State of North Carolina and Empower partner to deliver retirement services to state employees
GREENWOOD VILLAGE, COLO. July, 26, 2022 – The State of North Carolina Supplemental Retirement Board of Trustees recently approved a five-year contract extension with Empower.
The NC 401(k) Plan has approximately $13.6 billion in assets with 276,000 participants and the NC 457 Plan has approximately $1.9 billion in assets with 57,000 participants.
“We are so pleased that the State of North Carolina has chosen Empower to support more than 300,000 government employees throughout the state. Their trust in Empower demonstrates our strength and footprint in the government market and our ability to provide their state and local employees with premier tools and solutions to help them achieve successful outcomes,” said Dan Morrison, senior vice president, government markets at Empower.
The North Carolina Supplemental Retirement Plans (NC Plans) are managed by the North Carolina Department of State Treasurer and the Supplemental Retirement Board of Trustees (Board) with Treasurer Dale R. Folwell, CPA, serving as the board chair. The Board works with its investment advisors to offer valuable and cost-efficient investment options to the NC Plans. Employees will continue to have control over the investment elections for their accounts at Empower.1
“The Board of Trustees and staff operate with a participant-first mentality and NC Plans has worked hard to build relationships that provide benefit and value to those that teach, protect and otherwise serve the citizens of North Carolina. Empower is strengthening our approach by providing continuity in engagement and additional savings opportunities. We look forward to working with Empower and remain committed to reducing complexity, maintaining efficiency and building value in the NC Plans,” stated Treasurer Folwell.
The contract will commence Jan. 1, 2024, through Dec. 31, 2028, and then may be extended for three additional one-year terms. The State of North Carolina had been a client of Prudential Retirement since 2003.
On April 1, 2022, Empower acquired Prudential’s defined contribution, defined benefit, non-qualified and rollover IRA business in addition to its stable value and separate account investment products and platforms
Headquartered in metro Denver, Empower administers approximately $1.4 trillion in assets2 for more than 17 million retirement plan participants3 and is the nation’s second-largest retirement plan recordkeeper by total participants.4 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.
Mandy Cassano – 860-670-4373 – Mandy.Cassano@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.
1Account performance is dependent on each employee’s individual investment elections.
2 As of April 1, 2022. Information refers to all retirement business of Great-West Life & Annuity Insurance Company (GWLA) and its subsidiaries, including Empower Retirement, LLC; Great-West Life & Annuity Insurance Company of New York (GWLANY); and Prudential Retirement Insurance & Annuity Company (PRIAC), marketed under the Empower brand. Assets represents the estimated consolidated pro forma assets under administration (AUA) of Empower and the full-service retirement business of Prudential Financial, Inc., as of December 31, 2021. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. As of December 31, 2021, GWLA’s statutory assets total $75.9B and liabilities total $73.0B, GWLANY’s statutory assets total $4.1B and liabilities total $3.9B, and PRIAC’s statutory assets total $100.329B and liabilities total $98.793B.
3 Pension & Investments 2020 Defined Contribution Survey Ranking as of April 2021.
4 Pension & Investments 2021 Defined Contribution Survey Ranking as of April 2022.
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