We're excited that you're with Empower
Effective January 4, 2021, Empower officially acquired the retirement business of MassMutual. Plan migrations to Empower’s recordkeeping platform are now underway. We have a team of Empower associates dedicated to executing migrations, so each plan’s service team can focus on business as usual.
Benefits of your migration to Empower
For your plan
- Continuity of service, coordinated with your plan’s advisor
- Additional services and programs to simplify plan administration
- Refreshed reporting and plan management tools
- A single, modern recordkeeping system
- Data protection through the Empower Security Guarantee*
- Thought leadership and legislative/regulatory insights
* For more information regarding account security and the Security Guarantee’s conditions, visit empowermyretirement.com and click on Security Guarantee at the bottom of the page.
Prepare for what’s ahead
We’ll notify plan sponsors, advisors and TPAs approximately 5 months in advance of the plan’s scheduled migration date.
Multiple communications and webinars will follow, which are designed to guide our clients through the process.
About 30 days in advance of the migration, Empower will begin sending a multi-touchpoint campaign to plan participants.
Additional resources for plan participants
At your discretion, advisors, TPAs and plan sponsors may share these optional resources with participants as your migration date approaches.
"Together, Empower and MassMutual connect a broad spectrum of strength and experience with a shared focus on the customer. We are excited about the opportunity to reach new customers and serve even more Americans on their journey toward creating a secure retirement."
Empower’s extensive experience will guide a smooth transition
Since 2004, Empower has transitioned 14 recordkeeping platforms, including:
J.P. Morgan Retirement Plan Services
Franklin Templeton Investments
MetLife Life Insurance Company
New England Life Insurance
General American Life Insurance Company
U.S. Bank Defined Contribution Services
Federated Insurance Companies
220+ full-time transition professionals including:
- Program management
- Data conversion
- Integration workstreams
Transitioning to the Empower platform will be different from a typical conversion and will require less action on your part.
About Empower Retirement
Retirement is our core business — it’s in the name.
We’re the second-largest retirement services provider in the United States, serving over 67,000 plans and 12 million participants.3 We’re singularly focused on retirement, with expertise across all plan types, company sizes and market segments.
The Empower Institute explores many aspects of the retirement savings puzzle and works to blaze the trail on potential solutions to some of the most vexing challenges facing American workers.
Award-winning education with measurable results
Delivering the right message to the right person at the right time.
PLANADVISOR best-rated 401(k) company by advisers
PLANSPONSOR Outstanding Service
Top ranked in 5 of 6 Financial Advisor IQ Awards
2020 Retirement Leader of the Year
11 P&I Eddy Awards
4 PCSA Signature Awards
183 Marcom Awards
93 Hermes Awards
Empower Retirement stats at a glance
Total assets under administration
Retirement plans under administration
Total plan participants
Retirement services company in the country
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Plan sponsor and TPA account management – 401(k) defined contribution plans
1 As of March 31, 2021. Information refers to the business of Great-West Life & Annuity Insurance Company and its subsidiaries, including Great-West Life & Annuity Insurance Company of New York and GWFS Equities, Inc. GWLA’s consolidated total assets under administration (AUA) were $1,065.8T. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA’s statutory assets total $74.5B and liabilities total $72.5B. GWLANY statutory assets total $3.7B and liabilities total $3.5B.
2 As of March 31, 2021.
3 Pension & Investments Defined Contribution Survey Ranking as of April 2020.
4 Total employees for U.S. and India locations as of January 4, 2021.
On December 31, 2020, Empower Retirement acquired the retirement business of Massachusetts Mutual Life Insurance Company (“MassMutual”). Following an initial transition period, Empower Retirement will become the sole administrator of this business. Empower Retirement refers to the products and services offered by Great-West Life & Annuity Insurance Company (“GWLA”) and its subsidiaries, including Empower Retirement, LLC. Empower Retirement is not affiliated with MassMutual or its affiliates.
Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal Capital. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.
©2021 Empower Retirement, LLC. All rights reserved.