AIG Retirement
Encyclopedia
Founded in 1955 as The Variable Annuity Life Insurance Company of America, Incorporated, located in Washington, D.C., VALIC was reorganized in the State of Texas in 1968. On November 5, 1968, the company name was changed to The Variable Annuity Life Insurance Company (‘’VALIC’’). VALIC has more than half a century of experience in helping Americans plan for and enjoy a secure retirement. VALIC has been a pioneer and innovator in the retirement services market since it enrolled the first school district in a 403(b) plan in 1964.

The company is a leading retirement plan provider for K-12 schools and school districts, as well as for higher education, government and not-for-profit healthcare institutions. VALIC, headquartered in Houston, has more than $65 billion in assets and manages plans for nearly 25,000 groups serving nearly 2 million people (09/30/2010). The Variable Annuity Life Insurance Company has a broker/dealer and investment advisor subsidiary, VALIC Financial Advisors, Inc. and a registered transfer agent and recordkeeper, VALIC Retirement Services Company. The company’s president and chief executive officer is Bruce R. Abrams. VALIC is a subsidiary of American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...

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Company milestones

1955  Founded as The Variable Annuity Life Insurance Company of America, Inc.

1964  Enrolled the industry’s 1st public school district into a 403(b) retirement savings program (Dade County, FL)

1966  Enrolled company’s 1st university plan with Oregon University System. VALIC still serves them today.

1971-74  Played a leading role in preserving 403(b) annuities during ERISA legislative process

1986  Played a leading role in preserving 403(b) provisions during Tax Reform Act of 1986 legislative process

1987  Introduced a set of annuitization options and full-service plan administration

1990  Introduced array of index fund options

1994  1st to offer publicly available mutual funds in annuities for the 403(b) marketplace

         Introduced innovative computer-based asset allocation services

1998  Opened national Client Care Center – toll-free help from trained Client Service Professionals

2003  Pioneered the use of independent third-party investment advice and automated portfolio management services under the SunAmerica advisory opinion issued by the U.S. Department of Labor

2004  Introduced Plan Sponsor Online, a secure website for plan sponsors

         Introduced Retirement Manager – combination common remitter service, plan compliance tool and participant education resource

2005  Opened VALIC Retirement Education Center with licensed advisors to help educate individuals about sound investment management and distribution of retirement savings assets

2008  Introduced 403bUniversity.com, a complete online resource for plan sponsor use in every area of compliance

2010  Received seven Best-in-Class Awards for participant services from PLANSPONSOR Magazine, in a nationwide survey of plan administrators for defined contribution plans of all asset levels

Competitors

  • AXA Financial
    AXA
    AXA S.A. is a French global insurance group headquartered in the 8th arrondissement of Paris. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. The AXA group of companies engage in life, health and other forms of...

  • Diversified Investment Advisors
    Diversified Investment Advisors
    Diversified is "a mid market financial investment/record keeping firm that specializes in corporate retirement plans, with an avg. participant size of about 1000 to 5000 employees."- History :...

  • Fidelity
    Fidelity Investments
    FMR LLC or Fidelity Investments is an American multinational financial services corporation one of the largest mutual fund and financial services groups in the world. It was founded in 1946 and serves North American investors. Fidelity Ventures is its venture capital arm...

  • ING
    ING Group
    The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...

  • Lincoln Financial Group
  • MetLife
  • Nationwide Financial
  • TIAA-CREF
    TIAA-CREF
    Teachers Insurance and Annuity Association – College Retirement Equities Fund is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields...

  • The Vanguard Group
    The Vanguard Group
    The Vanguard Group is an American investment management company based in Malvern, Pennsylvania, that manages approximately $1.6 trillion in assets. It offers mutual funds and other financial products and services to individual and institutional investors in the United States and abroad. Founder...


External links

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