Inside Duke Medicine
AIG answers questions
posted September 17th, 2008News coverage over the past several days has raised questions about AIG/VALIC Retirement Plan funds. Jim Simone, vice president for relationship management with AIG/VALIC, supplied the following information:
—VALIC (The Variable Annuity Life Insurance Company) is an insurance company incorporated and protected by Texas state insurance regulations. VALIC is a wholly owned subsidiary of AIG, and VALIC’s funds are completely separate from the parent company AIG.
—Texas state insurance law regulates VALIC and the general account. These laws help to preserve and enhance the solvency of the general account and to assure that the contractual obligations to insurance clients are fulfilled.
— VALIC’s fixed options provide fixed rate earnings and a guarantee of principal. This guarantee is backed by the claims-paying ability of VALIC, which supports only the obligations of VALIC, not any obligations of AIG.
—Participant assets in variable annuity account options are invested in mutual funds regulated by the SEC and are separate and distinct from any AIG assets.
—If AIG is not able to resolve its issues, any federal filing would not involve VALIC.
At Duke, general inquiries can be directed to human resources at (919) 684-5600 (ask for a benefits retirement representative). If you have questions about your AIG/VALIC investments, you can call AIG/VALIC at (919) 401-3252.