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AEP Retirement Savings 401(k) Plan
AEP offers a Retirement Savings 401(k) Plan through Empower. Participants in this Plan may contribute up to 50% of their eligible pay, subject to IRS limits as before tax, Roth or After-tax contributions. Although the amount that can be contributed as before tax or Roth contributions is limited ($23,500 for 2025), participants who will be age 50 or older by the end of the year may make "catch-up" contributions (up to $7,500 for 2025), and participants who will be age 60 to 63 by the end of the year can elect up to 150% of that as their “catch-up” ($11,250 for 2025).
Eligibility and Automatic Enrollment
You're eligible to participate in the AEP Retirement Savings 401(k) Plan if:
- You are an active full-time or part-time employee with a participating AEP Company, as well as temporary employees, co-ops, and interns.
- You are not a member of a collective bargaining unit that hasn't bargained for coverage under the Plan.
- If you are a new employee or rehired employee and you do not actively choose your contribution rate or elect to opt out of the Plan, you will be automatically enrolled in the Plan with a 6% pretax deferral of eligible pay. You will have a 21-day grace period to opt out of automatic enrollment.
Company Matching Contributions
AEP contributes 100% on the first 1% of each participants' eligible pay contributed to the 401(k) Plan—plus 70% on the next 5% of participants' eligible compensation contributed, each pay period. “Eligible pay” includes base pay, shift differential/Sunday premium pay, incentive pay, commissions and overtime pay.
Access Your Online Account
Visit aep401k.com to manage your account:
- Change your contribution percentage.
- Change your type of contribution (before-tax, after-tax, Roth 401(k) and/or catch-up).
- Change your investments.
- Elect the annual automatic contribution increase option.
- Enroll in 401(k) guidance from Empower Retirement Advisory Services.
- Designate a beneficiary.
- For additional assistance, call Empower at 1-877-237-4015.
Once automatically enrolled, contribution percentages may be changed by calling Empower at 1-877-237-4015 or by logging in to your account at aep401k.com.
Withdrawals
Although the AEP Retirement Savings 401(k) Plan is designed to help you prepare for a financially secure future, we know there are times when you may need money for an emergency. That's why you may access your funds through loans, hardship withdrawals, non-hardship withdrawals and partial distributions, depending on your need.
Unless you qualify for a loan or another withdrawal option above—you're not eligible to take a distribution from your account until age 59½. If you do, the money you take out will be subject to income taxes, as well as a 10% early withdrawal penalty. See the AEP Retirement Savings 401(k) Plan Summary Plan Description to learn more about distributions, withdrawals and loans, as well as applicable taxes and possible penalties. The 401(k) SPD can be accessed at the link below.
AEP Pension Plan
The AEP Pension Plan is designed to supplement personal retirement savings. The AEP Pension is funded by AEP and the balance grows over time with the additions of:
- An annual company credit of between 3%–8.5% of eligible pay, based on age and service.
- An interest credit applied each year until payments begin.
After three years of service, you are considered vested and can take your benefit with you if you leave AEP. If your employment with AEP ends before completing three years, you will not be vested and will forfeit your Pension Benefit. Benefit payments can be postponed when a participant is no longer employed with AEP. Distributions may also be rolled over to another qualified Retirement Plan or IRA. If payments are postponed, company credits will no longer be applied, but the account will continue to grow through annual interest credits.
Beneficiary
It's important to designate a beneficiary for your Retirement Plan benefit. After one year of service, a beneficiary should be designated for the Pension benefits. Beneficiaries can be updated by logging into aepbenefits.com and clicking on AEP Pension Plan. If you are married and designate anyone but your spouse, spousal consent is required.
New Hires
Participation in the Plan automatically begins after one year of service.
Questions?
Contact AEP Pension Support Team 1-888-237-2363 Monday - Friday, 8:00 a.m. - 8:00 p.m. EST
AEP Total Rewards Statement
Log in to aepbenefits.com and click the Total Rewards link to get a personalized summary of how AEP invests in you; including your Compensation, Retirement and Pension Plans, Health and Welfare Benefits, and more.
