AIG SunAmerica Retirement Markets Inc. has introduced a defined contribution retirement program that could help send consulting and compliance business to smaller firms.[@@]
AIG SunAmerica, Los Angeles, a unit of American International Group Inc., New York, says its new program, The CHAMBERplan TPA program, will give employers the ability to combine 401(k) plan design, compliance and consulting services from local “third-party administrators” with administration and recordkeeping services from a unit of Automatic Data Processing Inc., Roseland, N.J.
AIG SunAmerica already has introduced an older version of the program, The CHAMBERplan for Retirement, that relies on ADP to provide all plan administration and recordkeeping services.
The new program will be good for employers who want to work with local benefits advisors to tailor 401(k) plans to fit their specific needs, AIG SunAmerica says.
CHAMBERplan TPA program features include a plan that offers a menu of 20 investment options, a 1-year fixed account investment option, and a death benefit, AIG SunAmerica says.