That’s because AIG VALIC, a member of American International Group, Inc. (AIG), is teaming with INVESCORetirement, Inc. and AIM Investments to provide a 401(k) defined contribution product for small plans. According to the news release, the partnership takes advantage of AIG VALIC’s plan experience, AIM’s wholesale distribution capabilities and INVESCO’s recordkeeping and administrative capabilities.
INVESCO Retirement’s platform provides online enrollment, education and statements, paperless loans, plan reports and demographics, and transactional account management. It also provides plan sponsors, participants, and financial advisors the ability to retrieve custom information. In this new alliance, AIM and INVESCO funds, as well as other outside fund families, will be offered to AIG VALIC clients through INVESCO Retirement’s platform.
The small plan 401(k) market involves companies with $1 million to $15 million in assets and between 50 and 500 participating employees, according to the news release.