Empower Retirement introduces Dynamic Retirement Manager with State Street Global Advisors

Empower Retirement introduces Dynamic Retirement Manager with State Street Global Advisors


Every saver has different financial goals and those goals change over time. Empower has designed a personalized approach for their investment options.

GREENWOOD VILLAGE, Colo., June 20, 2019 — Empower Retirement continues to build on its unique Dynamic Retirement ManagerTM program giving working Americans the next evolution of personalization in investment options.

Empower Dynamic Retirement Manager (DRM) is designed to automatically transition an individual’s retirement account from a professionally managed investment option, such as a target date fund, to a managed account, which offers a more personalized investing experience.

Empower has designed a new variation of its Dynamic Retirement Manager (DRM) offering that integrates low-cost, index-based investments from State Street Global Advisors’ (State Street), the asset management business of State Street Corporation.

In this offering, plan sponsors start with target-date retirement funds from State Street. When the time is right for participants, their savings will transition into a customized managed account solution, managed by Advised Assets Group, LLC (AAG), a registered investment adviser, using the same underlying investments offered by State Street.

“We are on a mission to revolutionize the workplace retirement savings programs we offer our customers,” said Edmund F. Murphy III, President and CEO of Empower Retirement. “We recognize that developing value-aligned partnerships brings us to better outcomes for American workers who are saving for their retirement.”

With this solution, advisers no longer have to choose between target-date funds and managed accounts. DRM provides employees a glide path in the target date series. Then, when the employees reach a certain age, they easily transition into a more personalized managed account based on their individual circumstances while still using the investment options that they already know and trust.

“We’re proud to work with Empower to deliver an innovative solution to help participants pursue their retirement goals,” said Greg Porteous, Head of Intermediary Strategy for State Street Global Advisors. “As one of the largest index-based target date fund providers in the United States, we are committed to helping all Americans build retirement readiness, and this solution reflects that commitment.”

Since its launch in 2017, DRM has been well received in the market. More than 400 plan sponsors across the U.S. with more than $2.5 billion in total plan assets are enhancing their plan’s default option with DRM, including large and small corporations, and public and not-for-profit employers.

In April, Empower announced it had designed an offering within its DRM program that integrates the American Funds Target Date Retirement Series, which is an actively managed target date series.

 About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers $638 billion in assets for more than 9 million retirement plan participants.1 It is the nation’s second-largest retirement plan record keeper by total participants (Pensions & Investments, April 2019). Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401 (k) clients; non-profit 403 (b) entities; private-label recordkeeping clients; and Individual Retirement Account customers. For more information please visit www.Empower-retirement.com.

As of March 31, 2019. 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. Of the total $638B assets under administration, $18B represents the AUA of GWL&A of NY. AUA do not reflect the financial stability or strength of a company. GWL&A assets total $57.1B and liabilities total $55.7B. GWL&A of NY assets total $2.2B and liabilities total $2.1B.

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with nearly US $2.80 trillion* under our care.

* This figure is presented as of March 31, 2019 and includes approximately $33 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

Media Contacts:

Stephen Gawlik – 303.737.0899 (office), 617.417.4408 (cell)

Monica Mendoza – 303.737.2626 (office), 719.373.2460 (cell)

Learn More:

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.

There is no guarantee provided by any party that participation in any of the advisory services will result in a profit.

Carefully consider the investment option’s objectives, risks, fees and expenses. Contact us for a prospectus, summary prospectus or disclosure document containing this information. Read each carefully before investing.

My Total RetirementTM offered through Empower Dynamic Retirement ManagerTM is provided by Advised Assets Group, LLC, a registered investment adviser.

Great-West Financial®, Empower Retirement and Great-West InvestmentsTM are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC.

American Funds and Capital Group are part of the Empower Fund Partner Program and are not affiliated with Empower Retirement.

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