Thread regarding AIG (American Intl Group Inc.) layoffs

Agreed. Move your money out of AIG as quickly as possible. There’s no telling when the end will be. I doubt if you would have any protection in the event of a bankruptcy or even worse, if they just close their doors once BD and PZ and their cronies have ransacked the place.

I would definitely roll over the 401K as soon as you can. The company they have administering has several lawsuits for mishandling funds.

Laid off 2018, when I got the letter in Dec 2019 about the new administratior I googled them, found out about the lawsuits.

Had to get a specialized notary to do my forms and had to have them submitted before the end of Dec 2019 due to holds they were going to institute when they transitioned.

If you are no longer with AIG I highly recommend rolling over all funds ASAP

Was that the straight pension or the cash account that they marketed to us as portable? this company is a dumpster fire.

No, it took a year to get my Pension money out of AIG, and I had to threaten to sue them. They kept sending me the same forms over and over and said that I had not provided the correct account information. I was patiently documenting all of the calls with Shared Services so I could file suit.

Ridiculous. If they stop matching your funds during your Severance period They certainly shouldn't hold on to the money. What nerve. They gave me the wrong retirement information. They said I was eligible for the healthcare subsidy which was untrue. You had to have a certain number of years of service and age as of 2010 or 2012, i forget which year, which I didn't have. Forget trying to find out about FMLA totally clueless. And if you're retirement age and you get laid off which is everybody because they're targeting older people, they never explain to you about retiree medical versus cobra. And those are important life decisions because if you turn down retiree medical you can't get back in ever. It's no bargain it's more than Cobra but after you turn 65 it cost about what the supplemental Plans cost because then it becomes secondary to Medicare. If you had your pension converted to the cash account will they let you move that out right away?

Agreed. I got the runaround, too. I was told that I couldn't move my 401K money until my severance ran out. I had to get HR involved. The people running the benefits section are highly competent, with many of them part of the Shared Services program.