We estimate that teacher retirement assets (in both defined benefit and defined contribution plans) aggregate to over $2 trillion. Translations services are available. The U.S Securities and Exchange Commission (SEC) is investigating sales and disclosure practices at Valic, a subsidiary of American International Group, Inc. If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. Our offices are located in Los Angeles, New York, Detroit, West Palm Beach, Naples and Miami, and we represent clients nationwide. Lately, the spotlight has been intensifying on practices in the 403 (b) market, which are qualified retirement plans for teachers. 1 “Retirement Research 2012: Use and Impact of Advisors,” LIMRA; “A Survey of Retirement Readiness,” Investment News, October 2, 2011; “Working with an Advisor,” ING Retirement Research Institute, 2010.. The investigation focuses on whether incentives in Valic’s compensation structure representatives for selling higher-cost products to retirement plan participants and whether Valic discloses the payments its representatives receive on individual product sales. Valic provides retirement products to employees in K-12 schools, colleges, and not-for-profit organizations. That timely advice has really paid off. Valic provides retirement products to employees in K-12 schools, colleges, and not-for-profit organizations. Retirement plans, including 401(k), 403(k), and 457(b) plans have been under heightened scrutiny over the past several years, as multiple class action lawsuits have shed light on rampant abuses in the retirement plan sector of the financial services industry. I figured wrong Unfortunately, I'd forgotten about the other set of hands that's all over her money: AIG VALIC's. T That is a pool of assets that should be managed with due care and candor. We look forward to continuing to work with VALIC and Lincoln to help prepare our employees for the retirement they deserve,” Adams said. The company specializes in tax-qualified retirement plans, supplemental tax-deferred and after-tax investments for employees working at K-12 schools, colleges, and not-for-profit organizations. “We cannot comment at this time on any regulatory inquiries or related personnel matters,” an AIG spokesman told Reuters. have a proven track record of getting results for clients. AIG Retirement Services represents AIG member companies - The Variable Annuity Life Insurance Company (VALIC), Houston, TX and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). The U.S. Securities and Exchange Commission is probing sales and disclosure practices at Valic, a unit of U.S. insurer American International Group Inc, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter. According to the SEC’s order, VFA’s parent company, The Variable Annuity Life Insurance Company (VALIC), for 13 years made payments to an entity owned by the Florida teachers’ unions in exchange for that entity’s exclusive endorsement of VFA as its preferred financial services partner and the entity’s agreement to not promote or endorse VFA’s competitors. Variable annuities are long-term financial products designed for retirement purposes. In my very first month as a teacher, they convinced me to enroll in the 403 (b) savings program. Please tell us what we can do to improve this article. VFA and VALIC earned more than $30 million on the products it sold … What happens… The Securities and Exchange Commission today announced a $40 million civil settlement with a financial adviser it says violated the rules in promoting retirement investments to Florida teachers.. SEC chairman Jay Clayton. A number of veteran teachers shared with me that while we’re covered by a pension and Social Security, I really shouldn’t assume that this will be enough to replace my income in retirement. Public school teachers, who number approximately 3.3 million in total, also have substantial assets in defined benefit plans. The investigation into Valic appears to be part of a broad inquiry by the SEC into sales of high-cost products in retirement … The 403(b) plan is a voluntary, defined-contribution, tax-deferred as well as Roth after-tax plan governed by the Internal Revenue Code 403(b). That means a $250 monthly contribution with 8% growth over 35 years will amount to either $336,320; $409,585; or $548,750 at retirement, depending on whether you paid fees of 2.25%; 1.4%; or .0.18%. Thank you! Your Retirement - Georgia's TRS and AIG VALIC I wanted to try and explain something that I have noticed for the past few weeks. 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