Through the integration of defined contribution (DC) and defined benefit (DB) plans, AIG says its new “Total Retirement Services,” officially launched today, will bring retirement plan participants a simplified look at how much money they may have in retirement—whether that comes from their 401k account, a pension or both.
New York-based AIG Retirement Services says the comprehensive solution will combine and simplify the DC and DB retirement plan experience for employees and employers.
With a single website and mobile app, comprehensive account statements, a toll-free call center and access to a financial professional, employees will have what they need to help them make more informed decisions about their retirement savings, investments and timing, the company said in a Dec. 8 statement announcing the new offering.
“In the current environment, employers are being asked to do more to contribute to their employees’ well-being,” said Gilliane Isabelle, Chief Distribution Officer, AIG Retirement Services. “Our Total Retirement Services enables employees through holistic financial planning and a clear line of sight into their future retirement paycheck—while also assisting employers with the burdens of plan maintenance and compliance.”
Bringing together plan administration and recordkeeping for DC and DB plans, AIG says Total Retirement Services alleviates the time and resources spent by employers on the logistical challenges in bringing employees a holistic view of their complete retirement benefits. The end-to-end program will maximize the value of retirement plans through best-in-class technology, retirement benefits expertise and advanced compliance support.
To launch Total Retirement Services, AIG Retirement Services has engaged Findley, a division of USI, to provide DB administration services, drawing from a 50-year history of supporting pension plans and providing solutions that are cost-effective, minimize sponsor time commitments, and control compliance risk.