US-based retirement savings company AIG SunAmerica Retirement Markets has announced the introduction of The CHAMBERplan Third Party Administrator (TPA) option, a new version of its previous retirement scheme that now allows employers to create a customized retirement plan.
The CHAMBERplan TPA scheme is specifically geared towards small- to medium-sized businesses, allowing employers to work with a local third-party administrator for retirement plan design, compliance testing, and consulting services.
According to SunAmerica, the plan offers a death benefit, 20 investment options from ten respected money managers and planning tools for plan participants including automatic account rebalancing and a feature that will automatically increase contributions annually.
ADP Retirement Services, a provider of integrated outsourced payroll and human resources services, will handle the administration and record-keeping services for SunAmerica’s new option. We are excited to grow our long-standing relationship with AIG SunAmerica, said Anish Rajparia, senior vice president of ADP.
Based in Los Angeles, SunAmerica is owned by insurance and financial services giant American International Group (AIG). With operations in more than 130 countries, AIG serves commercial, institutional and individual customers through a global insurance network.