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WE’RE CHANGING OUR NAME!
After more than half a century, AIG VALIC will soon start answering to a new name: AIG Retirement. The name change, which becomes official on January 1, 2008, reflects our expanding role as one of the nation’s leading retirement solutions providers.
Why the change?
Over the past decade, the AIG VALIC mission has evolved from helping people save for retirement to include solutions for them as they enter and enjoy a secure retirement. The new name, AIG Retirement, represents our focus on a full spectrum of financial solutions enhanced by the strength and global reach of our parent company, American International Group, Inc. (AIG) – one of the world’s leading insurance and financial services organizations.
All we think about is retirement
Our clients give a lot of thought to their retirement. But that’s all we think about. Our new name conveys our commitment to meet their evolving financial needs:
- To better serve our clients, we are continually enhancing the products and services that have made us an industry leader
- Our new name combines the strength of AIG along with the rich heritage of retirement expertise of VALIC to fulfill our mission: To help Americans prepare for and enjoy a secure retirement
Our evolving business
- Competitive pricing – Work with client groups to tailor cost-effective programs through a comprehensive financial advisory experience.
Innovative products and services – Facilitate the ease of doing business by creating proprietary, exclusive products and services like Guided Portfolio ServicesSM and Portfolio Director® with IncomeLOCK®.
Flexible service model – Adapt our services to meet client needs and fine-tune a broad range of plan features to build and support workplace retirement plans.
Updated materials – Deliver powerful new printed communications, inviting to consumers and focused on building relationships that last a lifetime.
- Engaging technology – Commit to delivering personal communications through unique resources.
Leaders in the retirement services industry
Whether our clients are saving and investing to accumulate money for “life after work,” or making sure their assets will provide income for the rest of their lives, they can rely on us for future expertise and solutions just like they have experienced in the past.
- Nearly $63 billion in total assets
More than 2 million participant accounts
A broad selection of plan types, features and investment options
- A nationwide network of professional financial advisors to provide the personal service for enrollment assistance, educational seminars and other retirement planning and financial services
- The solid foundation that comes with being a subsidiary company of American International Group, Inc. (AIG), world leaders in insurance and financial services with operations in more than 130 countries and jurisdictions
We are the same great company with the same personal relationships. Our new name reflects our leadership in retirement solutions and our ongoing quest to meet our clients’ evolving financial needs – we are committed to helping Americans prepare for and enjoy a secure retirement.
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THE FINAL 403(B) REGULATIONS ARE HERE!
The Internal Revenue Service (IRS) and the Department of the Treasury released final 403(b) regulations on July 24, 2007, published in the Federal Register, July 26, 2007, more than 2½ years after publication of proposed regulations in November 2004. The final regulations essentially followed the course set out in the proposed regulations, with some modifications which were generally favorable to plan sponsors, plan participants, and plan providers.
Coincident with the release of the final 403(b) regulations, the Department of Labor (DOL) released a Field Assistance Bulletin (2007-02) addressing the impact of the regulations on a private tax-exempt employer’s ability to continue to maintain a non-ERISA voluntary 403(b) program. The DOL guidance confirmed that agency’s belief that it remains possible to satisfy applicable IRS requirements without causing the plan to become subject to the requirements of Title I of ERISA.
Plans already subject to the requirements of Title I of ERISA, and other larger plans with centralized administration, may need very little change as a result of the final regulations. Many non-ERISA plans, including 403(b) plans sponsored by public school districts as well as voluntary non-ERISA 403(b) programs of private tax-exempt employers, likely will require more significant changes to comply with the requirements of the regulations.
The 403(b) regulations are comprehensive and thus address a wide range of issues.
Rest assured that AIG VALIC is on top of the new regulations and will continue to be your source for information and support.
Of course, AIG VALIC cannot provide legal advice to your organization, and we encourage plan sponsors to discuss important plan compliance matters with their organization’s counsel. However, because AIG VALIC is a leading plan provider in public education, you can also be certain that we’ve studied the new regulations and remain committed to sharing with you both general information about the regulations and our processes for satisfying new requirements. We look forward to assisting you in that process. You can contact your information source on 403(b) regulations at
1-877-403bREG (2734) or 403bREG@aigvalic.com.
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