CSU Statement Regarding Selection of AIG Retirement
After a rigorous RFP process, the CSU selected AIG Retirement Services Company (AIG Retirement) as the Master Administrator of the TSA Program. Our decision was based on AIG Retirement's proven track record in that role, especially with other institutions of higher education. In addition, AIG Retirement, as one of the premier companies in its field, has a well-established suite of technology tools to ensure a successful implementation and the ongoing administration of the restructured CSU Tax Sheltered Annuity Program.
Some facts about AIG Retirement, and its parent American International Group, Inc. (AIG), are:
- AIG is a holding company which owns a variety of entities, including AIG Retirement.
- AIG Retirement is the marketing name for the operating companies that include AIG Retirement Services Company and the Variable Annuity Life Insurance Company (VALIC).
- These operating companies are separately incorporated entities domiciled in the state of Texas and regulated by the Texas Department of Insurance.
- These operating companies are adequately capitalized with excess reserves of $3.4 billion as of 6/30/08 (the most recent quarterly statement).
In light of recent events in the financial market, CSU re-examined its selection of AIG Retirement to ensure that they could perform to our required standards. After careful review, CSU is confident in moving forward with its selection of AIG Retirement as both the Master Administrator of the TSA Program and one of its five fund sponsors. We will closely monitor its performance and look forward to a successful partnership.