American Electric Power has decided to switch its 26,000-member, $2.8 billion 401(k) plan from Fidelity Investments to JPMorgan Chase to save participants $2 million in annual feeds, Columbus Business First reports. Previously, investors paid $10.5 million to Fidelity in 401(k) fees; that is expected to decline to $8.5 million in JPMorgan's 401(k).

The company itself will also pay lower administration fees, although it was not clear by how much. A filing with the Securities and Exchange Commission containing the most recent information shows that AEP paid Fidelity $842,014 in administration fees in 2004.

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