VALIC Wins K-12 Business in Md., Iowa

VALIC has been retained by Anne Arundel County (Maryland) Public Schools (AACPS) and the Iowa Department of Administrative Services (DAS) as a 403(b) and 457(b) plan provider.

In an announcement, VALIC said it will provide both AACPS and DAS plan participants onsite service with professional financial advisers who will work with participants on a wide range of retirement and financial planning issues. VALIC will also provide plan participants with a suite of Internet support services, including online transaction capability, seminar registration, and financial education.

In addition, according to the announcement, AACPS’ plan administrators and participants will gain access to VALIC Retirement Services’ Retirement Manager, a vendor-neutral solution for managing multiple retirement plans and multiple vendors. It provides plan sponsors with a variety of administrative and compliance services, while offering plan participants a single point of access to comprehensive retirement plan information, financial planning tools, and transaction capabilities across retirement products and carriers.

VALIC said AACPS is one of the 50 largest school systems in the country. The system reduced the number of current 403(b) plan providers from nine to four. The system has more than 10,000 employees.

Also an incumbent for the state of Iowa plans, VALIC will serve more than 25,000 eligible employees through that relationship.

VALIC has served as a plan provider for school districts, and higher education and health care institutions for more than 50 years. It has more than $50 billion in assets and manages plans for more than 25,000 groups, serving more than two million plan participants.