VALIC, the retirement plan provider that implemented the first 403(b) plan for a public school, has announced that it will now be known as AIG Retirement Services.
VALIC first made a 403(b) plan available to a public school in 1964. It provides retirement plans for healthcare, K-12, higher education, government, religious, charitable and other not-for-profit organizations. VALIC, whose parent company is AIG, is changing its name to AIG Retirement Services.
“While our name is changing, the goal that has defined our business since writing the first 403(b) plan for a public school remains the same — to help those who serve others plan for and achieve the financial futures they desire,” said AIG Retirement Services President Rob Scheinerman in a press release.
More information about the name change is available in a brief video here.
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Does anyone else remember that they did something similar to this back in like 2007 or so? They started the re-branding effort I think, then AIG nearly went bankrupt, so they pulled it all back or something...I don't fully remember. With VALIC being such a well known name in the 403b world, any idea on why they have decided to change? Just curious.