Who is the custodian for Empower retirement?
Great-West Trust Company, LLC.
Does AEP have a pension plan?
American Electric Power System Retirement Plan (AEP Retirement Plan) is a single-employer noncontributory corporate pension fund based in Columbus, Ohio.
Is empower retirement FDIC insured?
Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Funds May Lose Value | Not Insured by Any Federal Government Agency.
Does JP Morgan own Empower?
Great West Financial is merging all of the retirement plan services businesses into one new entity called Empower Retirement.
Is Empower owned by Great West?
Part of Great-West Life & Annuity Insurance Company, Empower Retirement is an indirect wholly owned subsidiary of Great-West Lifeco. Empower is led by President and CEO Edmund F. Murphy III.
How does a cash balance pension plan work?
Cash balance pension plans are defined benefit pension plans in which each participant has a hypothetical account that is credited with a dollar amount. The account earns interest based on an employer contribution usually calculated as a percentage of pay.
Is empower owned by MassMutual?
Empower is not affiliated with MassMutual or its affiliates.
Is Empower a fiduciary?
Empower representatives offer fiduciary investment advice designed to meet ERISA’s standards, to participants in both ERISA and non-ERISA plans. “Empower is taking the additional responsibility of being a fiduciary even though Reg BI does not require it.
Is cash balance pension better than 401k?
If you want to make a modest contribution (say $10,000 to $30,000) the 401(k) is usually the best option. But if you want to make a $100,000 contribution then the cash balance plan may be right for you.
Is empower retirement free?
Empower Premier IRA Save for retirement with straightforward help and advice on your financial goals. There are no annual fees, access to over 150 mutual funds, guaranteed income and professional investing advice.
How do I contact AEP retirement?
Pet Insurance – MetLife 1-800-438-6388 www.metlife.com/mybenefits Retirement – AEP Benefits Center 1-888-237-2363, select Option #1, then Option #2. AEP Benefits Center Website (effective July 1, 2019): www.aepbenefits.com Retirement Savings – Empower Retirement 1-877-237-4015 www.AEP401k.com
What benefits does AEP offer?
Benefits that help you get ahead – like our “cash balance” pension plan that lets you take your entire balance when you leave AEP with three years of service no matter how old you are – on top of a 401K plan that matches 75% of your contribution if you contribute 6% of your salary.
Who is the CEO of AEP?
He will report to Nicholas K. Akins, AEP chairman, president and chief executive officer. At AEP, we hire bright, enthusiastic people with diverse skills, talents, and ideas to serve our more than five million customers across 11 states.