VALIC, a retirement plan provider for health care, K-12, higher education, government, religious, charitable and other not-for-profit organizations, will now be known as AIG Retirement Services.
“By changing our name to AIG Retirement Services, we are leveraging the strength, scale and brand of our parent company, AIG—a recognized Fortune Global 500 leader with deep experience in retirement and financial services. While the VALIC name is strong and well respected, the AIG name carries even greater recognition in the marketplace and among sponsors, consultants and participants,” Rob Scheinerman, president, AIG Retirement Services, tells PLANSPONSOR.
“With AIG celebrating its Centennial this year and our new relationship as the official insurance partner and exclusive retirement plan provider for the PGA of America, it was the perfect time. Our relationship management teams and advisers are very excited to go to market as AIG, and we look forward to working with our plan sponsor and consultant partners to help them make the most of their benefit plans and improve retirement outcomes for participants,” he adds.
AIG Retirement Services offers retirement plan participants and sponsors access to technologies that can greatly improve retirement readiness. FutureFIT is AIG’s proprietary participant experience offering a highly personalized digital platform that encourages engagement and action through guidance, education, tools and behavioral science principles. Retirement Pathfinder is an retirement readiness tool that enables employees to sit down with an adviser and map out the future they envision, including real-time answers to key retirement-related questions such as: Can I retire when I plan? Am I currently saving enough? How much monthly income will I need? Will I outlive my savings? These tools are complemented by local advisers who help employees develop holistic financial plans when and where it best meets the employees’ needs, whether at work, at home or online.
AIG Retirement Services provides every generation with information tailored by life stage to address the decisions they are most likely facing, as well as personalized FutureFIT statements that offer a snapshot of how much income they’ll need at retirement and steps they can take to improve their retirement readiness.
In addition, AIG Retirement Services offers data analytics to help plan sponsors drive better employee engagement and improved participant outcomes. This includes SponsorFIT, a comprehensive online experience that transforms how plan sponsors access and interact with their retirement plan, whether it’s creating custom reports, reviewing plan data or trends to turn insights into action, or customizing specific strategies to help improve retirement readiness and financial wellness among employees.
“Our interactive digital programs like FutureFIT, SponsorFIT and Retirement Pathfinder are powerful tools for participants and sponsors, and when coupled with our local advisers, help close the gap between retirement dreams and reality,” Scheinerman said in a press release.
AIG Retirement Services includes the VALIC family of companies which are not changing their legal names: The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.
The renaming to AIG Retirement Services will be phased in throughout 2019. The way clients work with the company with respect to customer accounts, policies or service will not change as a result of renaming.