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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!!!
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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.
My father died in August of 2015 and it took a year to get a check from MassMutual. At this time we changed the beneficiaries of my mother's policy. My mother died in December of 2018. The agent told us the paperwork was processed on February 28 and the checks would be mailed after 10 days. It's been 22 days and still no checks.
This past Feb 25th my case was referred to the tax and legal departments. I was promised they would get back to me promptly. Yesterday I contacted them, talked with tax department, and nothing had been done. Meantime my tax filing situation awaits their poor and uncaring action. They filed the wrong Tax Form and still have not corrected it. I have been their customer for over 20 yrs but they still don’t care. I even sent a message to their Chairman Roger Crandall, still nothing. HELP.
Opened an annuity and indicated date of monthly direct deposit. There is a delay from the time they release the payment to the date the bank posts the transaction to my checking account. The "certified financial planner" that sold me the policy should have warned me about that but he did not so I could make adjustments to the date accordingly. I wanted to change the date of the direct deposit to compensate for the lag time in posting to my account. MassMutual said no. Nowhere on any of the applications or forms I completed did it say the date could not be changed. This is the new face of doing business in the U.S. where once they have your money they make the rules. Buyer beware of unethical practices.
After leaving employment I attempted to rollover my balance to my IRA. They quickly informed me that there would be a $200 fee to perform this electronic transfer! WTF? Why? For an account that your employer automatically enrolls you into, that is a ridiculous fee to get your money rolled over! Never use this company! Reading reviews this one sounds very shady.
I have an annuity with MassMutual due to a previous employer ending their pensions and replacing them with annuities. My annuity was supposed to start Nov 1, 2018 and I have not received either the November or December payments. They have stated that they have all my paperwork and are still processing it and will not provide any guarantee of when I will receive my money. Note that I have been very responsive to provide the requested information and I have called many many times.
UNABLE TO GET AN EMAIL ADDRESS: Unable to have funds rolled over as per my direction. Unable to locate plan document. MassMutual brokers unable to provide plan contact. Next step file complaints. Proof the next stock market crash is days away.
When I started the policy monthly direct debit was established. MassMutual never sent yearly statements, which should show any fee saved if the premium is paid in full. I realized that there must be savings if I pay full yearly amount in one go. I called and I was told by their rep that there are NO savings in paying full amount. Year later at the beginning of the policy period I called again, asked same question and told the date and details of the previous conversation. When the managers were listening to that recording they kept transferring me from one rep to another for over an hour. One lady said she will email me, after noticing their blunder. A rep called me thousands miles away from my home at my daughter's house (God knows where they got the phone # from). Their reps always call before replying emails. When I ask for the copy of their calls, they tell me it is MassMutual's property.
I was told it is not possible because first installment is already taken. LOL. I paid up the full amount before even receiving my installment back. Yes, after saying savings will be only for 11 months MassMutual did let me take advantage for 12 months. I want at least 5 years fee refunded, when I could have easily afford to pay full amount.
Have a annuity with MassMutual. Payments were to start three years ago. To date 8/2018 have not received anything. I have called several times, each time I am told five days, ten days or shortly. All lies. Never sent anything. Keep in mind this is my money. DO NOT EVER DO BUSINESS WITH THIS COMPANY!
I have contributed to MassMutual for several years now but will not ever do it again. The reason why is that my son that is 29 years old just found out he has cancer with no insurance. He has already had to major surgeries that total 202000 dollars. Now he needs chemo and radiation but doctors won't start without payment. So I sent all bills and info in to MassMutual to withdraw money thru hardship but all I have got from MassMutual for the last 2 weeks is the runaround. Seems like to me is they are trying to steal my money. I am very disappointed with them and will never send them another penny. If anybody is looking to start a retirement plan your best bet is to stay away from MassMutual.
Unhappy with Rollover Process - MassMutual had to reissue my check three times. Three different representative said they would be mailing the check to my home address and would receive it in 10 business days. After 32 business days and 3 reissued checks I called in again. They said that they were actually mailed to my past employer. When I called my past employer they said that they did not receive any of the three checks. I finally got on a three way call with my new retirement account manager. MassMutual said they could once again reissue the check. It would go to my former employer.
If I wanted the 4th reissued check before 10 business days there would be a rush fee of $20 taken from my check. I asked for a manager each time I called in and they were either at lunch, on another call, or not there. By the end of the fifth call a representative was finally able to rush ship my check to my house with no added fee with a tracking number attached to the check. I should be receiving the check by Monday, and I am getting the tracking number tomorrow. I hope I am not writing this review too soon. I should also add that my account said $0 when logging in, eventually my email address was no longer associated with my online account and I could not access any of my files. Whatever money would have been invested in these past months is lost. I am wondering if any similar situations have happened to anyone else.
Do not use this company. I had a stable cash account they required me to move out of. I specifically asked if there would be any penalty or loss if I did so. They assured me there was not. I called three times to verify. They took $9,998,07 out of my account calling it a market adjustment. Stay away! They steal your hard earned money.
I have not received my December 2017 check and customer service has not been helpful, they have no explanation for why this occurred and claim electronic transfers were made on time yet their own message when you call their number states electronic transfers were also late. Is this company in financial difficulty? Are others receiving this kind of obfuscation?
This company keeps sending private confidential emails (which identifies clients by name, status of their insurance application etc.) to my company emails even after numerous attempts from me to advise them they are sending private information to the wrong company! The emails I responded to had real company email addresses to respond to and did not just have an automated mailer email. I did not receive a response nor can I detect any action from the company as I still get emails. Ask yourself, do you trust a company with your money and your future when they are so careless about keeping their client information confidential!
