A unit of American International Group Inc. is going after small and midsize employers’ 401(k) plan business.
AIG SunAmerica Retirement Markets Inc., Los Angeles, has introduced the Polaris401(k) program, which will provide simple, affordable 401(k) plans designed for small businesses, the unit says.
AIG SunAmerica is selling the plans through financial advisors.
The plans, which are backed by group variable annuities issued by AIG SunAmerica Life Assurance Company of Delaware, offer investment options from 14 money managers and include no proprietary fund requirements, according to AIG SunAmerica.
The program also offers asset allocation models, automatic account rebalancing, and a choice of versions that include plan administration services and versions that give employers the ability to choose their own administrators.
AIG SunAmerica has hired a unit of Automatic Data Processing Inc. Roseland, N.J., to handle plan administration for employers that want administrative services.