Empower tops the list of recordkeepers that sponsors of plans with $50-$200M in assets would recommend, a PLANSPONSOR Magazine survey says">
GREENWOOD VILLAGE, COLO. Jan. 31, 2022 – In a year of tremendous growth, Empower earned 28 “Best in Class” ratings from its clients in an annual survey from PLANSPONSOR Magazine that gauges employers’ satisfaction with their retirement plan providers.
Empower’s “Best in Class” ratings were given in key areas, including plan design flexibility, online financial wellness offering, website, reporting tools, and fee value and transparency. “Best in Class” is given for the highest level of customer satisfaction.
“It’s a great compliment for us to hear from clients that we are providing them with the best customer service and experience across the board,” said Edmund F. Murphy III, Empower President and CEO. “It is especially meaningful this year as we’ve grown our company through acquisitions and organic growth. Through it, we have maintained the highest customer service and satisfaction.”
The 26th annual PLANSPONSOR Defined Contribution (DC) Survey, fielded in late 2021, asked plan sponsors from across the country for information about their providers. According to the PLANSPONSOR website, the PLANSPONSOR Defined Contribution Survey aims to offer insights into the relationships between plan sponsors and their recordkeepers.
The 2021 survey asked plan sponsors to rate their retirement plan providers in 12 areas of service covering four broad categories: Recordkeeping Platform; Participant Services; Sponsor Services and Support; and Investments and Fees.
Empower supplies retirement plans and services to more than 12 million working Americans participating in plans of various sizes. In the PLANSPONSOR survey, Empower received awards in all plan sizes, including “Best of Class” ratings for fee value and transparency in plan sizes of $25 million to over $1 billion.
With its Net Promoter Score (customer satisfaction measurement of how likely plan sponsors are to recommend Empower) of 94.7%, Empower was the No. 1 recordkeeper among plans with assets under administration (AUA) of $50-$200 million.
In total, Empower earned 41 top ratings and commendations from customers.
The recent acquisition of the MassMutual retirement business, coupled with Empower’s announced intention to acquire Prudential’s full-service retirement business and organic growth of approximately $100 billion in AUA helped increase Empower’s defined contribution retirement plan platform to more than $1.1 trillion of assets under administration as of Sept. 30, 2021.
Empower recently launched a personalized financial wellness digital experience that can help employees address the goals that are most important to them. The new digital experience builds on the company’s historic success in driving participant behavior by providing access to personalized decision tools.
“We are excited about earning Best in Class ratings for our online financial wellness offering,” Murphy said. “The pandemic has put a renewed spotlight on financial wellness. With our leading-edge technology, we can build custom plans for employees that meet their needs and help get them to their savings goals.”
Headquartered in metro Denver, Empower administers approximately $1.1 trillion in assets1 for more than 12.6 million retirement plan participants 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; 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.
Stephen Gawlik – 617-417-4408 – Stephen.Gawlik@empower.com
Monica Mendoza – 719-373-2460 – Monica.Mendoza@empower.com
To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.