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Empower and City of Pasadena extend 10-year partnership
GREENWOOD VILLAGE, COLO. November 28, 2022 – Empower announced today it will continue its decade-long partnership with the City of Pasadena and continue to provide 457 and 401(a) defined contribution recordkeeping services totaling $342 million in assets.*
The partnership began in 2012 and the city currently employs more than 2,000 government workers.
“We are so grateful that the City of Pasadena chose to continue partnering with Empower, and we are all looking forward to providing customized solutions to help the unique needs of these government employees –so they can all retire with the financial freedom they deserve,” said Dan Morrison, senior vice president, government markets at Empower.
Pasadena, known as the “City of Roses,” combines world-class events, science and technology, arts and culture, history and architecture with great neighborhoods and opportunities for all – and is home to the famous annual Rose Parade and Tournament of Roses.
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.
The term renewal began July 1, 2022, with a three-year contract through June 30, 2025.
Headquartered in metro Denver, Empower administers approximately $1.2 trillion in assets1 for more than 17 million retirement plan participants1 and is the nation’s second-largest retirement plan recordkeeper by total participants.2 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; Taft-Hartley plans; small, mid-size and large corporate 401(k) clients; nonprofit 403 (b) entities; private-label recordkeeping clients; and IRA customers. Personal Capital, a subsidiary of Empower, is an industry-leading hybrid wealth manager. For more information please visit empower.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
* As of October 2022.
1 As of Sept. 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 Sept. 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. PRIAC’s statutory assets total $80.7B and liabilities total $79.6B.
2 Pensions & Investments 2021 Defined Contribution Survey Ranking as of April 2022.
On August 1, 2022, Empower announced that it is changing the names of various companies within its corporate group to align the names with the Empower brand. For more information regarding the name changes, please visit empower.com/name-change.
Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.
Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. "EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.
©2022 Empower Retirement, LLC. All rights reserved. WF-2183900-1122 RO-2598594-1122
Media contacts:
Stephen Gawlik - 617-417-4408 - Stephen.Gawlik@empower.com
Mandy Cassano - 860-670-4373 - Mandy.Cassano@empower.com
