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Notice For Empower Account Holders

Empower Accounts Will Transition to AIG Retirement Services in September

At the time of the transition to a single-provider platform, we informed you that you could optionally transfer your assets from your Empower Retirement account to the new AIG Retirement Services platform. Empower accounts include those held through MassMutual (formerly the Hartford), which was acquired by Empower.

After the implementation, Empower informed CPS that it is unable to operate as a legacy vendor to the Plans and will cease serving as recordkeeper for CPS participants.

As a result of Empower’s decision – and in order to ensure that your account will continue to be maintained on a tax-advantaged basis – CPS will be working with Empower to transition your account, including any outstanding loan balance, to the new AIG Retirement Services mutual fund platform.

The transfer will take place in an automated fashion, with no action required by you. You don’t need to do anything right now unless you want to make changes to your account while it is still with Empower.

If you have questions about your current account at Empower Retirement, contact Empower at 1-855-756-4738 or access your account online at cpsretirementplans.empower-retirement.com. If you have questions about the transition of your account to AIG Retirement Services, contact the Talent Office at DCplans@cps.edu.

View the resources below for more information about the transition.

Important Dates

Please keep in mind these important dates about upcoming activities regarding the retirement plan transition. Consider adding them to your calendar.

 Deadline to Request Transition Services

  September 14, 2022, 3:00 p.m.

Last date you will be able to request a direct transfer, distribution, loan or hardship withdrawal from your Empower account.

 Quiet Period Begins at Empower

  September 21, 2022, 3:00 p.m.

During the quiet period, you will not be able to modify your plan account. Your account will remain invested during this period.

 Quiet Period Begins at AIG Retirement Services

  October 6, 2022, 3:00 p.m.

Account balances and transaction requests will not be available through AIG Retirement Services.

 Quiet Period Ends at AIG Retirement Services

  October 13, 2022, 3:00 p.m.

You will have full access to your account with AIG Retirement Services and can request account transactions.

Transition Guide

Please review the Transition Guide linked below for important information, including key dates between September 14, 2022 and October 13, 2022 regarding the transition.

View Guide

Transition Workshops

Retirement Plan Consultants from AIG Retirement Services will host information sessions in the coming weeks to discuss the Plans. We invite you to attend these sessions, ask questions and learn more about the Plan offerings.

The workshops cover the following topics:

  • How enrolling in your workplace retirement plan can benefit you
  • Review the new mutual fund investment offerings
  • What these changes mean for you

Register

Contact

Email: DCPlans@cps.edu

Phone: (773) 553-HR4U (4748)

Enroll: Visit AIG Retirement Services