Empower will continue 15-year relationship providing retirement plan administration for approximately 300,000 Texas employees  with $7B in AUA 

GREENWOOD VILLAGE, COLO. June 22, 2026 – Empower, a leading provider of retirement and wealth management solutions,¹  announced today they have renewed their contract with the Texa$averSM 401(k) / 457 Program of the Employees Retirement System of Texas (ERS).

The six-year contract, which was approved by the ERS Board of Trustees, is effective Jan. 1, 2027, through Dec. 31, 2032. 

“With a local presence in Austin, TX, and relationships across 200+ state agencies and some higher education institutions, Empower has proudly served Texans with personalized service grounded in local experience,” said President of Empower’s Workplace Solutions Joe Smolen. “Our Texas-based team understands their priorities and has helped the State of Texas reinforce its role as a model public employer. We are proud to be able to continue working together.” 

Empower will continue providing administration for the Texa$aver deferred compensation program’s 401(k) and 457 retirement plans for roughly 300,000 Texas employees with approximately $7B in AUA. 

Through its relationship with ERS, Empower also provides its My Total Retirement™ professionally managed investment and planning service to employees of Texas agencies and higher education institutions, allowing accountholders access to personalized retirement strategies based on each individual’s full financial picture.

“Empower’s seven local, dedicated retirement plan advisors (RPAs) — including two Spanish-speaking representatives — have built strong, trusted relationships with participants across the state,” said Marybeth Daubenspeck, executive vice president of Government and Taft-Hartley Markets at Empower.

Daubenspeck indicated that both of the deferred compensation plans have experienced significant growth in participation, contributions, and assets — reflecting the strength of the plan and increasing engagement among employees statewide. 

Since ERS first awarded the administrator contract to Empower in 2009, Texa$aver 401(k) plan assets have grown by 88% and the Texa$aver 457 plan assets have more than doubled, increasing 106%. Annual 401(k) contributions have increased by nearly 45% and annual 457 contributions have grown by over 30%.

“The continued growth of Texa$aver shows that our members are actively engaged in their retirement security, and this renewed partnership helps ensure they continue receiving high‑quality administration at lower-than-average costs. This contract helps ensure employees of the state have the tools, guidance, and support they need to make confident decisions about their retirement,” ERS Executive Director Porter Wilson said. 

ERS introduced a voluntary 457 plan in 1974 as a way for state employees to supplement the retirement income they would receive from the state’s pension program. They added the 401(k) plan in 1985. Today, the Texa$aver 401(k) / 457 Program serves state agency and higher education employees and retirees. Texa$aver is funded entirely by participants and receives no funds from the State of Texas. 

ERS manages benefits for employees and retirees of State of Texas agencies and participating higher education institutions. These benefits contribute to the financial security and well‑being of employees, retirees, and their families and are an important component of their total compensation.

Empower is one of the largest providers of government 457 retirement plans in the country, serving entities across states, cities, counties, municipalities, associates, territories, and special districts (such as transit and utility), as well as police and fire departments, providing recordkeeping, administration, or investment services for 29 state retirement programs. 

Learn about Empower’s 2026 government research, Empowering America’s Financial Journey Government Sector 2026 | Empower.

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About Empower

Recognized as a leader in retirement services and wealth management,¹ Empower administers over $2.0 trillion in assets² for more than 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

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