Two units of American International Group Inc. have announced additions to their retirement services product lines.
AIG SunAmerica Retirement Markets Inc., Los Angeles, one arm of AIG, New York, has introduced the AIG SunAmerica Individual 401(k) plan.
Purchasers can get lifetime income guarantees through the plan by buying a MarketLock for Life Plus rider along with an AIG SunAmerica variable annuity, AIG SunAmerica says.
The rider can protect against reductions in retirement income, and it can help guard against inflation by “stepping up” and locking in income tied to investment gains, AIG SunAmerica says.
AIG SunAmerica Life Assurance Company is responsible for backing the VA guarantees.
Another AIG unit, AIG VALIC, Houston, has arranged with Ibbotson Associates, a unit of Morningstar Inc., Chicago, to help sponsors of 403(b) plans in the K-12 education market select plan investment option menus.