The JP Morgan Retirement Plan Services comprises approximately 200 clients with nearly 1.9 million participants and $167bn in assets.
Under the terms of the agreement, which was originally inked in April this year, nearly 1,000 employees and management associated with JP Morgan will join Great-West Financial.
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The acquisition will enable Great-West to boost services in employer-sponsored retirement plan market, which encompasses small, mid and large-sized corporate 401(k) clients, government 457 plans and non-profit 403(b) entities as well as the private label recordkeeping business.
Great-West Financial president and CEO Robert Reynolds said the company will seek to help millions of working Americans to achieve dignified outcomes in preparing for retirement.
"We will deliver a new generation of savings vehicles, employee engagement strategies and innovative educational resources, client service and leading-edge technology," Reynolds added.
With the completion of the acquisition, Great-West believes has become one the second largest providers in the US defined contribution market with around seven million participants, and also record keeps about $400bn in retirement plan assets.
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