JPMorgan Chase has sold a retirement plan services business unit in Overland Park, Kan., to Great-West Financial in Greenwood Village, Colo.

A spokeswoman for the $2.5 trillion-asset JPMorgan Chase told American Banker in an email that the sale of its large-market recordkeeping business was "in the best interest" of the former unit's "large- and mega-plan clients and employees, providing continuity of service while leveraging the scale, capabilities and resources of a firm committed to excellence in recordkeeping and plan administration."

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