American Express Financial Advisors has added two telephone service lines, one for the general public and one for American Express Retirement Services 401(k) plan participants, which will provide support for individuals who are changing jobs or retiring, the firm announced today.
"In these times of increased job transition, workers need greater support to help them safeguard their retirement savings," said Rusty Field, VP of financial education and planning services at Amex.
The public line, which is being called the IRA Solutions Center, is a toll-free number whereby individuals can seek out retirement plan advice. Retirement specialists will be on hand to provide information on retirement plan distributions and IRAs, help set up IRA accounts and mail out product information. The specialists will also be referring callers to Amexs advisors within the callers region. Amex will include the phone number in advertisements and informational materials given to the public, the company said.
The other phone line, for Amex plan participants, is an enhancement of the firms existing Distribution Helpline. The Retirement Success Line, as it will now be called, will feature specialists who will provide information on participants distribution options, help them through the distribution and rollover process should they want to roll assets into an IRA, and then complete the necessary paperwork and send it to them.
Amex Retirement Services provides defined contribution and 401(k) plan services to more than 1.2 million participants with total combined assets of nearly $32 billion, according to the company.