Empower Named 2020 Retirement Leader of the Year
GREENWOOD VILLAGE, Colo., July 23, 2020 — Empower Retirement, the nation’s second largest retirement plan provider,1 was named 2020 Retirement Leader of the Year in the annual Mutual Fund Industry Awards, held in a virtual ceremony July 23.
Formed in late 2014, Empower Retirement now serves 9.7 million Americans in 40,000 workplace savings plans.2
“No doubt the global pandemic and its effects on the economy and business delivery have brought new challenges this year. But, looking back, Empower was created because we knew we could offer retirement services that working Americans deserve,” said Edmund F. Murphy III, Empower President and CEO. “We are honored to be recognized for delivering on that promise and we remain absolutely committed to transforming retirement savings through our expertise and innovation to help millions of Americans achieve a dignified retirement.”
Since its inception, Empower has continued to be a thought leader by producing original research related to retirement, investments, savings and associated topics. Empower has also engaged in significant public policy advocacy, working closely with legislators and regulators on numerous retirement and investing issues of importance to clients and participants and was a leading advocate urging Congress to pass relief packages for Americans affected by COVID-19.
Empower has continued its growth momentum. Despite the challenges brought on by the pandemic in 2020, Empower’s assets under administration rose to $656 billion and more than 9.7 million participants as of May 31 of this year. The sales pipeline across all defined contribution business segments is $630 billion.
In keeping with Empower’s promise to deliver an innovative, intuitive customer experience, the company announced in June an agreement to acquire Personal Capital,3 a digital-first registered investment adviser and wealth manager with award-winning financial tools. The goal is to provide comprehensive, end-to-end financial planning and advice that meets all the needs and expectations of working Americans saving for their futures.
Organized by Pageant Media, the Mutual Fund Industry Awards, "recognize outstanding business leaders, the best creative minds and the top performers across U.S. asset management.” Retirement Leader of the Year is awarded to a firm that has made a key impact on growing retirement assets with unique retirement solutions, marketing campaigns and significant contributions to the retirement industry at large, according to Pageant.
About Empower Retirement
Headquartered in metro Denver, Empower Retirement administers $656 billion in assets4 for more than 9.7 million retirement plan participants, as of May 31, 2020. It is the nation’s second-largest retirement plan record keeper by total participants (Pensions & Investments, April 2020). 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.
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.
1) Pensions & Investments 2020 Defined Contribution Survey Ranking as of April 2020.
2) As of May 31, 2020. Information refers to all insurance and retirement business of Great-West Life & Annuity Insurance Company and its subsidiaries.
3) The Personal Capital acquisition is expected to close during the third quarter, subject to required regulatory approvals and other customary closing conditions. Personal Capital references in this document constitute forward-looking statements, representing management’s current view of future events based on reasonable assumptions. These statements are not guarantees of future performance, as actual results may differ depending on the development and completion of this business combination. Consider these and other factors, uncertainties and potential events carefully and do not place undue reliance on forward-looking information. Other than as specifically required by applicable law, forward-looking information as a result of new information, future events or otherwise will not be updated.
4) As of May 31, 2020. 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 $16.8B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA’s statutory assets total $47.7B and liabilities total $46.1B GWLANY statutory assets total $1.59B and liabilities total $1.48B.
Latest Press Releases
Empower exceeds 90 percent retention of participants and assets from MassMutual acquisition
Empower has earned the trust of more than 20,000 MassMutual clients and 2.3 million participants — a 92 percent participant retention rate.
Empower: Taft-Hartley plan growth driven by higher optimism, use of tech tools
Empower is seeing tremendous growth and retention success with Taft-Hartley clients.
Brown and Caldwell recommits to partnership with Empower
Empower will continue to deliver retirement services to approximately 2,500 Brown & Caldwell participants.