Financial Well-Being
Ayco Financial Counseling provides support with managing personal finances, navigating life events and understanding AEP benefits through their digital platform and one-on-one guidance from a coach.
Ayco can help answer benefits related questions, like:
- Am I making the most of my benefits?
- Does a Health Savings Account make sense for me?
- Do I need additional insurance coverage?
- Is there anything else that I should be thinking about?
- How can I better manage my cash flow?
- Am I on track to meet my retirement goals?
- Are my investments appropriately diversified?
Work with Ayco to develop a personal connection with a coach to help motivate, educate and guide you on a path to financial wellness. Attend a webinar >
Contact Ayco at 1-866-217-8693 Monday - Thursday: 9:00 am - 8:00 pm EST Friday: 9:00 am - 5:00 pm EST
Explore interactive learning content and organize many financial accounts in one place with Ayco360. Access Ayco’s digital platform at ayco.com/login/aep.
Advisory services offered by The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management ("Ayco Personal Financial Management" or "Ayco"), a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC ("GS&Co.") and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization. Brokerage services are offered through GS&Co. and Mercer Allied Company, L.P. (a limited purpose broker-dealer), both affiliates of Ayco and members FINRA/SIPC.
Credit Unions
With competitive savings and loan programs, and the option of signing up for direct deposit, a credit union can offer just the right balance of service and convenience.
The option to join a credit union is available at many AEP locations. For more information, contact the Employee Service Center via email at HR@aep.com or call 1-888-237-2363 (Option 5).
Direct Stock Purchase Plan
The AEP Dividend Reinvestment and Direct Stock Purchase Plan provides a convenient and economical way to purchase shares of AEP common stock without payment of brokerage fees.
To enroll in the program, you'll need to complete an Employee Enrollment Form and Payroll Authorization Form, which you can obtain—along with a prospectus—from AEP Investor Relations by contacting Rhonda Owens-Paul at rkowens-paul@aep.com or calling 1-614-716-2819.
You may enroll in the Plan with voluntary cash payments without paying an enrollment fee and arrange to make voluntary cash payments through regular payroll deductions.
You can invest in up to $250,000 worth of stock per calendar year, with a minimum investment of $5.
U.S. Savings Bond Program
AEP offers the opportunity to purchase a U.S. Savings Bond through direct deposit, making it easier to save this way.
In addition to generally being a safe investment because they're backed by the U.S. government, U.S. Savings Bonds offer these advantages:
- They're easy to buy without a broker's help, especially since you can purchase them directly through your pay.
- You don't pay state or local taxes on the interest you receive.
- You don't pay federal tax on interest you receive until you cash them in.
- You can receive tax benefits if you use the bonds for education.
- You can buy savings bonds for as little as $25.
- Savings bonds are available only online, but the interest is deposited automatically to an account of your choice.
U.S. Savings Bonds come with these disadvantages:
- They are are not liquid, meaning you can't tap them immediately for cash.
- You must hold this investment for at least one year. And if you don't hold the bond for five years, you lose three full months of interest.
- Plus, the interest you'll earn is typically low.
AEP offers convenient direct deposit to your savings bond account. To establish a direct deposit account, go to Workday > Profile icon in upper right-hand corner > View Profile > Pay Tab > Payment Elections.
Student Loan Refinancing
AEP partners with SoFi to offer student loan refinancing to employees, retirees, and their families. To check your refinancing rate and get a $500 cash bonus, visit sofi.com/aep. For additional questions, call SoFi at 1-833-277-7634.
This guide is not intended to be a Plan document, Summary Plan Description, or required notice with respect to any of the Plans mentioned. AEP reserves the right to modify, amend, suspend, or terminate the Plans at any time. Refer to the applicable Plan document if you have any questions relating to a specific Plan or benefit.