DO NOT INVEST YOUR MONEY WITH THIS COMPANY. They have a rule that the owner of the company must decide whether or not you can close out your account. You will not get your money unless the owner or rep for the company signs a paper and hopefully you can get them to sign it. I've reached out to the company numerous times and they could not help me. I've contacted the rep for the account and no answer. This is my money and they cannot give it to me. Do not sign up for this 401K! You would be better off with a Savings account. That way you can have access to your money. You have been warned!!!
MassMutual Annuities has wonderful customer service, you can actually reach a real person when you call them and they are very professional and friendly. I like that I can access the website first and call them if I need further assistance. I also like that I can withdraw the money anytime I want to and they are fast. They have a lot of different options and ways you can withdraw your money and the payout is quick. They pay you exactly what you are owed with no fuss and hassle, I've never had any problems with them before. They have a lot of different ways you can add money to your account as well.
MassMutual’s customer service was very nice and the lady was very professional. She helped me get what I needed done. There was many withdraw options, I looked over them and found the one I wanted to use and the best one for me. Once I did that the process became very simple and fast. If I put in a certain amount of dollars I would get a payout if I chose to. I had some funding options, after a little thought I decided on the one that best accommodated my needs.
I can only say positive things regarding my experience with MassMutual Annuities. Their customer service was friendly, knowledgeable, and helpful. The withdrawal and payout options were reasonable, well thought out, and easy to action upon. When questioned or approached for help, all representatives were well-versed in the details regarding my options. Also, the funding options were safe, yet diversified enough to fit the needs of a wide variety of consumers - myself included. I had no difficulties in any regard.
I have a 401K account with MassMutual. When I left my employer I wanted to have the money transferred to individual IRA. I and my husband together called up and customer care executive was nice; he took all our details. Also explained that since we have both traditional and Roth, they shall issue two checks and will charge $40 for each. He took the name of company we intend to transfer to so he can accordingly make the checks payable. He also explained that it should take 1 to 2 business days and gave us approximate amount for both the checks.
Since I didn't notice any change to my account on 3rd day (when the markets had started going down), I called up and to my amazement the customer care executive told that they have not received instruction from us about what we want to do with our Roth Account. Hence they didn't process any of our checks while the market is going down and so does our account balance. They should pay us according to market closing on 2nd business day. But these people are just outright crooks. It's people like these that normal regular people are so afraid of accountants and stay away from investing in stock markets. All these calls are recorded as per them, why don't they go and listen to them when they have doubt? I think because they don't want to. How shall they get to harass otherwise if you are leaving them. I also have a feeling that they delay such transactions to appropriately hedge in their favour.
As long as we deposited money, Mass Mutual was all about good customer service. When we took withdrawals, we were totally disappointed in the lack of communication and executing the withdrawals according to our wishes. Poor service. We'll be seriously considering a new fiduciary company when we retire.
Customer service was as expected. Any issue I may have had was solved in a quick and efficient fashion. I couldn't be happier with the way my issues were handled. The experience was great because of the number of option available. You have two choices: Fixed rate annuity and variable annuity. With a variable annuity you have more freedom, as you get to decide how to invest your money. The payout options were as follows: Life-only, Joint-only, Fixed period, Life with period certain, and a few others that I can't think of.
Very helpful and concise, thorough group of people to work with, giving new many options to consider, and review unlike others. Process are very reasonable and cheap with lots of options. Very quick and painless with enough thought and foresight to give one a comprehensive idea of what they are embarking on with regards to financial security. Patriot options are nice and bundled with telecom and internet and hybrid electricity and gas from natural disasters that reoccur throughout time and space.
They have ways to contact as well as manage your accounts online or through call. If you need more face to face contact, they also have a way to not only look up a local office but to make an appointment. They have different ways to withdraw. You make a request through forms of different types: governmental withdrawal or hardship withdrawal. It's up to the customer to decide which way to get the money and handling the penalty. With an income annuity, the contract owner decides how often and when to receive income. Most important, income annuities can provide income that is guaranteed, no matter what happens in the financial market. They have ways to put money into annuity. It's helpful to the point that it's getting tougher for certain people to get certain types of annuities. Just make sure to pick the tight one to put your money into.
Customer service at MassMutual has always been fine. I have dealt with MassMutual for a while and have always been happy with customer service. They are professional and very patient with me. I have heard this from other people as well. Withdrawal options at MassMutual are typical of the industry. I have not used the withdrawal options but I am aware of them. I have seen the forms. I believe when the time comes, withdrawal will go smoothly. Of course I have happy with the funding options or I would not have chosen MassMutual. There is a wide variety of choices and information about them is available. I am happy with my choice of MassMutual.
This highly rated company has excellent customer service and will go out of their way to make sure you are happy with how your annuity needs are being met. This company provides options on how and when to withdraw your annuity and will make the transaction as smooth as possible. It is a great company that stands behind their name and policy. This company allows several payout options that allow the consumer to get their funds in a safe and reliable manner. The transactions will be handle discretely and calmly in a timely manner. The company of MassMutual provides many funding options to suit the needs of their consumers which allows for a good experience. Imo it was amazingly easy to understand and receive the desired results.
MassMutual Annuities expert 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: Mass Mutual 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.
Most ethical company: In 2014, MassMutual was named the World's Most Ethical Company by the Ethisphere Institute.
Network of advisors: MassMutual maintains a nationwide network of financial professionals who are continually trained, especially in a needs-based financial assessment technique.
Enhanced customer portal: Through the MassMutual customer account site, customers can view account details, make fund allocation changes, and request forms.
Service Center: Annuity holders can contact the Annuity Service Center via toll-free number, email, or by requesting a call-back.
Best for: Savers, savers plus income generators, retirees and Social Security recipients.
MassMutual Annuities Company Information
- Company Name:
- MassMutual Annuities
- Year Founded:
- United States
- (800) 272-2216