Great-West Financial® has announced plans to acquire J.P. Morgan’s large market Retirement Plan Services business. You may notice this as a change later this year in the company name and logo associated with the recordkeeping and administrative support for the AEP Retirement Savings Plan. This change will not impact your AEP Retirement Savings Plan account and no changes are anticipated in account service.
This announcement does not require you to take any action.
Your toll-free telephone number, website and fund options will not be affected. You will continue to be able to access your AEP Retirement Savings Plan account by calling 1-877-237-4015 or via www.aep401k.com, the retirement savings plan website. Additional information will be provided on AEP Now and at the retirement savings plan website as they become available.
Pending regulatory approval, the transaction is expected to close during the third quarter this year.
FAQs related to the announced plans for Great-West Financial® to acquire J.P. Morgan’s large market Retirement Plan Services business.
Q: What number will I call for my AEP Retirement Savings Plan questions?
A: You will continue to call 1-877-237-4015. You will still have access to your account 24 hours a day, seven days a week. Representatives are available to answer your questions Monday through Friday between 8 a.m. and 9 p.m. Eastern (7 a.m. and 8 p.m. Central), as always.
Q: What website will I go to access my AEP Retirement Savings Plan account?
A: Your account website will remain
www.aep401k.com and you will continue to have access to your account 24 hours a day, seven days a week.
Q: How will the change in ownership impact my service?
A: With the exception of a new name and logo for your retirement savings plan recordkeeper, probably sometime during the third quarter this year, no changes are anticipated in how your AEP Retirement Savings Plan account is serviced.
Q: Will this change affect my self-directed account?
A: No changes are anticipated.
Q: Does this mean my funds will change?
A: No. The change in ownership will not affect the investment options currently available to you through the AEP Retirement Savings Plan and your account will remain invested as you have directed. The only change you can expect to see in the near future, probably this summer, will be a new name and logo.
Q: Who is Great-West Financial?
A: Great-West Financial is a retirement savings plan recordkeeping firm based in Denver, Colorado. It is the fourth largest service provider in the retirement savings plan recordkeeping industry with $208 billion in assets under administration.
Q: What is going to happen to my money? Is it safe? What should I do now?
A: This change will not impact your account and there is nothing you need to do as a result of it. Your account is held in a trust separate from AEP and the general assets of the Trustee, J.P. Morgan Chase Bank, whose ownership is not affected by the Great-West transaction. This trust is set up for the sole benefit of the AEP System Retirement Savings Plan participants like you. As required by the Employee Retirement Income Security Act (ERISA), the trust assets are not subject to claims from creditors.
Q: What is going to happen to my loan? Can I still take one from my account?
A: This change does not affect the availability or administration of any participant loan, hardship withdrawal, distribution or any other transaction in your account. The name and logo of the Plan’s recordkeeper will change. You can continue to conduct any transactions under the AEP plan’s rules.
Q: When does this change take place?
A: The change in ownership of the Retirement Plan Services business from J.P. Morgan to Great-West Financial is expected to be finalized in the third quarter of 2014.
Q: Is there a deadline for me to make transactions on my account?
A: There is no deadline for you to make transactions in your account as a result of this change. The change in ownership should have no effect on the recordkeeping services provided for the AEP Retirement Savings Plan. You can continue to conduct any transactions allowed under rules of the AEP Retirement Savings Plan at any time via
www.aep401k.com or by calling 1-877-237-4015.
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