>

Plan Types FICA Alternative Plan Part-time, seasonal or temporary employees are important contributors to your organization, and a FICA Alternative Plan can help you attract, reward and retain these valued employees and reduce expenses for your organization. VALIC's FICA Alternative Plan can help your part-time, seasonal or temporary employees accumulate money for retirement. This is all possible because Congress, through the Internal Revenue Code (IRC), permits employers to offer alternative plans that provide retirement benefits comparable to Social Security benefits. This means that part-time, seasonal and temporary employees who are ineligible to participate in your organization's retirement plan can begin making pre-tax contributions to a retirement savings plan. This alternative plan gives these employees access to some of the unique and important advantages of tax-deferred investing,1 which were previously available only to full-time employees. Also, employee contributions are made automatically and conveniently by salary reduction on a pre-tax basis. Plan features Product features and advantages Portfolio Director Fixed & Variable Annuity investment options Plan features Enrollment in the plan is automatic and mandatory for all part-time, seasonal or temporary employees not covered by an employer-sponsored retirement plan. Employers may save up to 6.2% of gross payroll if the plan is funded solely by employee contributions. No minimum age, service requirement or waiting period is necessary. VALIC maintains all participant accounts. VALIC's Portfolio Director Fixed and Variable Annuity is the investment vehicle. Portfolio Director requires a minimum $50,000 annual plan contribution with the FICA Alternative Plan. Employees manage their own investment plan and portfolio. Participant account balances are updated daily and accounts may be accessed on the Web or by an automated, toll-free telephone system. Account statements are provided to the employer and each active employee. [ BACK TO TOP ] Product features and advantages Portfolio Director FICA Alternative Plan features and advantages include: Pre-tax contributions1 Tax-deferred growth1 Broad array of variable investment options Fixed option with competitive interest rate No account maintenance fees2 Employer and employee statements No charge for transfers among investment options No surrender charges2 Initial deposits default to Short Term Fixed Account. [ BACK TO TOP ] Portfolio Director Fixed & Variable Annuity investment options View Portfolio Director investment options. [PDF] View fees and expenses. [PDF] 1 Annuities are long-term investments. Income taxes are payable upon withdrawal. Federal restrictions and tax penalties may apply to early withdrawals. 2 Other fees may apply and are described in the current underlying fund prospectus. The asset management fee is not charged against the fixed accounts. #40015