Summary
American Electric Power Company, Inc. (AEP) filed an 8-K on May 31, 2006, to report a temporary suspension of trading under several of its employee benefit plans. This "blackout period" is a necessary measure due to a change in the plans' record keeper from Fidelity Investments to JPMorgan, effective July 1, 2006, and a subsequent change in a number of investment options. During this period, participants will be unable to reallocate investments, obtain loans, or make distributions from their individual accounts within the affected plans. The blackout period is scheduled to commence on June 27, 2006, for the Retirement Savings Plan and June 30, 2006, for other specific plans, and is expected to conclude on July 5, 2006, when JPMorgan is slated to begin providing administrative and recordkeeping services. Investors who hold AEP stock within these plans should be aware of these trading restrictions and plan accordingly.
Key Highlights
- 1Temporary suspension of trading (blackout period) affecting multiple AEP employee benefit plans.
- 2Reason for the blackout is the change in record keeper from Fidelity Investments to JPMorgan, effective July 1, 2006.
- 3Participants will be unable to reallocate investments, obtain loans, or make distributions from their accounts during the blackout period.
- 4Blackout period for the Retirement Savings Plan begins June 27, 2006.
- 5Blackout period for other plans begins June 30, 2006.
- 6The blackout period is expected to end on July 5, 2006, with JPMorgan assuming recordkeeping duties.
- 7Participants are directed to JPMorgan Retirement Plan Services for inquiries regarding the blackout.