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Here is what seems to be happening: The employer seems to be sending one big check to a brokerage company which then sends out checks to at least two other investment "options" (VALIC and Equitable). It also looks like some controls are not in place and somebody is lying to us.

Very complex situation and I dare say you will have to lean on more than one to figure it all out. I can say from personal experience (my own 403b and an IRA that my wife inherited that was with them), whenever I see "VALIC" I see R-E-D!

Best of luck.

Persevere
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