An American International Group Inc. subsidiary has developed a no-load mutual fund retirement savings product for the kindergarten-through-12th-grade: 403(b) plan market.

AIG VALIC, Houston, a unit of AIG, New York, says its new Profile Retirement Program offers direct access to about 30 no-load mutual funds, including passive index funds as well as actively managed funds, along with administrative and compliance support services.

Expense ratios for the funds range from 0.35% to 1.17% and average 0.8%, AIG VALIC says.

Participants can manage the accounts through the Web and get support and investment advice from a client care center and a retirement education center, the company says.