The viscoelasticity of latex dispersions containing triblock associative polymers exhibits multiple modes of relaxation. Here we confirm that the behavior at high frequency is imparted by the associated solution and characterized by a high frequency modulus and relaxation time comparable to the neat micellar solution at the same concentration. At low frequencies, diffusional modes of the particles generate a power law spectrum of relaxation times. Here the time scales and the volume fraction dependence of the contribution reflect the slower dynamics of particles incorporated into a percolating network via weak attractions between the adsorbed polymer layers. The viscoelasticity of the dispersions is correlated by superimposing the two modes.