William Davis was a little worried when he tried to update his retirement account online last Tuesday, and the company’s Web site wouldn’t work.

And when he called the company’s office, no one answered.

But there’s no need to worry.

About 300 Western employees, who have retirement accounts with American International Group, didn’t lose their money, said Tony Glisson, director of human resources.

The Federal Reserve Board lent AIG $85 billion last week to keep them from going under, Glisson said.

AIG’s main office, which is in Houston, Texas, was evacuated because of the hurricanes, said Davis, chair of the economics department.

AIG provides insurance such as life and health to businesses and individuals in addition to retirement funds, according to AIG.com.

Glisson said some Western employees have retirement accounts through the Variable Annuity Life Insurance Company, which partners with AIG in retirement funds.

Those accounts weren’t affected because the retirement portion of the company isn’t in trouble, and the company isn’t permitted to use retirement funds for other projects, Davis said.

The U.S. government owns 80 percent of AIG until they pay back the money, he said. AIG officials plan to sell company assets to pay back the 24-month loan.

Davis said the company was in danger of going bankrupt because officials sold too many insurance policies to cover mortgages that might default.

“They took some risks that they shouldn’t have,” he said.

They didn’t have enough money to cover those insurance obligations, Davis said.

He said U.S. legislators are considering a plan worth about $700 billion to aid other companies with similar problems.

Davis said he expects congress to take some kind of action soon.

This aid is necessary because these companies’ problems are grave, Davis said.

Since the government doesn’t usually help the private companies, officials might make plans based on getting this kind of help, Davis said.

Reach Christina Howerton at news@chherald.com.