first place, and no one ever explained to me, anything about it. I feel cheated!!!
Called and spoke with different people who answered phones-none could do more than look at policy number and state "it is in process" even though I had a time sensitive issue. They would not say more than "you will have to wait your turn". No response to emails and even though I indicated on form the I would like text updates as to status, I never received one. Would not recommend this company at all.
MassMutual Annuities author review by Jim Blankenship
MassMutual has been in business for over 160 years and is a mutual company. Members and policy owners have voting rights, and participating policy owners may share in dividends.
Goal-based planning: MassMutual offers a goal-based approach to financial planning with annuities. Goals include protecting finances from the unexpected, planning for long-term care, and managing income in retirement. Customers can select from a variety of annuity options, including deferred-fixed, variable, income and fixed-index annuities. Traditional and Roth IRAs are available.
Long-term care insurance plans: The company provides coverage for long-term care required because of illness, impairment, accident and injury. The policies have lengthy benefit periods to protect your assets and maximize care options.
Life insurance options: With long-term care and life insurance combinations, you can pay long-term care expenses. Policies come with standard death benefits and opportunities to earn dividends. Whole life, term, universal and variable life insurance policies are available.
Employer workplace benefits: MassMutual provides retirement plans and voluntary insurance products for businesses. Retirement plans include a range of tools and educational materials.
MassMutual Annuities Company Information
- Company Name:
- MassMutual Annuities
- Year Founded:
- United States
- (800) 272-2216
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