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AIG Unit Issues Group Fied Annuity

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AIG VALIC has introduced a guaranteed, fixed-rate annuity aimed at 401(k) plans and other employer-sponsored retirement plans.[@@]

The AIG VALIC Guaranteed Fixed-Interest Option product is a group fixed, unallocated annuity contract.

AIG VALIC, Houston, will sell the contract through broker-dealers and benefit plan administrators for use in 401(k), 403(b), 401(a) and 457(b) retirement plans.

The contract features a minimum guaranteed credited interest rate of 2% in most states and a minimum rate of 3% in New York, Oregon and Utah. The product offers record-keeping fees and commissions.

AIG VALIC is a unit of American International Group Inc., New York.