A number of veteran teachers shared with me that while we’re covered by a pension and Social Security, I really shouldn’t assume that this will be enough to replace my income in retirement. The Securities and Exchange Commission (SEC) ordered AIG Unit VALIC to pay almost $40 million to settle claims of wrongdoing. The investigation focuses on whether incentives in Valic’s compensation structure representatives for selling higher-cost products to retirement plan participants and whether Valic discloses the payments its representatives receive on individual product sales. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA. Available by Appointment The inquiry centers on whether incentives in Valic’s compensation structure rewarded representatives for selling higher-cost products to retirement plan participants and whether Valic properly discloses the payments its representatives receive on certain product sales, the report said. The SEC order says the company, Valic Financial Advisors, “failed to disclose to certain Florida teachers who were potential and actual clients that VFA’s parent, The… AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. 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If you believe that you were sold higher-cost products in your retirement plan or have incurred excessive fees, contact a qualified, experienced investment attorney. Then, VALIC refuses to give me a contact name and number for the legal department, so I can at least have my attorney contact VALIC to help me get my own retirement monies. I have seen an increasing number of e-mails and searches regarding the Georgia Teacher Retirement System (TRS) and AIG VALIC. have a proven track record of getting results for clients. The U.S Securities and Exchange Commission (SEC) is investigating sales and disclosure practices at Valic, a subsidiary of American International Group, Inc. Our offices are located in Los Angeles, New York, Detroit, West Palm Beach, Naples and Miami, and we represent clients nationwide. The Teacher's Retirement System (TRS) is a defined benefit plan, meaning participants are guaranteed a set monthly retirement income from the plan. To look at a comparison of the … Please tell us what we can do to improve this article. Shares recovered somewhat to finish the day at $52.10, down 0.9%. Additionally, the SEC is inquiring about Valic’s arrangements with school districts. Retirement plans, including 401(k), 403(k), and 457(b) plans have been under heightened scrutiny over the past several years, as multiple class action lawsuits have shed light on rampant abuses in the retirement plan sector of the financial services industry. Lately, the spotlight has been intensifying on practices in the 403 (b) market, which are qualified retirement plans for teachers. The company specializes in tax-qualified retirement plans, supplemental tax-deferred and after-tax investments for employees working at K-12 schools, colleges, and not-for-profit organizations. 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