Richmond (Va.) Public Schools hired AIG VALIC as bundled provider for its $50 million 403(b) plan, said Casey Boggs, spokesman for AIG VALIC. Deborah Jewell-Sherman, superintendent, did not return calls. Officials chose one provider to simplify the plan, Mr. Boggs said; the previous providers were AIG VALIC, Great-West Retirement Services, ING U.S. Financial Services, and Lincoln Financial Group. No further information was available.
The plan offers 18 investment options plus three pre-optimized model portfolios and a fixed-rate option.