Company history and heritage

We believe people deserve better than a one-size-fits-all solution

That’s why we take a collaborative approach to retirement savings that’s driven by personalization, simplification and exceptional service. And we’re committed to constantly improving this approach — by holding ourselves accountable and leading the way through innovation — so we can deliver the results our clients deserve.

Empower can be traced back to 1891, when our parent company provided insurance on the Canadian prairie. After more than a century of evolution, the modern iteration of Empower launched in 2014 with the union of portions of Great-West Financial, J.P. Morgan Retirement Plan Services and Putnam Investments. Between 2020 and 2022, Empower cemented its position as an industry leader with the acquisitions of Personal Capital and the financial retirement businesses of MassMutual and Prudential.

Empower is now the second-largest retirement plan provider¹ in the United States, with more than 17 million participants², and with the acquisition of the digital first wealth management platform Personal Capital in 2020, Empower Retirement is even better equipped to help millions save for the future they imagine.

Yet our founding mission remains unchanged. We believe helping people pursue a better future means giving them the tools and resources to take control of their finances. That's why we're called Empower.

110+ years serving customers

Robert L. Reynolds named CEO of GWL&A, leading both Great-West Financial^® and Empower.

2011

The company introduces a financial literacy grant initiative to help promote financial education among students in Colorado schools.

2007

Franklin Templeton Investments transitions its 401(k) recordkeeping business to Empower.

2006

Empower acquires a block of 401(k) and defined benefit plan businesses from Metropolitan Life Insurance Company and its affiliates as well as General American Life Insurance Company and New England Life Insurance Company. It also acquires U.S. Bank’s bundled, full-service defined contribution business.

2003

Empower acquires 401(k) administration subsidiary EMJAY Corp. and the group retirement business of Federated Insurance Companies.

1993

GWL&A establishes Financial Administrative Services Corporation (renamed FASCore, LLC), as a wholly owned subsidiary to provide recordkeeping and administrative services for retirement plans offered by other financial institutions.

1992

The Great-West Life Assurance Company (Great-West Life) completes the transfer of its U.S. operations to U.S. subsidiary GWL&A. GWL&A’s retirement business, now known as Empower, introduces a proprietary retirement plan recordkeeping platform.

1985

The company begins offering services to 401(k) defined contribution plans for private employers.

1983

Outgrowing its downtown Denver location, the company moves its U.S. headquarters to its current campus in Greenwood Village, Colorado.

1979

The formal process of splitting U.S. and Canadian operations begins. The company builds a new office complex in downtown Denver to house its U.S. headquarters.

1978

The company begins offering services to Section 457 deferred compensation plans for public sector employees in the U.S.

1962

The company begins offering services to Section 403(b) retirement savings plans for nonprofit organizations. U.S. customers account for half of Great-West Life’s annual sales.

1940

Empower begins offering services to tax-advantaged retirement savings plans for U.S. employers under Internal Revenue Code Section 401(a).

1907

The company, now known as GWL&A, is incorporated in Kansas as The National Interment Association.

1906

Great-West Life opens its first U.S. sales office in Fargo, North Dakota.

1891

The Great-West Life Assurance Company (Great-West Life) is incorporated in Winnipeg, Manitoba.

1 Pension & Investments Defined Contribution Survey Ranking as of April 2020.

2 As of September 30, 2022. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAIC) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EIC), marketed under the Empower brand. EAIC’s consolidated total assets under administration (AUA) were $1,240.5B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. As of September 30, 2022, EAIC’s statutory assets total $76.1B and liabilities total $73.0B. ELAINY’s statutory assets total $7.0B and liabilities total $6.7B. EIC’s statutory assets total $80.7B and liabilities total $79.6B.

RO1895731-1121

Our History

We believe people deserve better than a one-size-fits-all solution

110+ years serving customers

2022

2021

2020

2019

2018

2017

2016

2015

2014