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AIG Life & Retirement is now Corebridge Financial. We are currently updating our websites and materials to reflect this change. Rest assured—whether you see Corebridge or AIG—you’re in the right place. 

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This website is intended for retirement plan consultants. If you’re looking for individual services, please visit aigrs.com.

Smart use of data increases retirement plan enrollment and contributions.

Problem:

Low participation in company 403(b) plan

An organization in the healthcare industry with nearly 8,500 employees offered a generous 403(b) retirement plan. There was an annual 3% contribution for all employees plus a 50% match up to 6% of compensation. 

  • All the employees were eligible to participate, yet voluntary participation topped at around 75%. 

With an eye on improving employee participation, AIG Retirement Services was enlisted to partner with the company to create a targeted data-driven strategy that identified specific employees who were underutilizing plan benefits.

Solution:

One goal was to identify which of the healthcare system’s locations had the largest population of non-participating employees and then determine which were the top non-participating departments at each location. The data indicated there were 227 employees who weren’t participating in the 403(b) plan. 

“To assist in workload sharing and to ensure all departments received an equal opportunity to meet with an advisor, the departments were divided up by the advisor team,” said  Yarmon Kennedy, Vice President of Strategic Planning at AIG Retirement Services.
“The advisors attended departmental meetings and showed up during cafeteria hours to help engage employees one-on-one and to encourage action toward saving.”

Results:

Over a 12-week period, the targeted approach led to impressive results of 40% employee engagement in the identified departments.

34% increase
in personal
counseling sessions

9.25% increase
in enrollments / restarts

9.25% increase
in advisor-led
contribution increases

As with all our plan sponsors, we continuously work to find solutions that drive results. So, let’s talk about what AIG Retirement Services can do for your organization!

Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment advisor.

Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA. Guarantees are backed by the claims-paying ability of VALIC and are not the responsibility of AIG. VALIC, VFA and ACS are members of the American International Group, Inc. (AIG).

AIG Retirement Services represents AIG member companies—The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO).  All are members of American International Group, Inc. (AIG).